Friday’s job report is undoubtedly the week’s most significant data release out of the US. However, ahead of that, other events also have the capacity to steer the greenback in either direction. Nonfarm payrolls are projected to have increased by 312k in October. This is in stark contrast to September’s decline by 33k which marked […]
Bullish sentiment was strong during today’s trading in Asia with major indices recording notable gains. In Japan, the Nikkei 225 and the broader Topix advanced by 1.9% and 1.2% respectively, closing at fresh multi-year highs. Hong Kong’s Hang Seng added 1.2% and the Shanghai Composite rose by 0.1%. Australia’s S&P/ASX 200 gained 0.5% and South […]
EURJPY is firmer after the bounce up earlier this week following a sharp fall from highs not seen since late 2015. The cross continues to benefit from strong upside momentum in the short term. Looking at the broader trend, the market has been neutral since mid-September. The level at 131.45 has provided strong support. Soft […]
The dollar was little changed ahead of a very heavy calendar the next three days, while the kiwi staged an impressive rebound following the release of strong employment numbers out of New Zealand overnight. The US dollar was definitely going to be in focus for the rest of the week due to the Fed meeting […]
AUDUSD is under pressure below its 200-day moving average. The market has been reversing the May to September uptrend, retracing over half of this move. The drop below the 50% Fibonacci level of the 0.7328 to 0.8124 upleg last week has strengthened the short-term bearish bias. The market is now consolidating just above Friday’s low of 0.7624 and […]
The pound has been on an uptrend for much of 2017, led by a weaker dollar in the first half and by expectations of a UK rate rise in the second half. Its high of the year and post Brexit peak of $1.3656 was reached soon after the Bank of England’s September policy meeting when […]
The Canadian dollar lost ground versus its US counterpart as GDP figures unexpectedly reflected a contraction in the Canadian economy. Eurozone data on inflation, economic growth and unemployment out during today’s session gave a mixed picture. The pound moved higher after some comments by Michel Barnier, the EU’s chief Brexit negotiator, which suggested that Brexit […]
Policymakers at the US Federal Reserve begin a two-day monetary policy meeting today with an announcement expected at 18:00 GMT on Wednesday. With no move in rates anticipated at the November meeting and no accompanying press conference, the event is unlikely to receive much reaction in financial markets, especially as there is a bigger focus […]
In Asia, the Nikkei 225 remained flat, while the Topix, Japan’s broader gauge of equity performance, lost 0.3%. Hong Kong’s Hang Seng slid 0.3% while the Shanghai Composite added 0.1%. Australia’s S&P/ASX 200 contracted by 0.2% and the South Korean Kospi advanced by 0.9% to close at an all-time high. Japanese benchmarks were impacted by […]
WTI oil futures are trending higher and have shifted to a more bullish bias after breaking above the 53.00 level. The recent rally stalled at 54.43, a level not seen since late February. Risk is to the upside but the market is now consolidating recent gains and is pivoting around the 54.00 level after upside […]
Foreign exchange markets and specifically the US dollar were cautious to break fresh ground during Tuesday’s Asian trading as a combination of bearish and bullish factors left traders waiting for more clues. The probe of links between the Trump campaign and Russia led to house arrests and criminal indictments the previous day, such as that […]
For all those online investors eager to attend the free forex trading seminars hosted by XM in Italy this year, we have organized a series of such educational events, the latest of which took place in the city of Florence on 28th October. Our XM company representatives, together with event speaker Lorenzo Sentino, were delighted […]
GBPUSD maintains a neutral bias in the short term and has been trading sideways in the 1.31 to 1.33 range during the past 3 weeks. Technical indicators on the daily chart are neutral, suggesting that broader range trading will continue for now. RSI and MACD are both moving sideways and are slightly in bearish territory. […]
We would like to inform our clients that due to All Saints’ Day and Thanksgiving Day, both of which take place in November, the trading hours of various instruments will be affected between 1 November and 26 November 2017. The normal trading hours will be resumed from then onwards. Please review the tables below to […]
NZDUSD has declined considerably in recent weeks, falling to a five-and-a-half-month low of 0.6817 during Friday’s trading. The Tenkan-sen line being below the Kijun-sen line is a negative alignment pointing to bearish momentum in the short-term. Adding to this, both lines maintain a fairly steep negative slope. Should the pair continue declining, the area around […]
