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Eurozone’s PMIs could maintain positive momentum in January – Forex News Preview

Posted on January 23, 2018 at 4:14 pm GMT

Eurozone businesses had their best annual performance in 2017 according to IHS Markit as December’s survey results surprisingly smashed even the most optimistic forecasts, hinting that growth could be more persistent. Despite this, initial estimates for January due on Wednesday at 0900 GMT suggest that growth in the services and manufacturing industries might come weaker, though the pullback is not anticipated to be strong enough to drive the measures away from recent peaks. While analysts thought that industrial performance in the Eurozone had already reached its highs, with the IHS [..]

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Technical Analysis – WTI crude oil futures struggle below 64.20; bullish move is expected

Posted on January 23, 2018 at 2:59 pm GMT

WTI crude oil futures have been trading slightly higher over the last few hours and touched the 64.20 resistance level. Having a look at the bigger picture the price is endorsing the scenario for further gains, while the short-term timeframe indicates a pause of the downward correction. In the 4-hour chart, the price jumped above the 20 and 40 simple moving averages while the technical indicators are confirming the recent bullish phase. The RSI indicator is pointing to the upside in the positive territory. [..]

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New Zealand CPI forecast remains within RBNZ target; Will kiwi continue bullish run? – Forex News Preview

Posted on January 23, 2018 at 2:25 pm GMT

The focus on Thursday will be on New Zealand’s headline consumer price index number at 2145 GMT. New Zealand will release its fourth-quarter of 2017 CPI that is forecasted to show an increase of 0.4% from 0.5% in the previous quarter. Also, the attention will turn on the kiwi as there is plenty of room for a surprise if the release beats expectations.   Consumer prices in New Zealand ticked higher to 1.9% year-on-year in the third quarter from 1.7% in the prior period and for the Q4 is [..]

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Will UK jobs data boost or temper sterling’s rally? – Forex news preview

Posted on January 23, 2018 at 1:49 pm GMT

UK employment data for November are due to be released on Wednesday at 09:30 GMT. Looking simply at economic forecasts, one may be tricked into thinking this data set represents little risk for sterling, as every indicator is projected to remain unchanged. The unemployment rate is forecast to have held steady at 4.3%, while average weekly earnings (both including and excluding bonuses) are anticipated to have grown at the same pace as previously. What will markets focus on? Assuming the [..]

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US Open Preview– Yen gains ground despite dovish Kuroda; European stocks hit new highs

Posted on January 23, 2018 at 12:45 pm GMT

Here are the latest developments in global markets: FOREX: The yen posted a strong rally towards an intra-day high of 110.38 (+0.38%) per dollar during early European trading hours. This came after a decline earlier in the day when the BOJ chief, Haruhiko Kuroda, downplayed plans on stimulus reduction. Upbeat data on Eurozone’s ZEW economic sentiment offered little for the euro, with euro/dollar recovering to 1.2256 (-0.13%). Pound/dollar dipped into losses, falling to 1.3944 (-0.30%) after touching 1.4000 during the Asian session. The [..]

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Caution ahead of ECB meeting; Will Draghi talk down the euro? – Forex News Preview

Posted on January 23, 2018 at 11:07 am GMT

The European Central Bank holds a two-day monetary policy meeting this week with its first policy decision of the year due at 12:45 GMT on Thursday. Following surprisingly hawkish minutes of the December meeting and a series of data beats, expectations have risen that the ECB will end its asset purchase program (APP) when the current one expires at the end of September 2018. However, a stronger euro could pose a threat to the Eurozone’s improving growth and inflation outlook, [..]

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European Open Preview – Yen whipsaws after BoJ and aussie tumbles on trade risk as world leaders gather in Davos

Posted on January 23, 2018 at 8:41 am GMT

Here are the latest developments in global markets: FOREX: The US dollar index traded slightly higher on Tuesday, in the aftermath of Congress voting for a temporary funding bill, thereby ending the US government’s partial shutdown. STOCKS: Equities were in the green across the board. Japanese markets skyrocketed, with the Nikkei 225 and the Topix closing higher by 1.3% and 1.0% respectively; both indices reached fresh 27-year highs. In Hong Kong, the Hang Seng surged by 1.35%, breaking another all-time high, [..]

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Technical Analysis – GBPUSD hits fresh 19-month high of 1.40 handle

Posted on January 23, 2018 at 8:04 am GMT

GBPUSD surged to a fresh 19-month high during today’s Asian session and hit the strong psychological level of 1.4000. The bullish strength remains intact as the price climbed higher on Monday and successfully surpassed the significant obstacle of 1.3940. The price is developing above its short-term ascending trend line, which has been holding since March 2017. Short-term momentum indicators are also pointing to a continuation of the bullish bias. However, the RSI is well above the 70-overbought level, suggesting that the latest upswing may [..]

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Technical Analysis – US 100 index trades near record high; RSI overbought

Posted on January 22, 2018 at 2:21 pm GMT

The US 100 index is currently trading close to its all-time high of 6,844.45 hit during Friday’s trading. Rising prices in recent weeks are setting a bullish picture for the index in the short-term. The RSI, which has been heading higher throughout this period, is supporting the view for a positive market bias. The indicator though has crossed above the 70 overbought level; this being interpreted as increased risk for a pullback in the short-term. The area around last week’s [..]

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BoJ to remain on hold; all eyes on Kuroda – Forex news preview

Posted on January 22, 2018 at 1:34 pm GMT

The Bank of Japan (BoJ) will announce its policy decision during the Asian morning on Tuesday. No change in policy is expected and as such, focus will probably turn to Governor Kuroda’s press conference for any signals on whether the Bank is considering to alter its ultra-loose framework, as has been speculated recently. With inflation still far away from its target though, the BoJ chief may push back against such expectations.   Speculation that the BoJ may be getting ready [..]

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