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Dollar hits two-month low as U.S. economic momentum slows
(Reuters) - The dollar fell to a two-month low against a basket of currencies on Monday, weighed down after modest first quarter growth in the U.S. economy kept alive chances of further monetary easing by the Federal Reserve.
The dollar is likely to come under more pressure if data, including U.S. jobs numbers, this week disappoints. U.S. growth cooled in the first quarter partly due to businesses cutting back on investments, reinforcing the central bank's contention that interest rates should be kept near zero through 2014.
The slowdown fuelled speculation that the Fed may eventually launch another bond buying program, or a third round of quantitative easing. That would likely have a negative effect on the dollar while giving riskier assets like stocks, commodities and higher-yielding ...
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EUR/USD Ignored The S&P Downgrade Of Spain
Sunrise Market Commentary : 30/04/2012
- Fixed Income: new highs for Bund Future (141.38) and US Note Future (132-17)
- Core bonds set new contract highs on Friday after the Spanish rating downgrade. However, sentiment changed in the European session and led to return action. Today, trading will be thin ahead of tomorrow's Labour Day Holiday in most of Europe. Main items this week will be the ECB meeting (Thursday) and the US payrolls (Friday).
- Currencies: EUR/USD ignored the S&P downgrade of Spain.
- On Friday morning, the focus on the European markets was on the S&P downgrade of Spain. However, the reaction developed in a very orderly way. EUR/USD reversed the early losses and the dollar lost further ground after the weaker than expected US GDP. USD/JPY is testing the key ...
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Technical analysis of the EUR/JPY pair on April 30th, 2012
Commentary of the EUR/JPY pair :
The pair EUR/JPY found resistance last friday on the fibonacci retracement 38.20% at 107.12.
The pair is currently testing the fibonacci retracement 23.60% at 106.17.
Indicators are globaly bearish.
We are neutral on the pair between 106 and 107.
We advise to wait an exit of this range to take position:
- Long above 107. The breakout of 107.50 and 108 will both give a new buy signal
- Short below 106. The breakout of 105.50 and 105 will both gvie a new sell signal.
See the previous analysis of the EUR/JPY pair of April 26th, 2012
EUR/JPY Analysis
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The Weekly Bottom Line : 27/04/2012
The Weekly Bottom Line
HIGHLIGHTS OF THE WEEK
United States
- Europe provided plenty of negative headlines this week. Both Spain and the U.K. confirmed their economies fell back in recession, while the former saw its unemployment rate jump to 24.4%.
- The Dutch government collapsed over a dispute regarding fiscal tightening measures and S&P downgraded Spain's sovereign rating by two notches to BBB+.
- Although unspectacular, things were better in the U.S. First quarter GDP growth came softer than expected. However moderate, a 2.2% q/q annualized economic expansion feels comforting against the European backdrop.
Canada
- Retail trade slid by 0.2% in February as auto sales declined following strong January results.
- Newfoundland and Labrador brought down its budget, ...
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EUR/USD Hits a 3-Week High
The US dollar tumbled vs. its major currency rivals throughout yesterday's trading session, following the most recent economic predictions from the Fed which stated that a new round of quantitative easing could be initiated if US unemployment does not drop further. The EUR/USD shot up to a three-week high as a result of the news, reaching as high as 1.3262. Today, traders will want to pay attention to the US Advance GDP figure, set to be released at 12:30 GMT. A better than expected figure could help the USD rebound vs. riskier currencies, like the euro and AUD.
Economic News
USD - US GDP Figure May Help Dollar Recover Losses
The US dollar fell vs. several of its main currency rivals yesterday, including the euro and British pound. Investors began shifting their funds away from the ...
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Euro hit by poor data, dovish Fed limits losses
(Reuters) - The euro retreated from a three-week high against the dollar on Thursday as weak sentiment data increased concerns about the economic outlook for the euro zone, though losses were limited by the Federal Reserve pledging to be open on more stimulus.
Following a two-day policy meeting that finished on Wednesday Federal Reserve Chairman Ben Bernanke said policymakers were ready to launch another round of bond buying if the U.S. economy weakened.
The statement weighed broadly on the dollar, pushing it to a three-week low against the euro of $1.3263, before the common currency slipped on data showing euro zone economic sentiment fell more than expected in April.
U.S. initial weekly jobless claims showing a weaker pace of healing in the labor market sent the dollar to a one-week ...
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US Home Sales Figure Set to Generate Volatility
The euro was able to maintain its recent bullish trend throughout the European session yesterday, as investors continued to support riskier assets as a result of strong euro-zone debt auctions earlier in the week. Turning to today, traders will want to pay attention to a batch of US news, including the weekly Unemployment Claims figure and Pending Home Sales. With both figures expected to signal growth in the US economy, the dollar may be able to recoup some of its recent losses.
Economic News
USD - US Data May Help Dollar Today
The US dollar was bearish throughout European trading yesterday, as positive euro-zone news from earlier in the week led to increased risk taking among investors. The EUR/USD reached as high as 1.3235 during the morning session. Overall, the dollar dropped some ...
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Technical analysis of the AUD/USD parity on April 26th, 2012
Commentary of the AUD/USD parity:
The pair AUD/USD has validated yesterday a return above 1.0350.
The pair is moving above the upper band of its medium term bearish channel (purple lines).
Indicators are mitigated.
We are neutral on the pair between 1.0350 and 1.04.
We advise to wait an exit of this range to take position:
- Long above 1.04. The breakout of 1.0450 and 1.05 will both give a new buy signal
- Short below 1.0350. The breakout of 1.03 and 1.0250 will both give a new sell signal.
See the previous analysis of the AUD/USD parity of April 25th, 2012
AUD/USD Analysis
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Euro Slightly Higher As Tensions Ease
Sunrise Market Commentary
- Fixed Income: Core bonds hit by profit taking, non-core bonds gain
- Risk aversion ebbed away following Monday's rout, leading to some modest profit taking in core bonds. Non-core bonds did well and yield spreads versus Germany narrowed. Spain and the Netherlands outperformed yesterday. Investors will stay largely sideways today, ahead of this evening's FOMC statement and press conference of Mr. Bernanke.
- Currencies: Euro slightly higher as tensions ease
- On Tuesday, most markets saw a setback on Monday's sharp sell-off in risky assets. In this move, EUR/USD returned to the 1.32 area, but a technically significant break didn't occur. EUR/GBP came near the 0.8143 August 2010 low. Today, the focus of currency trading will be on the Fed.
The ...
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