The US dollar continued to consolidate in European trading on Monday after recording fresh three-month highs on Friday. Speculation that President Trump is likely to opt for a dovish candidate to head the Fed triggered the greenback’s sell-off on Friday, while new political headaches for the White House further weighed on the US currency today. […]
The Bank of Japan will be tomorrow completing its two-day meeting on monetary policy. With inflation remaining well below the central bank’s 2% target – headline and core inflation grew by 0.7% y/y in September – the BoJ is not expected to reverse course from its ultra-easy monetary policy stance. Market participants anticipate the BoJ […]
Gold remains under pressure and risk is still to the downside as prices continue to drift lower from the 1300 psychological level. The short-term technicals are bearish and point to more weakness in the market. Looking at the 4-hour chart, gold prices are looking capped by the 20 and 50-period moving averages which are negatively […]
In Asian equities, the Japanese Nikkei 225 and Topix indices finished the day flat, remaining at the multi-year highs hit on Friday when the two benchmarks posted sizable gains. Hong Kong’s Hang Seng lost 0.4% and the Shanghai Composite declined 0.8%. Australia’s S&P/ASX 200 added 0.3%. Shanghai stocks contracted the most in more than two […]
The US dollar faced some profit-taking against other majors, after receiving a boost the previous week on tax reform hopes in the US and strong third quarter growth while the euro was hit by the political uncertainty in Spain. Euro/dollar climbed above the 1.16 level to trade around 1.1615, as markets will be focusing on […]
On 21st October, the free forex trading seminar series hosted by XM and presented by Academia de Mercados reached its next destination, the city of Barcelona, where numerous traders joined the event to learn about the use of technical analysis in forex trading. The seminar titled Technical Analysis in Online Forex Trading was held on […]
EURUSD has come under increased pressure after dipping another leg lower to break below the head and shoulders neckline at 1.1660. The drop below what was considered to be a key support level with strong downside momentum indicates that the market has moved into a bearish phase and further weakness is expected. Prices have currently […]
Central bank meetings will dominate the next seven days as the Bank of England, the Bank of Japan and the US Federal Reserve all hold their policy meetings. It will be a big week for economic indicators as well, as the Eurozone releases preliminary GDP figures and the October jobs report is out in the […]
The dollar was standing broadly higher relative to most other major currencies as US quarterly GDP estimates beat expectations. However, the US currency gave up part of its gains later in the session as, according to a report by Bloomberg, US President Donald Trump is leaning towards Federal Reserve Governor Jerome Powell – a perceived […]
GBPJPY has been underperforming in the past two days, breaking back below the key 150.00 level. When looking at the bigger picture the pair lacks a clear trend and has been consolidating after its rally from 141.34 stalled at 152.85. On the 4-hour chart, prices rebounded off the lower Bollinger band around 149.00 but based […]
Out of Asia, the Nikkei 225 added 1.2% to close above the 22,000 mark for the first time since 1996. The Topix, Japan’s broader gauge of equity performance, gained 1.0% to finish at its highest since July 2007. The two exporter-heavy benchmarks were supported as dollar/yen was on the rise. The pair today touched 114.31, […]
The US currency stood higher on the day as the Asian session was nearing completion, though barring a development that makes US tax reform more likely, that was mostly due to other majors’ weakness rather than any dollar specific factors. Market participants are awaiting the advance estimate of US third quarter GDP growth which is […]
USDCAD is trading higher and moving further away from the more than two-year low of 1.2061. After stalling at the key 1.25 level, the pair resumed its rise, with 1.30 now in sight. USDCAD looks set to extend its correction from the 1.20 area in the coming weeks as risk is clearly tilted to the […]
The advance estimate of third quarter GDP growth in the US will be released tomorrow at 1230 GMT with forecasts projecting a slowdown from the second quarter’s 3.1% expansion on an annualized basis to 2.5%. Economic activity, as reflected by the rise in Gross Domestic Product, grew by 1.2% in the first quarter of the […]
The euro reversed lower from a near one-week high after the ECB pledged to maintain easy monetary policy even as it announced a reduction in its monthly asset purchases. The single currency slipped back below $1.18, while the US dollar was once again eyeing the 114 yen level amid reports that incumbent Fed chief Janet […]
