Daily Market News By FXNET

FxNet

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Fundamental Analysis April 16

EUR/USD fell on Tuesday after the arrival of a disillusioning German ZEW Economic Sentiment report. The administration reported a drop to 43.2 from 46.6. Moguls were searching for 46.3. The decrease in the ZEW puts further weight on the European Central Bank to make a move to empower the economy, however the ECB is liable to hold up until the arrival of most recent CPI information on Wednesday. This report is relied upon to show a 0.5% perusing which will be unaltered from the past month.

GBP/USD rallied after U.K. inflation data fell in-line with expectations. The headline year-on-year CPI data fell to the lowest level since October 2009 and the year-on-year measure of retail inflation declined to its weakest level in nearly five years. One bright spot was the surge in the House Price Index. This report exceeded expectations with a 9.1% rise. Traders were pricing in an increase of 7.2%.

AUD/USD rose slightly following the release of the latest Reserve Bank minutes, but failed to hold on to its gains. The minutes didn’t offer any surprises for traders and was viewed as somewhat neutral. Some traders thought the recent run up in the Aussie would have been addressed in the minutes, but the central bank seemed to be unfazed by the price level.

USD/JPY finished flat-to-slightly better following the release of better-than-expected U.S. consumer inflation data. According to the latest data, the U.S. CPI rose 0.2 percent in March, versus expectations of a 0.1 percent gain. Helping to limit gains was the weak Empire State Manufacturing Index. Traders were looking for a robust gain of 8.2. The actual report showed a decline of 1.3.

Gold futures plunged sharply lower after the better-than-expected U.S. CPI report helped trigger a rally in the dollar. Since gold is dollar-denominated, a stronger dollar tends to weaken demand for gold, pressuring the commodity.
 

FxNet

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Fundamental Analysis April 17

EUR/USD gained 20 points to trade at 1.3835 and I cannot explain why. CPI missed expectations which will force action from the ECB. Perhaps it is a correction after comments from Mr. Draghi and other ECB members over the weekend about stimulus to push inflation upwards had already been taken into account by the markets.

GBP/USD remains the stellar performer as the UK economy keeps moving forward showing a stronger recovery than the US. Today the unemployment figure drops 2 points to report at 6.9% which might push the Bank of England to consider raising interest rates.

USD/CAD traded between small gains and losses as the US dollar gained a bit of momentum to trade at 1.0981 ahead of US and CAD data due towards the end of the European session.

Gold is trading just over the 1300 level at 1302.50 up $2.20 today ahead of US data and this evenings speech by FOMC Director Yellen. Pressures continue to climb in the Ukraine but traders are no longer moving to safety. Fed Chair Janet Yellen is due to speak on monetary policy and the economic recovery later on Wednesday.
 

FxNet

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Fundamental Analysis April 22

EUR/USD completed marginally better on Monday joined by unstable value movement. Volume was down as a result of the developed Easter festival. Germany, Italy and France are all on bank occasion today.

Trading was limited in the GBP/USD today due to an extended Easter bank holiday. Later this week, investors will get the opportunity to react to the latest data from the Monetary Policy Committee although this report is expected to show no surprises. On deck is the MPC Official Bank Rate Votes, followed by Public Sector Net Borrowing.

AUD/USD saw some volatility on Monday. Thin holiday trading conditions may have had something to do with the two-sided trade. Traders could be positioning themselves ahead of the CB Leading Index report

Gold futures were down a little more than 0.50 percent on Monday. Price reached a low of $1281.80 before stabilizing. The market crossed to the weak side of a retracement level at $1289.45 before taking out last week’s low. Traders are looking for the slide to continue to at least the April 1 bottom at $1277.40, followed by a 61.8% level at $1265.20.
 

FxNet

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Fundamental Analysis April 23

EUR/USD picked up 20 focuses to exchange at 1.3813 staying inside its late exchanging reach with no Eurozone information and US information still before the businesses.

GBP/USD was the star performer today adding 35 points to trade at 1.6827. Decent factory production figures combined with another strong month for the labor market sent March’s index of US Leading Indicators higher.

AUD is trading at 0.9348 after trading as high as 0.95 just a week ago. The US dollar has climbed above the 80 level as is expected to continue to gain as US data supports the defrost of the US economy after the severe winter freeze.

USD/JPY was the most active currency pair on Monday and continues to climb on Tuesday trading at 102.67 above its average trading range as data released on the Easter Monday holiday upset traders and analysts.

