Analitics
Precious metals shrug off Chinese import figures
Overnight, data from the Census and Statistics Department of Hong Kong showed Chinese demand for gold had remained strong in October. The world’s second largest economy imported some 131.2 tons of the yellow precious metal from Hong Kong over the month, which was just shy of the record import volume recorded in March.
Source: Forex.com
27.11.2013
Crude oil little-changed after making back Iran-inspired losses
Yesterday saw Brent crude oil gap sharply lower before rallying equally strongly, which wiped out all of the Iran-inspired losses as optimism turned into scepticism over the historic nuclear agreement. The deal did not include any easing of sanctions on Tehran’s crude oil exports. This means that, all else remaining equal, there won’t be any further increase in the global supply of oil until at least 6 months from now when a longer-term agreement may be reached.
Source: Forex.com
26.11.2013
The RBA may not intervene in the FX market just yet
The Australian dollar has been propelled to a resistance zone around 0.9200 against the US dollar after RBA Deputy Governor Lowe held back from talking the Aussie down. While Lowe stated that he expects a further adjustment in the commodity currency and the RBA cannot rule out intervening in the FX market, he added that the threshold for intervention is high. We take this to mean that the Aussie would have to be considered extremely overvalued and negatively impacting growth before the RBA would intervene in the FX market and attempt to weaken it. The comments from Stevens’ no.2 at the RBA weren’t nearly as aggressive as earlier comments from the governor himself.
Source: Forex.com
25.11.2013
Dollar index approaching a key resistance level
The dollar index is approaching a key resistance level as we lead up to the weekend at 80.60, the 50-day sma. If we can get above here it would suggest that the recent dollar strength could be more than just a short term correction.
Source: Forex.com
01.11.2013
Black clouds threaten Europe’s recovery, taking the pressure off the USD
The market is still digesting the latest Fed decision this morning, as European equities follow their Asian and US peers lower. Although October’s Fed statement did not differ by that much compared with the statement in September, the Fed delivered a powerful punch: 1, it did not rule out the prospect of tapering in December, 2, the Fed won’t be swayed by what’s going on in Washington, and seemed fairly happy with the underlying pace of growth even in the midst of fiscal retrenchment.
Source: Forex.com
31.10.2013
October FOMC Meeting Preview
Summary Outlook: On Wednesday, October 30th at 14:00ET/18:00GMT, the FOMC concludes their 2-day meeting and we do not anticipate any major changes to monetary policy (0-0.25%) or the Fed’s current $85B a month pace of Quantitative Easing – $45B of Treasuries and $40B of Mortgage-backed securities (MBS). Accordingly, the markets will likely focus on the tone of the FOMC statement and for any potential indication on what may cause a change in the size, pace or composition of the Fed’s current asset purchases.
Source: Forex.com
30.10.2013
US Stocks: Something’s gotta give
The biggest event for stocks this week will be this evening’s FOMC statement released at 1800 GMT/ 1400 ET. Before that comes the much- anticipated ADP private sector labour market report, which is expected to show a 150k increase in private sector payrolls this month. The ADP report has taken on extra significance due to the delay to NFP’s until next week, so watch out for some volatility around 1215GMT/ 0815 ET.
Source: Forex.com
29.10.2013
UK GDP – is it downhill from here?
The UK economy expanded as expected at 0.8% in Q3 led by strong gains in the service sector, which expanded by 0.7%. However, overall growth was fairly board-based with increases in each of the four main economic sectors. Output increased by 1.4% in agriculture, 2.5% in construction and even production expanded 0.5%, with manufacturing increasing by 0.9%, even though August industrial production fell 1.1% on the month and manufacturing fared worse dropping 1.2%. This suggests there may have been a strong rebound in the final month of the quarter.
Source: Forex.com
28.10.2013
EURUSD: is 1.3960 on the cards?
We are starting to see some divergence in the G10 FX space, while last week it was all dollar negative, this week things are more nuanced and the dollar is gaining against the commodity bloc currencies, although it continues to lose ground versus the SEK, JPY, CHF, EUR, NOK, GBP.
Source: Forex.com
25.10.2013
Europe’s recovery takes a stumble and China’s tightening efforts
The October flash PMI readings for the currency bloc were underwhelming to say the least. French manufacturing tumbled back into contractionary territory below the crucial 50.0 mark; and even Germany missed expectations for a pick-up in the service sector. Overall, the composite PMI was a disappointing 51.5, down from 52.2 in September.
Source: Forex.com
24.10.2013
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