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US Session: Sterling Suffers On Dollar Rebound
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There have been very few newsworthy events in today’s session, and even the handful of scheduled speakers lined up had very little effect on FX markets. The only driver therefore has been the performance of global equity markets; and with both European and US indices in negative territory, the USD has been able to make gains across the board. The hardest hit has been GBP which has tumbled over… | ||||||||||||||||||||
European Session: BoJ Holds Rates Steady
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Risk appetite stayed weak in the Asian session, after Wall Street closed lower but, overall, most of the trading in currencies and commodities was well in their ranges. The EURUSD traded between 1.4880 and 1.4940, while spot Gold traded between $1140 and $1147. With no first tier economic releases scheduled today, we don’t expect any one way trade of break out of the monthly ranges. But ranges… | ||||||||||||||||||||
US Session: Dollar Gains On Equity Losses But Remains In Ranges
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The USD has remained bid throughout the day as poor equity market performances have moderated risk appetite. Commodities including gold and silver have retraced markedly from their highs, with gold dipping as low as $1133.16 from yesterday’s $1153 levels, and oil slipping 2.5% to trade at $77.50. The strength of the USD in today’s session has ensured that EURUSD remains comfortably within its… | ||||||||||||||||||||
European Session: Fed Rhetoric Continues To Stir Up Markets
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Gold has once again outshone other assets classes by powering to new highs above $1153, bringing the gains month-to-date to an astounding +10.2%. The move has been paralleled by rallies in most major and EM currencies against the USD (albeit to a less impressive extent), however underlining the disintegration of recent correlations, equity markets put in a rather mediocre performance on the… | ||||||||||||||||||||
US Session: Bullard Sets Base Timeline For Fed Hike At Early 2012
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Gold has once again outshone other assets classes by powering to new highs above $1152, bringing the gains month-to-date to an astounding +10.2%. The move has been paralleled by rallies in most major and EM currencies against the USD (albeit to a less impressive extent), however underlining the disintegration of recent correlations, equity markets have put in a rather mediocre performance on the… | ||||||||||||||||||||
Sterling Speculators Await Release Of BoE Minutes
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There has been some consolidation in FX overnight after yesterday’s USD rally pushed EURUSD to threaten its 12 month uptrend and test major resistance at 1.4810. The catalyst appears to have been comments from the Fed’s Yellen that suggested higher rates could help stem “damaging” leverage; yet another piece of rhetoric that has unnerved short USD positions after Bernanke’s comments the day… | ||||||||||||||||||||
US Session: The Dollar Recoups Losses On Fed-Speak And Mediocre Equity Market Performance
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The USD has recouped some of its recent losses today as equity markets failed to sustain the positive momentum of yesterday’s strong rally. EURUSD has sold off markedly from its early visit to 1.4999 highs to touch a low of 1.4826; dangerously close to confirming a break of the 12-month uptrend, and just above 1.4815 key support. Tomorrow’s Eurozone data is unlikely to be market-moving with just… | ||||||||||||||||||||
European Session: Bernankes Comments Linger
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Yesterday comments by Fed Chairman Bernanke disrupted FX markets, when he mentioned the USD in his speech at an event at the Economic Club of New York. Since the US treasury is the usual voice of US dollar policy, it caught the market fully off guard. In a knee-jerk reaction, USD buyers hit the market pushing EURUSD down to 1.4880 from 1.4970. The lingering effects of the Chairman’s comments… | ||||||||||||||||||||
Bernanke Spooks Markets With Strong Dollar Rhetoric
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Currency markets have been stuck in relatively tight ranges for most of the day as strong equity market performances across Europe and the US negated slightly disappointing economic data releases. Gold took advantage of the positive risk sentiment to power to new highs at $1136.70, a staggering 8.8% gain month-to-date, however in contrast (perhaps highlighting the breakdown in the correlation)… | ||||||||||||||||||||
Japanese GDP Growth Accelerates
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The USD begins another week on the back foot as momentum from Friday’s post-U.Mich sell-off continues and Asian equities have started the session off with strong gains. The buoyant sentiment across Asian markets has been fuelled by Japan’s Q3 GDP figures which revealed the economy grew by an annualized pace of 4.8%, considerably higher than the 2.9% anticipated, and indeed the fastest pace of… | ||||||||||||||||||||
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