Category: Forex News

EUR/USD grinds down below 1.24 – heads for lowest close since 2012

EUR/USD continues its slide following fresh determined dovish words of ECB president Mario Draghi. The pair that traded just below resistance at 1.2570 earlier in the day is extending its falls and isn’t far from completing a slide of 200 pips from the peak on the day. Looking at the daily chart, we can actually see that the pair basically bounced off downtrend resistance, mentioned in the EUR/$ weekly outlook:

EURUSD falling down November 21 on Draghi to the lowest close since 2012

Read the rest of the article EUR/USD grinds down below 1.24 – heads for lowest close since 2012
Chinese rate cut lifts AUD/USD from the lows

Chinese rate cut lifts AUD/USD from the lows

In the first rate cut in over two years, the People’s Bank of China announced a rate cut. While a move was expected, the timing was surprising from Australia’s No. 1 trading partner. AUD/USD is moving up, flirting with 0.87. This moves saves the pair from a not so good week otherwise. China cut the

Canadian inflation rises more than expected – USD/CAD falls off 1.12

Canadian inflation rises more than expected – USD/CAD falls off 1.12

Inflation in Canada is lifting its head: CPI is up 0.1% m/m and 2.4% y/y. Core COI is up 0.3% and 2.3% y/y. This is a beat. While a rate hike is not on the cards, the BOC could change its stance. USD/CAD is trading lower, getting closer to 1.12. Update: the pair is dipping below this

Pound consolidated lower across the board

Pound consolidated lower across the board

The pound consolidated lower against a range of currencies this week. Early on, both HSBC and Barclays announced that they would be pushing back their expectations for an interest rate hike by a full year, to the first quarter of 2016 and third quarter of 2015 respectively. GBP/USD fell to a low of 1.5595 as

Draghi Drama, Jumping Japan, State of US Housing, FOMC minutes rundown and OPEC – Market Movers #25

Draghi Drama, Jumping Japan, State of US Housing, FOMC minutes rundown and OPEC – Market Movers #25

A packed show begins with US housing and its very close correlation to growth. We then run down the FOMC Meeting Minutes and continue to more exciting events: the political turmoil in Japan which is rocking the yen, and what’s going on in the zone. We finish with OPEC’s upcoming meeting and what it means for

USD has room for more gains against EUR and GBP: Elliott Wave Analysis

USD has room for more gains against EUR and GBP: Elliott Wave Analysis

The USD is rallying this morning on Draghi’s comments. The ECB president says that they will seek to raise inflation as fast as possible, that the economic situation remains difficult and that a stronger recovery is unlikely in coming months. EURUSD is down, currently around 1.2460 as USD Index turns up towards 88.00. Based on

Dovish Draghi sends EUR/USD below 1.25

Dovish Draghi sends EUR/USD below 1.25

Draghi says he will seek to raise inflation as fast as possible and says that the economic situation remains difficult and that a stronger recovery is unlikely in coming months.  He is ready to step up action if needed including broadening the purchases if inflation risks materialize. The president of the European Central Bank Mario

Yen Continues Slide as Market Prepares for Abe Election Victory

Yen Continues Slide as Market Prepares for Abe Election Victory

The Japanese yen pushed to another 7-year-high on expectations that Prime Minister Abe will win re-election in December and his Liberal Democratic Party will have to ease further to get inflation on track. Economic data was limited overnight as a slew of European manufacturing and services PMIs paced the market, but it was more yen

US inflation at 1.7%, core 1.8% – more than expected, jobless claims 291K – USD higher

US inflation at 1.7%, core 1.8% – more than expected, jobless claims 291K – USD higher

US inflation came out above expectations: unchanged m/m and 1.7% y/y. Core inflation rose 0.2% and 1.8% y/y. All the numbers are 0.1% above expectations. Weekly jobless claims are at 291K, worse than expected. Continuing claims are at 237.43K The US dollar is stronger after the publication, despite the small disappointment in jobless claims. The greenback is slightly stronger

EUR/USD Nov. 20 – Sliding to 1.25 on FOMC minutes, weak PMIs

EUR/USD Nov. 20 – Sliding to 1.25 on FOMC minutes, weak PMIs

EUR/USD was unable to break higher above 1.2570 and found its way down and for good reasons. The FOMC Meeting Minutes were indeed somewhat more dovish than the statement, but only just. The dollar fell only temporarily. From the euro-zone, weakness came from PMIs, with German manufacturing being especially worrying. It is still a very busy