Last week was an extremely active macroeconomically – the BoE increased its interest rate for the first time in a decade, the NFP came in significantly under expectations and the EU saw a drop of its GDP from the previous period and came in under expectations 2.3%. Monday – 6/11 Today Governor Kuroda has already […]
Gold is neutral after stabilizing from a recent drop, but risk is tilted to the downside in the short term. On the 4-hour chart, oscillators are neutral to bearish. The market appears to have found near-term support in the lower 1265 area, just above the October 6 low of 1260.59. Any moves to the upside would target […]
The dollar managed to hit an 8-month high against the yen on Monday in Asia after the BOJ Governor Haruhiko Kuroda signaled a continuation of the current ultra-easy monetary policy, while persistent confidence on the US economy supported the pair as well. Oil recorded a substantial increase, rising to a two-year high amid tightening markets and as anti-corruption measures […]
USDCHF has been in an upward path after reaching a 26-month low of 0.9419 on September 8. The pair has reached and has been trading around the parity level (1.00) in recent days. The Tenkan-sen line being above the Kijun-sen line is a positive alignment pointing to bullish momentum in the short-term. The RSI adds […]
Data released on Friday showed US job growth accelerated in October after hurricane-related disruptions in the prior month, but a sharp retreat in average earnings and an increase in the number of people leaving the workforce caused concern on the robustness of the labor market. Nonfarm payrolls increased by 261K in October as 106K leisure […]
EURUSD maintains its bearish outlook after the breakdown of the key level at 1.1660. The chart pattern on the daily time frame indicates a head and shoulders pattern with a break below the neckline giving a bearish signal. Resistance at 1.1660 is expected to hold in the near term, as EURUSD continues to trade in […]
The Reserve Bank of Australia is due to announce its latest policy decision on Tuesday amid a mixed outlook for the economy. Australia’s central bank is almost certain to hold rates unchanged at 1.5% following disappointing inflation and retail sales numbers for the third quarter. Rising household debt has been holding back consumer spending, with […]
The US dollar posted gains during today’s European session, despite a disappointing October employment report, which did little in dissuading the market to expect a rate hike at the next Fed meeting. In this week’s major economic release, the US labor market rebounded less strongly than expected from the hurricane-induced slowdown of September. The economy […]
The U.S. Labour market has demonstrated particular strength. The increase in payroll employment to 261K in October, together with the revision of September data to 18K, marks almost the same increase between the -33K reported last month and the 311K increase expected. In addition, the increase in manufacturing jobs by 24K in October is a […]
1. The dollar held steady versus a basket of currencies on Friday, as investors shifted their focus to U.S. jobs data, with President Donald Trump’s nomination of Federal Reserve Governor Jerome Powell to be the next Fed Chair coming as no surprise. That broke with precedent by denying incumbent Janet Yellen a second term but […]
The central bank theme will continue for a third week following the past fortnight’s policy meetings by the ECB, Bank of Japan, Fed and the Bank of England. This time, it will be the turn of the Reserve Bank of Australia and the Reserve Bank of New Zealand. Data-wise, the main focus will be on […]
After the shocking NFP number released back in October which came in at -33K, there was expectation that Novembers Non-Farm Payroll would show a strong come back with a forecast of 310,000 new jobs created. However, though there was a bounce back the final number wasn’t quite as strong as the NFP came in at […]
Out of Asia, Hong Kong’s Hang Seng added 0.3% with the Shanghai Composite finishing the day lower by 0.4%. Australia’s S&P/ASX 200 advanced by 0.5%. Japanese markets were closed for Culture Day. At 1001 GMT, the overall picture in Europe was positive for the most part with the pan-European Stoxx 600 being up by 0.2%. […]
GBPJPY does not have a clear trend since rising to a high of 152.85, subsequently consolidating gains in a broad 147 – 152 range. On the short-term time frame, the pair is neutral to bearish, pausing a decline after rallying to the upper end of the range near 152 and dropping sharply to break below […]
As Asian traders were completing this week’s trading, the dollar was not much changed relative to most major counterparts with investors’ attention falling to the US jobs report due at 1230 GMT. At 0818 GMT, the dollar’s index against a basket of currencies was 0.1% higher, trading at 94.79. It yesterday fell to a one-week […]