Gold recovered a few dollars today moving between small gains and losses with little direction as tensions seemed to ease in Ukraine. Gold is trading at 1291.40. Gold recovered from early losses on Tuesday as the dollar gave back some gains, but sentiment among investors continued to be fragile on further outflows from bullion-backed funds.
 

FxNet

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Fundamental Analysis April 24

EUR/USD moved to exchange at 1.3838. The euro zone streak PMI was stronger than anticipated, and this helped lift the euro about a large portion of a penny and further bond its recuperation from the dip to seven-day lows yesterday.

GBP/USD eased by 28 points to trade at 1.6795 after the MPC meeting minutes seemed to indicated that the members were not contemplating an interest rate increase in the near future.

AUD/USD recovered 4 points after Wednesday’s decline after inflation reported lower than expected. The AUD is trading at 0.9294 well below its April trading range. Even the declining US dollar did not help support the currency. Traders were hit with a decline in China manufacturing.

USD/JPY eased by 21 points as the US dollar declined to trade at 102.32 after the dollar declined on lackluster new home sales. “The WSJ reported yesterday that the BOJ may upgrade its inflation forecast for FY2014 if the April Tokyo CPI, due to be released on Friday, is strong.” “Unnamed sources familiar with the matter in a WSJ article emphasized that a 2% inflation forecast for FY2015-16 does not necessarily mean the BOJ will consider exiting monetary easing any time soon.

Gold recovered $5.30 to trade at 1286.40 but remains directionless as data continues to support an increase in tapering at the next FOMC meet..
 

FxNet

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Fundamental Analysis April 25

EUR/USD picked up 11 point today after US information disillusioned trader yesterday with new home deals falling admirably underneath desires. The euro was exchanging at 1.3828 in front of Mario Draghi's discourse this evening where he is relied upon to remark on the high cost of the euro.

GBP/USD gained 13 points to trade at 1.6796 as traders recovered from their disappointment in the MPC minutes. Speculators seem sure that the BoE was close to raising interest rates but the minutes showed that the members were not even considering a rate hike at this time and are waiting for more assurances that the economy is under full recovery.

AUD/USD recovered 4 points after Wednesday’s decline after inflation reported lower than expected. The AUD is trading at 0.9294 well below its April trading range. Even the declining US dollar did not help support the currency. Traders were hit with a decline in China manufacturing.

USD/JPY eased by 21 points as the US dollar declined to trade at 102.32 after the dollar declined on lackluster new home sales

Gold is flat for the day moving between gains and losses with no direction as traders take a breather after the situation in the Ukraine seems to have puffed out. Gold remains at the 1284.00 price level.
 

CommexFX

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daily outlook

The Euro (1.3835) is attempting to ricochet from our help zone of 1.3790-60 and rally higher over 1.3865. From the more extensive viewpoint, for real increase it need to break over 1.40 and all the while Dollar Index must break underneath 79.

Dollar-Yen (102.42) has been pushed down a bit by the safety at 102.75-103.00 of course however without any genuine energy. It has figured out how to hold over 101.50-20 so far to stay in the 10 week long wide extend of 101-104. We continue viewing the long haul help at 100.75-50 for significant moves.

The Euro-Yen Cross (141.70) is trying our safety of 141.65-90 in the wake of discovering purchasing backing from 140.50-139.50 of course. Right away a break over 141.65-142.00 may take it higher towards the real safety of 143.50.

Pound (1.6806) has completed the little remedy and continued its real uptrend in accordance with our desire. It may achieve 1.7000-50 in the following 1-2 weeks as the fleeting force remains in place over 1.6730-10.

Aussie (0.9271) broke underneath 0.9300 to test 0.9250 levels and may face offering weight on all mobilizes now work it figures out how to break over 0.9380-0.9400. Significant backings are at 0.9200 and afterward 0.91340-30.

Gold (1292.41) skiped from backing close to 1270 levels as wanted and may now climb towards 1300-1310 while still inside the general downtrend.
 

FxNet

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Fundamental Analysis April 28

EUR/USD traded in the green to trade at 1.3835 as traders weigh ECB Draghi’s comments about the high cost of the euro and the possibility of negative interest rates.

GBP/USD surged today adding 17 points to 1.6820 after UK retail sales beat expectations. The retail sales reading suggests the British consumer continues to drive a strong economic recovery, making it likely the Bank of England will raise interest rates early next year, according to the latest market betting.

