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The S&P has edged into the negative territory for the year. In contrast, European markets are sharply higher with the DAX up 21%, Euro Stoxx 50 and CAC both 17% higher, and the FTSE lagging behind with a gain of 4.5% year-to-date. In Japan, the Nikkei is up a good
EURUSD With EUR closing almost flat the past week, it faces downside risk as long the 1.1051/96 levels cap. Resistance is seen at 1.0950 level with a cut through here opening the door for more downside towards the 1.1000 level. Further up, resistance lies at the 1.1050 level where
USDCHF With USDCHF still facing recovery higher risk, a move higher could occur in the new (see daily chart) although closing lower the past week. On the downside, support comes in at the 0.9550 level. A turn below here will open the door for more weakness to occur towards
A couple of weeks ago the Australia 200 index pushed higher to a multi-year high to just above the key resistance level at 6000, before easing lower throughout last week to below 5900. The key 6000 level remains firm and a significant obstacle. A few weeks ago the ASX200 index
For the last few days the Australian dollar has fallen away sharply from the key 0.7850 level after surging higher to a new two month high above 0.79 earlier last week. For a couple of weeks it moved back and forth from below 0.76 and up to the key resistance
The trend is clearly bullish across most timframes as price hovers above the 20 day MA. Thursday produced a Bullish Pinbar above 11,600 which may well have marked the end of the current correction. Whilst we remain below MR2 there is potential for a pullback within Thursday's range to allow
The Dollar has clawed back some gains overall, but the market is delicately and indecisively poised between Dollar strength/ weakness. Perhaps the US PCE Index data tonight will tilt the scale either side. Surprised by the fresh weakness in the Aussie (0.7727) which has broken below the 0.7765 support mentioned
THE EURO closed higher on Friday as it consolidates above the 20day moving average crossing. The highrange close sets the stage for a steady to higher opening when Monday's night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm.
The EURUSD was indecisive last week. Price attempted to push higher, topped at 1.1051 but closed lower at 1.0884 after unable to break above the H4 EMA 200 resistance area as you can see on my H4 chart below. The bias is neutral in nearest term. Immediate support is seen
The dollar started trade on Monday pretty much where it closed in New York after the head of the U.S. central bank assured investors that the path back to 'normal' interest rates will only occur at a gradual pace. The dollar fetched 119.24 yen versus 119.11 late in New York
When Fed chief Yellen speaks in San Francisco at 1945 GMT/ 1545 ET later today the markets may pay as much attention as they did during last week's FOMC meeting as her topic is monetary policy. Back then she was very cautious on the outlook for rates, although the Fed
The USD was able to bounce back toward the end of the week and ahead of a crucial set of data releases. EUR/USD is trading at 1.0876 close to the price levels of the start the week (1.0809) after hitting and failing to stay at 1.10. European inflation is the highlight
Europe continues to deliver good news - other regions disappoint. Still positive on risk assets based on global recovery and ample liquidity. Time to add to periphery bonds. Limited upside to oil price as oil glut remains. EUR/USD to go lower after correction.
The last two weeks has been a trial for dollar bulls. They have seen the dollar index go from a high of 100.40 to 96.00 after a mixture of weak US economic data and a Federal Reserve that seemed less committed to hiking rates. But, after such sharp rise in
While there was a dearth of top tier economic indicators this week, there were enough developments to lead to some interesting market moves, which bucked recent trends. In terms of international economic data, global purchasing manager's indexes (PMI) moved to center stage. The PMI's came in below expectations in Japan and
Economic data so far in the first quarter have pointed to a downshift in the pace of growth. There are a number of factors likely weighing on U.S. growth this quarter, including unusually cold winter weather, sluggish global growth and the much stronger U.S. dollar. Data this week on durable
Janet Yellen had recently suggested that the US tightening cycle could be more measured than the market was expecting to hear, but any move in interest rates from the Fed has always been a question of ‘when' and ‘by how much?' Something the market has to remind itself from time
The mixed data set from US last week provided the choppy price action and confused direction as expected as traders absorbed a further downgrade to Q4 GDP, soft retail sales alongside improving market conditions, housing sales and inflation m/m. Opening and closing the week around the same level, the volatile
Disappointing economic data from some of Asia-Pacific's largest economies this week could intensify calls for more monetary easing, economists warn. The reports could also further weigh on global equity markets, which were hit by a drop in global risk sentiment last week due to political conflict in Yemen, volatile oil
Asia's main commodity currencies are under pressure once more, with both AUDUSD and NZDUSD breaking important short-term support zones. This time around the sell-off is the result of tumbling commodity prices, with iron ore, Australia's number one export, falling 4% at the end of last week to a six year
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