Spot WTI WTI hit seven-week high of 49.40 today. It has rallied 24.6% from 39.65 since 3rd August. The FOMC’s dovish minutes, released on Wednesday, resulting in the dollar has weakened across the board. The weakness of the dollar boosted oil prices, in addition, the fall of US crude oil inventories reported on Wednesday also […]
GBPUSD UK Retail Sales (YoY and MoM) and Core Retail Sales figures (YoY and MoM) in July, released earlier today, outperformed. Sterling strengthened across the board. Retail sales (MoM) rose to 1.4% in July, from -0.9% in June, beating expectations of 0.2%. Retail sales (YoY) rose to 5.9% in July, from 4.3% in June, beating […]
The Dollar Index Future (DXY) On Tue 16th Aug, the dollar index future (September) extended the weakness it has shown since Friday. A result of the disappointing retail sales report, the lowered market expectations for a Fed rate hike, and the dovish statement made by John Williams, the president of San Francisco Fed. The dollar […]
The initial post-referendum UK economic data for July was released this morning and the rest will be released later this week. The CPI figures released, were above or in line with expectations. The YoY CPI figure rose to 0.6% in July, from 0.5% in June. The YoY Core CPI was 1.3% in July, from 1.4% […]
The Dollar Index (DXY) Economic data released on Friday 12th Aug underperformed, against the market expectations. The Retail Sales figure showed no growth in July, compared to a revised, robust, 0.8% gain in June. The Core Retail Sales reading plunged to -0.3% in July from, a strong, revised 0.9% in June. The slide of retail […]
The S & P 500 Index The S & P 500 and Dow Jones indices both hit new record highs at 2187.92 and 18637 points respectively, on Thursday 11th Aug, lifted by the department store Macy’s strong quarterly sales and the rebound in the price of oil. Strong retail earnings bolstered market sentiment. The S […]
The DAX index has entered a bull market, oscillating in an uptrend channel since 12th July. The significant resistance level at 10473 was broken on 8th August, spurred by the market’s risk-on sentiment, resulting from central banks’ loose monetary policies. The DAX reached the intra-day high of 10701.38 points on Tue 9th Aug, helped by […]
The Reserve Bank of New Zealand (RBNZ) will announce a rate decision at 22:00 GMT+1 today, followed by Bank Governor Graeme Wheeler’s statement. RBNZ has stated on 21st July that further QE will be required to ensure that future inflation settles near the middle of the target range and a rate cut is expected. The […]
GBPUSD Earlier today the Sterling hit a one-month low, as the Bank of England policymaker Ian McCafferty commented that more quantitative easing was likely to be required if the UK’s economic decline worsens. In addition, a series of UK economic data released today also weighed on Sterling. The significant level at 1.30 was broken. The […]
The US Non-Farm Payroll (NFP) figure along with the unemployment rate of July will be released at 13:30 GMT today. The ADP figure released on Wed was 179,000 slightly increasing in comparison with the expectation of 170,000. On the 4 hourly chart of the dollar future index, the price has been bearish from 27th July […]
The spot price for gold is up 4.06% from 1313.77 on 26th July to 1367.16 on 2nd August, a three week high. Sterling has rallied since 27th July against the dollar mainly as a result from the weakening of the dollar. Many investment firms hold a bearish view on the sterling, and the market has […]
The Eurozone GDP QoQ rose by 0.3% in the second quarter, only half comparing to the figure of 0.6% in the first quarter. Eurozone GDP YoY was 1.6%, more than the expectation of 1.5%, yet still below the 1.7% seen in Q1. This can be associated with the 0% GDP growth in Q2 of France […]
The Atlanta Federal Reserve announced their second quarter GDP growth forecast of 1.8% from 2.3%. This was based on the data on wholesale and retail inventories in June released on Thursday by the U.S. Census Bureau. This was the first time that quarterly data from last month was provided ahead of the reveal of GDP, […]
The Bank of Japan will its announce monetary policy statement along with interest rate decision on Friday 29th July. Market expectations are that BoJ will likely implement stimulus measures, even a rate cut further lower than the current negative rate of 0.1 %. Ahead of the BoJ’s statement, on Wednesday 27th July Kyodo News reported […]
Fed will announce the interest rate decision along with the FOMC statement this evening at 7pm UK time. Markets expectations are that Fed will likely keep the rates unchanged at 0.5% as the overall economic outlook is not solid enough for a rate hike. The outperformance of the U.S. labour market, retail sales and ISM […]
