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It has been a quiet morning in regards to North American markets as the economic calendar was mostly blasé thanks to no US news being released and only the Bank of Canada's non-action with which to contend. While the BoC had the potential to rile things up a bit, they
The crude oil slump has continued for a fourth day in the case of WTI and second day for Brent. Both oil contracts have been weighed down by a sharp rally in the dollar which continues to exert strong pressure on commodities across the board. The greenback has now risen
As my colleague Fawad Razaqzada noted earlier today, oil is testing some key support levels around 58.00 (for WTI) and 63.00 (for Brent) ahead of tomorrow's always-critical EIA oil inventories report. The recent weakness in oil prices has spilled over (no pun intended) into the forex market, where the oil-dependent
Since the conclusion of the election in the UK a couple weeks ago that was anticipated to be a political mess but ended up being a resounding victory for the conservative Tories, the GBP has been on a roll. Coupled with the negative economic results in the US, investors were
In the last couple of weeks the ASX200 index has moved back and forth around the key 5650 level, but in doing so has temporarily halted the medium term down trend it was in from 6000. It has been able to move higher and reach again for the key 5800
For almost the last week the Australian dollar has continued to decline and has recently reached a one month low just below 0.77. To start this week it was consolidating just below the key 0.7850 level where it then met some resistance before falling further to now be receiving some
At current levels we could see a quick conclusion to this trade plan. It will either behave, by respecting the bearish trend and confirming a swing high at 1.537, or it will misbehave by breaking this key level. The bias is down because we continue to form lower lows and
But, the Pound (1.5354) remains weak, although it is up a little from a low of 1.5300, and can target 1.53 while below 1.5375. The Aussie too had bounced during the day yesterday (0.7690) but has fallen sharply in the last few hours on weaker than expected private capital expenditure
The EURUSD was indecisive yesterday. Price attempted to push lower slipped below 1.0850 but closed higher at 1.0901. The bias is neutral in nearest term but overall I remain bearish with nearest target seen around 1.0670. Immediate resistance is seen around 1.0930. A clear break above that area could trigger
THE EURO closed slightly higher on Wednesday as it consolidates some of the decline off May's high. The midrange close sets the stage for a steady to higher opening when Thursday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to
The USD/JPY hovered just off its recent 8-year high at 123.32 ahead of a G7 meeting in Germany. Various Japanese politicians and central bankers reiterated standard G7 rhetoric that it was best if FX rate reflected fundamentals and moves in a stable fashion
The Bank of Canada (BoC) will release its rate decision today. We expect the Bank to leave its target rate unchanged at 0.75%, in line with median forecast. The recent downturn in the Canadian economy is likely to gradually fade away as recent data surprised on the upside. April unemployment
U.S. futures are pointing marginally higher on Wednesday, paring some of the losses made on Tuesday in response to Yellen's unwavering hawkish stance and growing Greek concerns. With little new to focus on today, we could see markets continue to pare gains early in the session and in the absence
With one session down into an already shortened trading week, the mighty dollar is consolidating some of the strong gains it has acquired since last Friday. Yen outright trades are close to eight-year lows (¥123.30), while the EUR is struggling to stay afloat of its multi-week support levels (€1.0920). Europe's single
Regardless of their preferred asset class, the single most important question on traders' minds is "When will the Federal Reserve start raising interest rates?" Investors and analysts (yours truly included) filter each new data point through the lens of the Fed's interest rate policy and try to determine whether each
The Bank of Canada left the overnight rate unchanged at 0.75% as was generally expected. The decision was largely the result of both recent inflation and growth numbers generally remaining in line with the central bank's forecast released in the April Monetary Policy Report. There was the acknowledgement of weak
The big news yesterday, while not being market related, was the raids on Football's governing body FIFA. If you're a global citizen then you should be able to at least see the potential political power for good that FIFA has and if you're a football fan then you understand how
The USD/CAD continues to climb higher as the USD rally keeps gathering momentum. The week started with a holiday for the U.S. and parts of Europe that resulted in thin volume. Yesterday with all markets online the USD started where it left off on Friday. Federal Reserve Chair Janet Yellen's
RBA were crossing their fingers for any signs of animal spirits today, to provide reassurance that record low interest rates were actually working. Today was not that day. Expected to contract by -2.3% the actual Capital Expenditure figure came in at a dire -4.4%, sending the Aussie down 48pips in
Asian indices are mixed despite the broad-based gains on Wall street. Sentiment in China is particularly fragile, as more brokers followed suit with higher margin requirements on growing worries of runaway credit bubble fuelling the equity market. Shanghai Composite entered midday break at its lows down 1.4% on margin adjustments
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