Daily Market Analysis

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Forex Market Review (European Session) – Dollar at 13-month lows; loonie gains on rising hike prospects; euro at fresh high

Posted on July 21, 2017 at 3:11 pm GMT

Barring inflation and retail sales data out of Canada, today’s European session was a rather quiet one in terms of data releases. In the absence of data during the rest of the session, forex market participants placed their orders having in mind developments from yesterday’s European Central Bank meeting, as well as developments on the US political front. The dollar index, which gauges the greenback against the currencies of six major US trading partners, fell to 93.99 today, a 13-month [..]

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Aussie tumbles on Deputy Governor’s dovish speech; US dollar weak on political woes

Posted on July 21, 2017 at 7:15 am GMT

The Australian dollar tumbled amid a dovish speech by Reserve Bank of Australia Deputy Governor Guy Debelle. The US dollar remained under pressure against most majors following the plunge yesterday when news broke out about expansion of an investigation into Trump’s links with Russia. The aussie fell to $0.7907 during Asian trading as the RBA Deputy Governor said that no importance should be given to the board’s discussion around the neutral rate and that it doesn’t imply monetary policy tightening. [..]

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Forex Market Review (European Session) – Euro rallies despite dovish Draghi; sterling weakens despite upbeat retail sales

Posted on July 20, 2017 at 3:13 pm GMT

The euro rallied to a near 14-month high against the dollar during the European session following ECB President Mario Draghi’s speech at a news conference today. Sterling was briefly lifted against the US currency, but gave up on gains and was down on the day as the US session started. During the end of the session, forex markets reacted significantly on the back of just released news regarding Trump’s links with Russia. The dollar index was down 0.60% at 94.22. [..]

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Forex Market Review (Asian Session) – Yen weakens following BoJ meeting; aussie gains on healthy job market

Posted on July 20, 2017 at 7:53 am GMT

Forex markets experienced more volatility today as it was busier one compared to others this week. The yen weakened against the dollar following the release of the Bank of Japan monetary policy report. The aussie had an initial boost against the greenback after employment data had been released, however it fell soon after. The euro was slightly up ahead of the European Central Bank meeting later in the day. The BoJ kept monetary policy steady, a report showed today. While [..]

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Forex Market Review (European Session) – Oil surges on inventories draw; dollar drops against yen despite upbeat construction figures

Posted on July 19, 2017 at 2:55 pm GMT

Today’s European session was a relatively quiet day as no major data releases were reported. US figures pointing to healthy construction activity and crude oil inventories were the main figures of the day. The dollar continued sliding against the yen while sterling and the euro were under some pressure against the greenback. US homebuilding rebounded more than expected in June after declining for three consecutive months. However, this pick-up did little for the second quarter expansion that remained subdued when [..]

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Forex Market Review (Asian Session) – Markets calm ahead of ECB, BoJ meetings; oil pressured on US inventories

Posted on July 19, 2017 at 7:45 am GMT

It has been a quiet overnight session ahead of what could be a stormy Thursday with the European Central Bank and the Bank of Japan holding their policy meetings. Most majors traded in a narrow range, while oil prices recorded the biggest move of the day. The Australian and New Zealand dollars continued gaining against their US counterpart during the Asian session. Aussie/dollar was up to last trade at 0.7932, supported by comments perceived to be hawkish from the Reserve Bank of Australia’s policy [..]

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Forex Market Review (European Session) – Dollar at fresh 10-month low; sterling hurt by weaker-than-expected inflation

Posted on July 18, 2017 at 3:04 pm GMT

In terms of economic releases, UK inflation numbers were by far the most important release during today’s European session. The downside miss hurt sterling which posted a ten-month high versus the dollar earlier in the session. In other news, the currency markets were once again anything but deaf to political developments, pushing the dollar to new lows on the seeming inability by the Trump administration to repeal and replace Obamacare. The dollar index, a broader gauge of the US currency’s [..]

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Forex Market Review (Asian Session) – Dollar pressured against all majors; RBA minutes push aussie to 2-year high

Posted on July 18, 2017 at 7:37 am GMT

As the Asian trading session was about to close, the US dollar was trending downward against most currencies on overnight news that the repeal of Obamacare is getting another push-back. The aussie rose following the release of the Reserve Bank of Australia’s minutes and the kiwi had a short tumble on the disappointing inflation figures. The greenback tumbled against most currencies overnight on news that two more Republican Senators would oppose the healthcare reform bill unveiled by their party last [..]

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Forex Market Review (European Session) – Loonie hits fresh 14-month high; dollar steady after Friday sell-off

Posted on July 17, 2017 at 2:52 pm GMT

There was limited price action today as investors remained sidelined ahead of three big events this week. Major currencies mostly traded in tight ranges during the European session, while in the absence of major economic releases, the market focus has been on the start of the second round of the Brexit negotiations, the European Central Bank and the Bank of Japan meetings on Thursday. The greenback managed to slightly recoup against most majors following the sell-off on Friday amid the disappointing [..]

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Forex Market Review (Asian Session) – Dollar weakness eases; China releases upbeat economic data; commodities up

Posted on July 17, 2017 at 7:43 am GMT

As a result of a holiday in Japan the first trading session of the day was more quiet than usual. A set of economic data releases out of China dominated the news flow so far. Pressure on the dollar against major currencies stalled during the Asian session, following the greenback’s plunge on Friday amid disappointing inflation and retail sales data. China’s upbeat economic data releases took markets by surprise today. The second quarter GDP rose 6.9% year-on-year, faster than expected [..]

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