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U.S. labour market report for June came in fairly solid. NFPs surprised to the upside while uptick in unemployment rate was due to increased labour force participation. Market however took the cue from the marginal miss in average hourly earnings and sold the dollar. Euro was the greatest beneficiary with EUR/USD spiking 50 pips above 1.1715 resistance and closing the week right at 50 DMA.
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NZD/USD taking a shot at the upside
NZD/USD rose above March high (0.7350) this week. Technically it's still contained in a wider 0.715 - 0.745 range but with momentum on the bulls' side. If the upper extreme gives way, last year's high (0.7550) will be the next target. 50 DMA should hold as a support.
EUR/USD looks set for a green Monday
EUR/USD looks bullish again since prices below 50 DMA and 38.2% retracement of the November - February upswing were rejected last Thursday. As expected, Germany's SPD decided to join coalition with Merkel's CDU. The pair is set to open about 30 pips higher. Results of the Italian parliamentary election will start trickling in soon after the market opens, but no shocks are expected there either. Probably a green day for the pair to start the week.
A volatile turn of the month in FX markets
Quite some action in FX markets at the turn of the month. Several pairs (EUR/JPY, GBP/JPY, USD/CAD, AUD/USD) broke their respective 200 DMA, and few other ones (EUR/USD, GBP/USD, NZD/USD) their 50 DMA, which sparked some momentum. Stock markets turning lower has also contributed to the volatility.
Kiwi at 50 DMA
Kiwi touched below 0.65 on Friday after U.S. Bureau of Labor Statistics published surprisingly strong September Non-farm Payroll Report. There was no follow through today and the pair recovered some of its losses as the dollar was sold across the board.
The area between 50 DMA (currently ~0.6530) and 0.65 level is providing support at the moment. If it gives way, we could see another cent or so decline over the next few days. If it holds, we may witness a retest of 0.67 - 0.68 and perhaps even a…
The area between 50 DMA (currently ~0.6530) and 0.65 level is providing support at the moment. If it gives way, we could see another cent or so decline over the next few days. If it holds, we may witness a retest of 0.67 - 0.68 and perhaps even a…
The Yen bid into NFP
Since it broke above 50 DMA in October 22th, the Yen has been behaving bulllishly. It rose in every day of this week so far, convincingly breaking above 200 DMA. However, weekly range has been relatively small (~170 pips) as the pair has been slowly grinding up towards 122 resistance.
Action following tomorrow's NFP report could well see that level break, if we'll finally get a decent one. Weekly gains could also be easily erased with the price pulling back towards 120.50, should there be a cont…
Action following tomorrow's NFP report could well see that level break, if we'll finally get a decent one. Weekly gains could also be easily erased with the price pulling back towards 120.50, should there be a cont…
Loonie sells off as oil rallies
Loonie rose in yesterday's European session only to reverse all of its gains and some in the U.S. session. The pair effectively catched up with oil, which had been rallying strongly all day.
50 DMA was the level that capped it and remains the first level to overcome if the pair wants to re-establish bullish bias. It is currently trading just below 2008 high (1.3064) and about 50 pips above 100 DMA (currently ~1.1310). If these two level give way, October low (~1.2830) and weekly trendline will c…
50 DMA was the level that capped it and remains the first level to overcome if the pair wants to re-establish bullish bias. It is currently trading just below 2008 high (1.3064) and about 50 pips above 100 DMA (currently ~1.1310). If these two level give way, October low (~1.2830) and weekly trendline will c…
RBA holds rates
At its meeting earlier today, the RBA left the cash rate unchanged at 2.0%. Even though they left the door open for further easing of the policy, broadly neutral rate statement seems tilted to the hawkish side of the spectre with the bank judging "that the prospects for an improvement in economic conditions had firmed a little over recent months".
In reaction to the (leaked?) release there were several whipsaws before traders took the pair through 0.72, to 0.7220. It pulled back from there but i…
In reaction to the (leaked?) release there were several whipsaws before traders took the pair through 0.72, to 0.7220. It pulled back from there but i…
Swissie piggybacks on Euro weakness
ECB were very dovish at their yesterday's meeting, where they signaled that they may act as early as in December. While expansion and extension of the current QE program was always a possibility, cuts to the deposit rate are back on the table despite -0.20% was often cited as a lower bound.
The most affected pair was, of course, the Euro but the Swisse took advantage of broader US dollar strength that came in the aftermath of the decision. The pair is now back above 50 DMA with September (~0.984…
The most affected pair was, of course, the Euro but the Swisse took advantage of broader US dollar strength that came in the aftermath of the decision. The pair is now back above 50 DMA with September (~0.984…
USD/JPY awaits NFP
It feels a bit odd to have the monthly US jobs report released on Thursday, but due to the Independence Day observance (Bank Holiday) tomorrow, it had to be moved. As is usual, the headline Non-Farm Employment Change will be the one that the market will move on initially and after better than expected ADP Non-Farm Employment Change yesterday (237K vs. 219K expected and 203K previous) the odds are that we'll get strong number today too.
USD/JPY stalled ahead of the Weekly Pivot Point (123.60) tod…
USD/JPY stalled ahead of the Weekly Pivot Point (123.60) tod…