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Forex news – Canadian inflation and retail sales moderate in June but loonie rallies

Posted on July 21, 2017 at 4:01 pm GMT

The commodity-linked Canadian dollar, which has benefited this week from a rebound in energy prices, extended its gains on Friday despite data out of the country indicating softer inflation and retail sales in June.  The focus now turns to the Bank of Canada, which is expected to maintain the hawkish stance it held earlier this month. Statistics Canada released on Friday the latest numbers on inflation and retail sales. According to the data, Canadian headline CPI turned negative in June for the [..]

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Week Ahead – FOMC meeting and Q2 GDP data in focus; Eurozone PMIs also eyed

Posted on July 21, 2017 at 3:50 pm GMT

The Federal Reserve meets next week for a scheduled policy meeting but with no change in rates expected, the focus will likely fall on the balance sheet reduction plan. Data-wise, second quarter GDP estimates will be watched for France, the United Kingdom and the United States. Japanese and Australian inflation data will also be important, while flash PMIs for the Eurozone and the US should give the first glimpse on economic activity in July. Eurozone PMIs Starting the week on [..]

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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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Technical Analysis – NZDUSD breaks above 0.7400; bullish bias in place but overbought

Posted on July 21, 2017 at 8:45 am GMT

NZDUSD has extended its uptrend, breaking above the key level of 0.7400 and reaching a fresh ten-month high. Meanwhile, the short-term bias remains bullish but is likely to weaken. Looking at the technical indicators, the bias in the near-term is expected to be bullish. The pair has already crossed above the Ichimoku cloud, the 50-day and the 200-day exponential moving averages, which are currently positively sloping. However, the bias is likely to become weaker, as the bullish cross between the Tenkan-sen and [..]

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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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Technical Analysis – USDCHF bearish; challenges yesterday’s 14½-month low

Posted on July 21, 2017 at 7:05 am GMT

USDCHF recorded a fourteen-and-a-half-month low of 0.9492 during yesterday’s trading. Today the pair has been edging lower and currently trades in proximity to yesterday’s low. The bias is clearly tilted to the downside – the MACD is negative as well as below the red signal line, while RSI is well into bearish territory at 32 and keeps heading lower. Notice that RSI is close to oversold levels. If the price reverses course, resistance could be met around 0.96, a potential [..]

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Forex News – ECB stands pat; dovish Draghi fails to dent bullish euro

Posted on July 20, 2017 at 3:42 pm GMT

The European Central Bank maintained its highly accommodative monetary policy stance at the end of its two-day meeting today, confounding expectations that it would take another baby step towards exiting from its stimulus program. As widely expected, the ECB held its key rates and pace of asset purchases unchanged. However, following the small tweaks to the forward guidance seen at previous meetings this year, many analysts were anticipating the ECB to make further modifications to its statement by dropping its [..]

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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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Technical Analysis – USDMXN close to 14½-month low; down more than 15% since the start of the year

Posted on July 20, 2017 at 2:34 pm GMT

USDMXN has declined by 15.3% since the start of the year. Yesterday was only the second in ten preceding trading days that the pair managed to finish the day higher. Additionally, the pair recorded a fourteen-and-a-half-month low of 17.4460 during yesterday’s trading. In terms of the Ichimoku analysis, the Tenkan-sen line (red) crossing below the Kijun-sen (blue) is projecting a bearish picture for the pair. Adding to the conviction for a bearish bias is the steeply downward sloping Tenkan-sen, as [..]

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Forex News – Aussie touches a fresh 2-year high after full-time jobs make a strong comeback

Posted on July 20, 2017 at 1:23 pm GMT

In the middle of the Asian trading, the release of the Australian labour data drove the aussie to a fresh two-year high after the figures highlighted a stronger labour market. This, in turn, opened the way for a potential rate hike sooner than projected. On early Thursday, the Australian Bureau of Statistics released employment data for the month of June. According to the numbers, the unemployment rate was in line with expectations, holding steady at May’s reading of 5.6% (year-on-year), [..]

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