The last NFP left markets reeling – or at least USD traders. With hurricane Harvey decimating the Gulf Coast disrupting oil refineries and displacing hundreds of thousands of people – a 33,000 drop shouldn’t have been a surprise – but markets still thought that the number should have been an addition of 90,000 jobs. This […]
In line with market expectations, the Bank of England raised the UK base rate to 0.5% (from 0.25%) on Thursday. The rise, the first in 10 years, was widely expected as the UK has seen inflation well above the Bank of England’s target rate of 2.0% (3.0% in September), with Governor Carney stating “The pace […]
USDCAD is neutral in the short term after a recent rally lost steam at a high of 1.2916. The underlying downtrend from 1.3793 is weaker after the strong rebound but the pair still remains under the 200-day moving average, keeping the bearish market structure still in place. The short-term technicals are neutral and suggest the […]
The pound was the biggest loser of today’s foreign exchange action after the Bank of England hiked rates by a quarter point but promised to be ‘gradual’ regarding future rate increases. The US dollar failed to benefit from the unveiling of key details regarding the tax reform plan of President Trump and Congressional Republicans. The […]
On a day of announcements involving the Federal Reserve it was a keyword used that fueled speculation of who the new Fed chairman will be catching the attention of the markets. First up was the Fed base rate decision which really didn’t surprise anyone – they took no action as expected and kept rates […]
NZDUSD maintains its downtrend from the September 20 high of 0.7434 but downside momentum has paused at 0.6817. The short-term bias has shifted to the upside after a strong rebound lifted the pair to 0.6942 earlier today. There were bullish signals on the 4-hour chart, as the market is now trading above the 20 and 50-period moving […]
Asian equities were projecting a mixed picture today. The Nikkei 225 and the Topix, which more broadly gauges Japanese equity performance, added 0.5% and 0.4% respectively, yet again closing at multi-year highs. Hong Kong’s Hang Seng lost 0.3% and the Shanghai Composite slid by 0.4%. Australia’s S&P/ASX 200 retreated by 0.1%. In the US, sources […]
XM’s humanitarian work, started earlier this year, to help the children of the Saint Antonios of Monde Orphanage in Wobulenzi, Uganda, has continued. Just one week ago, our XM team returned to Wobulenzi to inaugurate the new school block we built for the local children. We have all been looking forward to being back to […]
There was some profit-taking on the US dollar following reports that President Trump has decided to nominate Fed Governor Jerome Powell for the post of new Fed Chair. The kiwi and the aussie were doing well following upbeat trade and housing data out of Australia, while all eyes later today will be on the Bank […]
The Bank of England is widely expected to raise UK interest rates for the first time in 10 years today. An expected 0.25% rise, to 0.5%, will push UK interest rates back to pre-Brexit levels. UK inflation climbed to a 5 year high of 2.9% in August, significantly above the Bank of England’s Monetary Policy […]
Despite improvement in some economic indicators, the Australian economy’s progress lags that of most other developed countries. In view of this, the International Monetary Fund (IMF) reduced its growth forecast for Australia’s economy to 2.2% in October, from the 3% projection given merely six months back. Amid such news, all eyes are on the upcoming […]
USDJPY has been trading in a broad range during the past 7 months, roughly between 108.00 and 114.00. In the shorter time frame, the pair has turned neutral after a bullish run took it to the top of the longer-term range. Strong resistance at the October 27 high of 114.45 needs to be broken in […]
After a series of on-site educational events hosted for Italian-speaking online investors throughout the year, on 23rd November XM will be returning to Italy once again, and this time to participate at ITForum 2017 financial exhibition in Milan. This will be the second time this year for XM to attend ITForum 2017, the first event […]
The prevailing risk-on mood ahead of key risk events in the next few days lifted the US dollar and weakened the yen in European trading on Wednesday. Upbeat economic data also boosted the greenback along with the British pound. The aussie and kiwi were other notable gainers, while the euro joined the yen in being […]
Bitcoin is a very different from other financial products. For the most part government issued currencies follow certain rules, respond to changes in policy and macroeconomic data. Bitcoin on the other hand, is not only decentralized but it is also not regulated by a government or central bank – which therein lies its appeal. Some […]
