For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube Wall Street finished the trading day in the red despite positive economic data yesterday. The Federal Budget Balance came out better than expected, increasing investor concern over the Federal Reserve cutting the QE3 stimulus program next week. The S&P 500 dropped by 1.13%, the NASDAQ declined by 1.29% and the Dow Jones lost 0.81% from its value.
The US Dollar weakened versus its major counterparts yesterday due to worse than expected U.S. economic data. The interest rate on the 10-year Bond Auction came out at 2.82% vs. 2.6% forecast, weakening the US Dollar. Tomorrow, the Unemployment Claims report is expected to come out at 321K vs. 298K. High volatility is expected. Mastercard shares rose by 3.53% on Wednesday’s season, closing at $790 after reporting a 1:10 split on its shares through a dividend distribution.
Gold dropped by 0.75% yesterday, closing at $1,251 an ounce. Crude Oil also fell 1.38% last Wednesday, closing at $97.39 a barrel despite the Crude Oil Inventories coming out at -10.6M vs. -2.2M forecast.
The Euro rose versus the US Dollar in last Wednesday’s trading, after the European stock market dropped, strengthening the currency. Technically, according to the 1-hour chart, the EUR/USD has created an ascending support level and the pair is trading in a bullish trend. The pair may rise towards 1.3850 soon. Should the pair break below the proximity support level, it may fall towards 1.3700 areas.
The Pound dropped versus the US Dollar yesterday after Martin Waele from the Bank of England said that the economy is suffering from an unexpected decline in inflation since last summer. Technically, and according to the 4-hour chart, we notice a strong resistance level in the Continue reading →
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube Wall Street finished the trading day down amid growing uncertainty over the Federal Reserve’s budget negotiations. The S&P 500 dropped by 0.32%, the NASDAQ declined by 0.20% and the Dow Jones lost 0.33% from its value.
The US Dollar fell slightly versus most of the majors as investors await the Federal Reserve’s decision to begin tapering its USD85 billion monthly asset purchases, and is expected to keep the negative momentum until this decision is announced. Today, the Federal Budget Balance is expected at -142.60B vs. 91.60B previously, and the 10-y Bond Auction also due for release.
Gold rose by 1.81% on Monday, closing at $1,260 an ounce, with the weakness of the greenback boosting demand for gold as an alternative investment. Crude Oil rose by 1.42% to close at $93.97 a barrel amid growing concern over the U.S. Oil Inventories.
The Euro gained against the other majors over speculation that the German Consumer Price report will beat expectations. The French Industrial Production came out worse than expected at -0.30% vs. 0.20%. Technically, according to the 4-hour chart, the EUR/USD is moving in an Ascending Channel with the pair currently at the top of the channel and a retracement towards 1.3670 expected.
The Pound gained against the US dollar after the Manufacturing Production came out as expected at 0.40%, and the Trade Balance worse than expected at -9.70B vs. -9.30B. Technically, according to the 4-hour chart, the GBP/USD’s trend is strongly bullish. Breaking below the support level of 1.6420 could lead the pair to the next support level at 1.6370.
The New Zealand Dollar rose versus the U.S dollar as investors looked away from Continue reading →
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube Wall Street finished the trading day with few gains in the belief that the Federal Reserve’s decision to wind down stimulus will cap gains. The S&P 500 rose by 0.18%, the NASDAQ by 0.15% and the Dow Jones by 0.03%. Facebook shares rose by 1.64%, Google by 0.52%, and Apple by 0.87%.
The US Dollar traded mixed amid speculation that the Federal Reserve may ease up on its monetary stimulus program in the next few weeks, easing concerns over a slowdown in the U.S economy, which pushed investors to the safe haven of the greenback. Today, the JOLTS Job Openings are expected at 3.96M vs. 3.91M.
Gold gained by 0.86% on Monday, to close at $1,238 an ounce, while Crude Oil failed to reach the support level at $97.40. Breaking below the support level of $97.10 could lead oil back to the $96.00 support level.
The euro rose against the majors on speculation that the European Central Bank will continue with the stimulus and current monetary policy. The German Trade Balance came out worse than expected at 16.80B vs. 17.40B. Technically, and according to 4-hour chart, the EUR/USD trend continues to be strongly bullish and the pair is expected to retest the critical resistance level of 1.3820 again. The RSI is holding above the 50 level and the price is holding above the Moving Average 20 level. European Central Bank President Draghi is expected to speak during the day.
The Pound rose against the US dollar after the BOE Government Carney said Britain’s recovery will need to be sustained for a while before it is strong enough to withstand higher interest rate, which is a green light Continue reading →
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube U.S Major Indices finished the trading week in the green due to the better than expected Non-Farm Employment Change helping to retain last week’s positive momentum in the U.S economy. In addition, expectations that the Federal Reserve could begin tapering its stimulus program sooner than expected is taking U.S indices higher. The S&P 500 gained by 1.12%, the NASDAQ strengthened by 0.73% and the Dow Jones added 1.26% to its value.
The Dollar traded mixed after Non-Farm Employment Change came out better than expected, as it showed 203,000 jobs added to the American jobs market, easing concerns over a slowdown in the U.S economy and pushing investors to the safety heaven of the greenback. In addition, the Unemployment Rate came out better than expected at 7.00% vs. 7.20% forecast.
