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US dollar is paring some of its earlier gains against the euro as risk appetite improves. However, greenback still has the upper hand against European currencies right now as the data coming out of the United States seems to indicate that the economic recovery could speed up. Right now, the big excitement is the non-farm payrolls for January. Analysts had expected some gains for jobs, but the figures released beat [...]
The Canadian dollar jumped today as positive employment data from the United State boosted risk appetite among Forex traders and overshadowed poor employment report from Canada itself. Reports ahead of US non-farm payrolls provided a mixed picture about the US employment market as ADP employment report showed less-than-expected growth, while unemployment claims dropped more than was forecast. The payrolls came out today, supporting positive view [...]
The New Zealand dollar climbed today, reaching the all-time high versus the euro, after positive employment data from the United States bolstered risk appetite among Forex traders, making them prefer higher-yielding currencies. US employment data overshadowed the problems of Europe for a day and provided a major boost for currencies tied to growth. The United States has its share of problems, but traders prefer to look at a brighter side of things in the USA as they [...]
The US dollar had a mixed week as there was plenty of negative data from the United States, yet there also were positive indicators, especially employment figures. The greenback rose against the euro and the yen, but declined against higher-yielding currencies. The US dollar started this week stronger against most of the currencies, but quickly turned to the downside as negative reports had begun to flow in. The Chicago Purchasing Managers’ Index [...]
Fundamental Forecast for the Euro: Bearish This could be it. We’ve been saying that for months, as Euro-zone leaders play a dangerous game of chicken with Greek politicians and market participants, having brought us to the edge of imminent collapse multiple times in the second half of 2011 alone. Unlike other times, in which all actors [...]
Fundamental Forecast for the US Dollar: Neutral There is little debating the greenback’s immediate trend. In approximately three weeks the Dow Jones FXCM Dollar Index has dropped nearly 360 points or 3.6 percent – a significant change in bearing from the start of the year when the benchmark was threatening to move on 12-month highs. [...]
Fundamental Forecast for Japanese Yen: Neutral Just when Japanese Yen price action appeared to be regaining a sense of normalcy, the Eurozone debt crisis elbowed its way back into the picture. Leave it to Greece to muck up the works again. The Yen began to return to its long-term relationship with US Treasury yields this month [...]
Euro gains have stalled out, and in the end, it has been a week of consolidation in the markets. EUR/USD remains the key market to watch for broader directional insight, and the critical short-term levels to watch above and below come in by 1.3235 and 1.3025 respectively. A break and close above 1.3235 will open [...]
Daily Bars Prepared by Jamie Saettele, CMT It has been a range month for the GBPUSD between primarily 15400 and 15750. The drop to a monthly low yesterday sets sights on the October low at 15270. I wrote yesterday though to “respect potential for additional range action between the current level and the mentioned [...]
Gold continued to decline yesterday, while silver changed direction and slightly rose yesterday. Both precious metals didn’t do well in recent weeks, but what is up ahead for gold and silver on the last business day of 2011? Will there be a correction to the recent downward trend of precious metals? Today, China’s Manufacturing PMI [...]