West Texas Intermediate (WTI) spot hit 3-month low of $ 43.14 on Monday owing to market concerns on the U.S. oil oversupply, sluggish global demand and a strengthening dollar. Firstly, energy service firm Baker Hughes reported that the number of the active oil rigs in the U.S. has increased for the fourth consecutive week from […]
The Services PMI (month-over-month) released falling significantly from 52.3 in June to 47.4 in July, which is the lowest level since the April 2009 post-financial crisis. The indicator was surveyed from a variety of service sectors, a reading below 50 indicates economic contraction. The sharp fall was a result from the impact of the referendum […]
On Thursday afternoon 21st July, the Bank of Japan Governor Haruhiko Kuroda stated that there is no need to stimulate the economy with ‘helicopter money’, meaning the bank is not going to print large sums of money and distributing it to the public. After the statement was made, the yen strengthened against the dollar. On […]
Oil prices rebound as the US commercial crude oil inventory figure was released yesterday. With a reduction of 2.3 million barrels compared to the expectation of 2.1 million. It is the ninth consecutive drop in the US crude stockpile. West Texas Intermediate, WTI spot crude, has being oscillating in a downtrend channel since 9th June, […]
The UK Claimant Count Change data released this morning was better than expected, and the GBP strengthened across the board. The number of people claiming for unemployment benefits slightly increased by 0.4K in June in the UK, comparing to the expectation of 3.5K and the previous figure of 12.2K. The unemployment rate also dropped to […]
As the USD strengthened, EURUSD plunged this morning, breaking through the significant psychological level at 1.10, the lowest point since 28th June. On the 4 hourly chart, the current price section is below all the EMAs, oscillating between the first downside trend line support at 1.0989 and the 8 EMA resistance at 1.102. The same […]
The US Building Permits and Housing Starts data released yesterday afternoon outperformed expectations. The former rose to 1.5% and the latter to 4.8% respectively, compared to the expectation of 0.6% and 0.5%, showing an increased demand in the US housing market. The dollar index future surged from 96.750 to an intra-day high of 97.180 on […]
The German ZEW Economic Sentiment and German ZEW Current Conditions data released this morning underperformed,the former falling significantly 26.0 points to -6.8 compared to the previous figure of 19.20. The latter falling to 49.8 compared to the expectation of 51.8. The DAX spot index fell from 10052.46 to a low of 9920.96 this morning, a […]
The Reserve Bank of Australia on Tuesday released the minutes of its July board meeting, showing economic outlook deterioration as a result of the weaknesses of the labour market and inflation. The RMA stated that it would closely watch the economic data of the following month and to make any adjustment to the stance of […]
The New Zealand dollar slumped again this morning. The Reserve Bank of New Zealand （RBNZ）announced tighter lending restrictions across the nation from September 1, and will also reduce the limit of Loan to Value Ratios (LVR) from 80% to 60% for borrowers. The aim of the new measure is for mitigating risks to financial stability […]
The US retail sales and industrial production data released on last Friday outperformed and the dollar strengthened across the board. As a result, the dollar future index was helped by the outperformance of economic data and rallied 0.82% from 95.94 to 96.725. The bullish trend of the dollar remains unchanged post Brexit referendum, yet the […]
The US retail sales and industrial production data released on last Friday outperformed and the dollar strengthened across the board. As a result, the dollar future index was helped by the outperformance of economic data and rallied 0.82% from 95.94 to 96.725. The bullish trend of the dollar remains unchanged post Brexit referendum, yet the […]
The US retail sales and industrial production data released on last Friday outperformed and the dollar strengthened across the board. As a result, the dollar future index was helped by the outperformance of economic data and rallied 0.82% from 95.94 to 96.725. The bullish trend of the dollar remains unchanged post Brexit referendum, yet the […]
At 12pm today, the Bank of England announced an unchanged interest rate of 0.50%, but gave a strong indication that easing measures were just around the corner at the next meeting in August. . GBPUSD pulled back from yesterday’s intra-day high of 1.3336 to a low of 1.31 this morning. After the announcement, GBPUSD soared […]
Nervous sentiment is prevailing in the market as the possibility of a “Brexit” has increased in the past few days. During the evening four new polls were released and three of them showed that the ‘leave’ campaign is ahead of the ‘remain’ campaign. The economic calendar is rather busy today with UK inflation and US […]
