Daily Market News By FXNET


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Fundamental Analysis August 15

EUR/USD recuperated 27 focuses to exchange at 1.3391 after a large number of blended information and a confounded ECB month to month report. The dollar gave back increases the greater part of the morning to trade at 81.53. Euro zone swelling will be weaker than long ago expected in the not so distant future and next, an overhauled review for the European Central Bank showed today, obscuring the euro zone's monetary standpoint.

GBP/USD is flat today holding at 1.6691 after disappointing inflation information and comments from the central bank on Wednesday. The BoE lowered its growth estimate for U.K. wages to 1.25% for the year, down from 2.5%, or half of the previous estimate; 2015 wage growth estimates were also revised downward.

AUD/USD eased by 8 points to trade at 0.9298 after iron ore prices tumbled to their weakest this month weighing on the Aussie. Earlier in June, the iron ore price dropped to as low as $US89 a ton, but despite a minor rebound since then year-to-date falls are still over 30 per cent. The latest downward move comes amid continued oversupply in the market due to increased supply from heavyweights like BHP Billiton and Rio Tinto and softer demand from China.

USD/JPY continued to rise as the US dollar gained momentum as traders overlooked weak US data but focused on a significant drop in Japanese GDP. The USDJPY is trading at 102.60 up by 17 points this morning. The Japanese Yen traded on a negative note and depreciated around 0.2 percent yesterday on the back of expectation that global policy makers will keep borrowing costs low for longer, damping demand for haven assets. The Yen touched an intra-day low of 102.36.Japan’s Core Machinery Orders gained 8.8 percent in June as against a fall of 19.5 percent in June.

Gold is moving between small gains and losses holding at 1315.80. Gold consumption fell by an annualized 16 percent in the second quarter of 2014 as Chinese and Indian buyers cut back on record purchases a year earlier, sector data showed.


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Fundamental Analysis August 22

EUR/USD gained 8 points as traders breathed a sigh of relief when PMI numbers were not as bad as expected. The US dollar gave back some early gains but remains strong at 82.29. Data from Germany eased pressure on the struggling euro today after speculation of an earlier rate rise from the Federal Reserve had pushed the dollar to an 11-month high. Share markets had been feeling flat following a disappointing survey on Chinese manufacturing overnight but they too got a lift from the news that Germany’s private sector grew for a 16th month running in August.

GBP/USD is trading at 1.6588 down just 6 points after a strong retail sales release. The pound, down more than six cents in the past month, had gained a foothold on Wednesday after minutes from the Bank of England’s own last policy meeting showed the first dissenting votes on its policy committee for a rise in interest rates. But a similarly hawkish message from the Fed sent the dollar higher across the board after UK markets closed, driving the pound to less than $1.66 for the first time since early April.

AUD/USD lost 6 points to trade below 93 touching 0.9296 after a speech from RBA Governor Stevens. In Australia, the Reserve Bank Governor gave testimony to the House of Representatives Economics committee. In the US, weekly mortgage finance data is released with the minutes of the last Federal Reserve meeting.

Gold tumbled $13.60 to trade at 1281.60 as traders moved to more profitable assets. Gold extended losses to a fifth session on Thursday, dropping to a two-week low after the US dollar strengthened on indications from the US Federal Reserve that it could raise interest rates sooner than expected. A surprisingly strong recovery in the US job market could lead the Fed to raise interest rates earlier than it had been anticipating, minutes from the Fed’s July meeting showed, although most officials wanted further evidence before changing their view.
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