AUD/USD added 13 points this morning as sentiment retuned to support the currency pushing it up to 0.9282 after falling steadily last week for no real specific reason.

USD/JPY is trading at 102.14 down by 5 points as the yen gained a bit of momentum after the release of retail sales which met expectations as traders were sure it would miss the 11% projection.

Gold gained $10 to trade at 1300.70 as stress over the Ukraine situation pushed traders to safe haven trading. A strong durable goods report on Thursday will push the FOMC to increase their tapering and reduce stimulus.
 

CommexFX

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Daily Outlook 29/04/2014

The Euro (1.3860) is exchanging inside 1.3785-1.3880 throughout the previous two weeks and this restricted extent may break this week conceiving a drifting move towards either 1.3755 on the easier end or 1.4000-30 on the upper end.

Dollar-Yen (102.50) is trying the safety of 102.75 above which further climb to 103.00-40 is conceivable. It has figured out how to hold over 101.50-20 so far to stay in the 10 week long expansive extent of 101-104. We continue viewing the long haul help at 101.00-100.50 for significant moves.

The Euro-Yen Cross (142.08) has broken out from the reach of 140.00-142.00 for a significant directional move and may now achieve 143.00-25 at first and after that 144.00-145.50 can’t be precluded.

Pound (1.6813) is exchanging inside the tight extend of 1.6750-1.6870 much the same as the other real monetary standards. To achieve 1.7000-50 in the following 1-2 weeks, it must break over 1.6870. The fleeting force remains in place over 1.6730-1.6695.

Aussie (0.9238) is falling in accordance with our desire as it stays in a feeble state and may face offering weight on all arouses now work it figures out how to break over 0.9380-0.9400. Significant backings are at 0.9160-30.

Gold (1295.47) fell off from 1306.4 yet is exchanging inside pivotal levels of 1295-1310 while inside the general downtrend. A break over 1310 may trigger a sharp climb to 1400 else it may focus on 1280 on the downside.
 

FxNet

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Fundamental Analysis April 30

EUR/USD is exchanging at 1.3818 around 33 focuses after the US dollar kept on gainning on stronger information and the moving of pressures in the Ukraine. The euro fell Tuesday taking after German expansion assumes that fortify the view that the European Central Bank will need to grow jolt measures.

GBP/USD gained 10 points to trade at 1.6818 contrary to market expectations after GDP missed expectations but still printed well above the previous month. Traders are now sure that the Bank of England will begin to increase interest rates this year.

AUD/USD is trading at 0.9249 in the red this morning as traders wait for several major events this week, as there has nothing to affect the currency value except for continued worries about China after the IMF revised China’s growth for 2015 downwards.

USD/JPY is dead on its trading range at 102.49 ahead of the Bank of Japan decision. Although most believe that the Bank will sit tight at this meeting traders are hoping for some indication of if and when the bank is expecting to add additional stimulus and their evaluation of the current economic situation.

Gold gave up just over $4 to trade at 1294.80 ahead of the Fed decision as global sentiment shifted to a more risk on attitude as its seems that tensions in the Ukraine have petered out and the insignificant sanctions mounted by both the US and the EU had little effects on the markets.
 

FxNet

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Fundamental Analysis May 1

EUR/USD gained 11 points after eurozone inflation printed better this month than the previous months. But it still does not take the ECB off the hook.

GBP/USD eased by 11 points to trade at 1.6817 as traders sold off to book profits after the pair skyrocketed on yesterday’s GDP data. The pound performed fairly well yesterday as the Office for National Statistics announced that the British economy expanded by 0.8% in the first quarter.

AUD/USD climbed by 18 points after private sector credit met expectations and a general shift in sentiment to support the commodity currencies after falling on Monday,

USD/JPY is dead on its trading range at 102.49 ahead of the Bank of Japan decision. Although most believe that the Bank will sit tight at this meeting traders are hoping for some indication of if and when the bank is expecting to add additional stimulus and their evaluation of the current economic situation.

Gold gave up $4 to trade at 1292.30 ahead of the FOMC decision. There was no change to the holdings of the SPDR gold ETF or the Gold Trust, once again. Their respective holdings still stand at 792.139 tonnes and 164.41 tonnes.
 

FxNet

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Fundamental Analysis May 2

EUR/USD is exchanging at 1.3880 crawling higher on Thursday having ridden out two days of more terrible than anticipated news on Eurozone swelling and the US economy that have not in a broad sense modified observations of the approach viewpoint in either.

