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The latest IMM data covers the week from 7 October to 14 October 2014. Note: when reading this week's IMM Positioning, please take into account the significant sell-offs and market movements experienced after the coverage period of this week's IMM report.
The consolidation pattern below 1.2885 requires one more upswing above 1.2705 support zone, for another test of 1.2900 area, before drowning towards 1.2500 lows. Initial intraday support lies at 1.2705 and minor resistance is seen at 1.2780.
AUDUSD has been falling hard for the last couple of months from 0.9400, a move that is a considered as an extended wave 3 because of big and fast move. As such, we believe that pair is in impulsive downtrend, it means that decline from July high needs to be
As the new trading week begins, the markets are giving back some of the gains made at the end of last week. There are no major economic data to provide further fresh stimulus, which together with technical selling are scaring away some of the bulls. At the time of this
It's been a quiet start to the trading week, with most major assets consolidating in tight ranges after last week's volatility. The biggest development thus far was a report that Japan's Government Pension Investment Fund (GPIF) is considering doubling its exposure to stocks at the conclusion of its asset review
The week has started off a little slow in worldwide markets as there hasn't really been any news to get the blood pumping yet, but that all could change in a hurry as we transition to the Asian trading session this evening. Not only is Australia releasing the minutes from
Gold has now risen for two straight weeks after bouncing off the technically-important $1180/85 area at the start of the month. For a time last week, the metal was up a good $65 from that low ($1183), representing a gain of 5.5 per cent. Although gold's rally faltered somewhat at
It's going to be a big day for the Australian dollar as investors digest the RBA's latest meeting minutes and Chinese GDP numbers. The former is expected to show that the RBA remains firmly in wait-and-see mode, while the latter is expected to show that the economy expanded around 7.2%
USDJPY Trouble is now looming ahead of the 107.52 level as USDJPY is now facing bear threat. If it closes lower on a negative candle, it would have ended its recovery and turned risk lower. On the downside, support comes in at the 106.00 level where a break if
Euro (1.2804) is rangebound within 1.27-1.29 for the last few sessions but the lack of downward momentum even after the failure to break above 1.29 gives birth to the possibility of extending this corrective bounce to 1.2950-1.30 levels, while the long term trend remains bearish.
Asian markets opened the week with good risk appetite. Nikkei 225 surged 3.98% on news that the GPIF will increase allocation on domestic stocks from 12% to 20-30% (RTRS); Hang Seng and Shanghai’s Composite gained 0.50% and 0.58% respectively, the emerging Asia followed: TWSE (+1.77%), Kospi (+1.55%), Sensex (+1.46%), JCI
The week started with sustained risk appetite in Asia yet European traders failed to follow the equities rally: FTSE is down 0.52% in London, DAX, CAC 40 and IBEX 35 trade 1.0% lower at the time of writing. We are heading into an event-full week in China, the 3Q GDP
Gold has posted modest gains on Monday, as the spot price is $1243.36 per ounce in the European session. Gold has recovered nicely in the past two weeks, when it was trading below $1190. In economic news, it's a quiet start to the week, with no US data releases on
The Japanese yen is steady on Monday, as USD/JPY trades just below the 107 line. It's a quiet start to the week, with no US or Japanese releases on Monday. In Japan, BoJ Governor Haruhiko Kuroda reiterated the central bank's policy stance.
The Australian dollar is showing little movement on Monday, as AUD/USD trades in the mid-0.87 line late in the European session. It’s a quiet start to the week, with no releases out of Australia. Early on Tuesday, the RBA will release the minutes of its last policy meeting. In the
The Canadian dollar is steady on Monday, as USD/CAD trades in the mid-1.12 range in the North American session. On the release front, Canadian Wholesale Sales posted a slight gain of 0.2%. It's a quiet day in the US, with no data releases on Monday. Canada posted key data on Monday,
It is an interesting time in markets at the moment with the spike in volatility and the bounce in stocks particularly the S&P 500 futures off the 2011 trendline. But while stocks have bounced bonds, although off their lows, are signalling that something remains amiss in global markets.
In last week's EM Rundown, we discussed three reasons the ruble rout had resumed: plummeting oil prices, Western economic sanctions and ongoing capital outflows. This week, ruble traders can add a fourth bearish catalyst, a sovereign credit downgrade. Over the weekend, Moody's rating agency downgraded Russia to Baa2, keeping a
North American trade was mostly unenthusiastic today as the calendar failed to provide any notable releases, but that was the case heading in to the day as well as neither Asia nor Europe provided anything compelling. The biggest news of the day came by way of IBM whose stock dropped
The pound is calm on Monday, as GBP/USD trades in the mid-1.61 range. On the release front, it's a very quiet start to the week, with no releases out of the UK. In the US, today’s sole release is a speech from FOMC member Jeremy Powell. On Sunday, British Rightmove
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