GBP/USD outperformed its crosses to hit a 2014 trading at 1.6911 after strong manufacturing PMI data surprised the markets to the upside.

AUD/USD is down just 2 points at 0.9287 after data releases this morning. Australia’s dollar held a two-day gain after Chinese data showed manufacturing picked up in April.

USD/JPY is trading at 102.30 up by 7 points after the US dollar declined on Wednesday; the pair is recovering the overreaction to lackluster GDP data but extremely positive ADP payroll numbers.

Gold continued to creep down trading at 1285.00 down almost $11 after the US FOMC continued its tapering program and tensions eased in the Ukraine. Traders pushed the Dow Jones to a record high yesterday
 

FxNet

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Fundamental Analysis May 7

EUR/USD picked up 52 focuses to exchange at 1.3927 setting itself up for a significant fall. Climbing relentlessly after eurozone administrations PMI basically beat desires and Spanish unemployment reported much superior to anticipated. Numerous accept this is all a measurable abnormality as Spain is not in a recuperation mode and with the Easter occasion amidst the month a considerable measure of information was most likely not arranged.

GBP/USD added 83 points to be the best market performed today after Services PMI data beat expectations. The pound soared to trade at 1.6951 with the possibility of breaking the 1.70 level later in the session.

AUD/USD gained 7 points after the announcement of the RBA decision to hold rates and policy this morning. The pair is trading at 0.9280. In a strange twist, data showed that Australia’s trade surplus has narrowed, driven by a fall in mining exports.

USD/JPY climbed off the 101 level touched as markets opened on Monday on safe haven trades with tensions escalating in Ukraine. The yen strengthen last week as the BoJ held rates and fire offering a better than expected assessment of the Japanese economy.

Gold is trading at 1307.60 down by $1.70 as traders closely monitor the situation in Ukraine but strong US data seems to be outweighing the flight to safety as ISM data a day before surprised markets to the upside. Gold has been trading sideways after it fell sharply after hitting a seven-month high at 1392 USD in mid-March.
 

FxNet

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Fundamental Analysis May 8

EUR/USD gave back most of its earlier gains to trade at 1.3932 ahead of the European Central Bank meeting scheduled tomorrow. A dismal German factory orders release also weighed on the currency.

GBP/USD could not gain momentum today and is trading at 1.6971 as traders sell off to book profits as the currency bounces off a record high. Technical selling keeps triggering every time the pound gathers a bit of momentum.

AUD/USD gave up 8 points this morning to trade at 0.9340 in sympathy to the decline of the kiwi dollar after the Director of the New Zealand central bank said that he would intervene to reduce the strength of the kiwi

USD/JPY eased to 101.58 dipping 10 points. The US dollar remains weak, but flat in this morning’s session. Therefore the moves have been in the strength of the Japanese yen, as traders remain in risk off mode pushing the strength of the yen.

Gold eased a bit today as traders prepared for Janet Yellen’s testimony due in the later part of the day. Gold is trading at 1303.90 down by $4.70. Tensions in the Ukraine seem to be easing today after violence this past weekend turned up the heat.
 

FxNet

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Fundamental Analysis May 13

EUR/USD gained 9 points to trade at 1.3765 recovering a few pips after its tumble since Mr. Draghi’s comments on Thursday. The euro-area’s fastest economic growth in three years probably won’t be enough to stop Mario Draghi from easing monetary policy.

USD/JPY gained 14 points heading back to its 2014 trading range around the 102.50 level as tensions in the Ukraine ease after the weekend vote seemed to end a good deal of the violence.

GBP/USD gained 35 points today to trade at 1.6886 as the US dollar eased. Another transition session Monday, with the dollar from little changed to a tad weaker versus major’s competitors and the pound among the best performers ahead of the BoE Quarterly Inflation Report to be released next Wednesday.

AUD/USD is trading at 0.9362 remaining strong even as the US dollar continues to climb back towards the 80 level. The Aussie is trading flat this morning making little of the business confidence release as traders are expecting comments from the RBA about the strength of the AUD.

Gold moved between small gains and losses up by $3 at 1290.90 at this writing. “Precious metals have been extremely quiet this morning, holding tight ranges,” said William Adams, head of research at FastMarkets.com. “The gold price continues to oscillate sideways either side of $1,290 an ounce — for now we would expect more of the same.” Gold could benefit from some technically-driven buying said Robin Bhar, head of metals research at Societe Generale.
 
 
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