Gold traded almost unchanged, closing at $1,228 an ounce as the Dollar gained following a better than expected U.S. jobs report. Crude Oil gained by 0.30% closing at $97.77 a barrel.
The Euro rose against the US dollar, affected by important U.S. macro-economic data. German Factory Orders came out worse than expected at -2.20% vs. -0.40%. Technically, according to the 4-hour chart, the EUR/USD is moving in an “Ascending Channel”. Currently, the pair is at the top of this channel and a retracement towards 1.3670 is expected. No European macro-economic data is expected today.
The Pound finished unchanged against the U.S dollar, affected by important U.S. macro-economic data.. Key support is located at 1.6315 and the GBP/USD is expected to retest this level once again. Breaking below this level could lead the pair back towards 1.6250 areas. Holding below the Moving Average 50 level supports the negative momentum as Continue reading →
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube The euro continued its rally against the US Dollar for the fourth straight week, its longest winning streak against the greenback since June, after the European Central Bank refrained from implementing additional stimulus measures. Further contributing to the rise of the euro, which strengthened against most of its 16 major counterparts, was the central bank’s decision to keep interest rate targets unchanged.
The euro was last trading against the US Dollar at the level of 1.3702, which is an increase of 0.26%.
The Canadian Dollar fell for the third week after central bank governor Stephen Poloz indicated that interest rates might stay lower for longer than investors had expected. The Canadian Dollar hit a 3-year low on Friday even after it was announced that the jobless rate in Canada is at a 5-year low. On December 1, the Bank of Canada announced that interest rates would remain unchanged, at 1%, and that the risks of below-target inflation are high.
The Canadian Dollar was last trading against the US Dollar at the level of 1.6535, which is a decrease of 0.15%.
The Japanese Yen fell against all of its 16 major counterparts as investors looked for riskier assets and as speculation mounted that inflation will fall short of the 2% target set by the Bank of Japan. The Japanese currency fell after an advisory panel recommended that the Government Pension Investment Fund reduce its domestic debt holdings.
The Japanese Yen was last trading against the US Dollar at the level of 102.900, which is an increase of 1.10%.
In commodities news, WTI Crude Oil recorded its biggest weekly advance after the Continue reading →
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube US indices traded mixed on Wednesday with the Beige Book indicating that the US economy is improving, while investors hoped for more disappointing news to dissipate talks of reducing the central bank’s bond-purchasing program. The NASDAQ rose by 0.02%, the S&P 500 fell by 0.13%, and the Dow Jones by 0.16%.
The US dollar rose versus its major counterparts with the release of encouraging U.S. economic data. Microsoft shares rose by 1.64% on Wednesday closing at $38.94, as Microsoft’s deal with Nokia was approved by the European Commission. Today, Prelim GDP is expected at 3.1% vs. 2.8%, and Unemployment Claims at 322K vs. 316K previously.
Gold increased by 1.47% yesterday closing at $1,242 an ounce after ADP Nonfarm Employment Change beat all analysts’ expectations. Crude Oil rose by 0.07% closing at $97.17 a barrel after Crude Oil inventories came out lower than expected at -5.6M vs. -0.5M forecast.
The Euro traded mixed versus the US dollar with a tendency to fall as investors prefer the safe haven of the U.S dollar, prior to the announcement of the European Central Bank’s decision over Interest Rates. Technically, and according to the 4-hour chart, strong resistance is located at 1.3620, which is also the 61.80% “Fibonacci Retracement” level. Holding below this resistance may lead the pair towards 1.3550 once again. The European Interest Rate decision is expected to remain at 0.25.
The Pound fell versus the US dollar due to a disappointing Services PMI result, and the expectation that the Official Bank Rate will remain the same. Technically, the pair is forming a “Descending Triangle” pattern and is expected to break out from this very soon. As Continue reading →
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube Wall Street finished yesterday’s trading session negative as investors worry over the possibility of unexpected results from the upcoming Non-Farm Payrolls report due out Friday. The Dow Jones fell by 0.59%, the NASDAQ dropped slightly by 0.05%, and the S&P 500 added 0.32% to its value.
Apple Inc. shares rose yesterday by 2.74% to close at $566.32 after the company bought data-analytics from Topsy Labs Inc.
The US Dollar fell against its major counterparts following the release of the Consumer Optimism Index report. The report saw a pessimistic forecast for the US Dollar, with a fall to 43.1 vs. the 43.2 forecast, leaving investors confused over the next market move.
Gold rose yesterday by 0.14%, closing at $1,224 an ounce. Technically, according to the 1-hour chart, the precious metal is trading near the resistance of $1,225 with a strong support level at $1,217. Crude Oil rose sharply by 3.25% to close at $97.11 a barrel after the TransCanada Corporation announced they will begin work on a keystone pipeline to deliver oil up to the Gulf Coast.
The Euro rose versus the US dollar as the Spanish Unemployment report came out better than predicted at -2.5k vs. 49.3k forecast. Technically, and according to the 1-hour chart, the EUR/USD is creating a Double Top pattern with strong resistance at 1.3605 — a trend that points to negative momentum. The pair is expected to reach the support level of 1.3550. Should it succeed and break below this level, it could drop towards the second support at 1.3520. Today, the Italian and Spanish Services PMI reports are due for release and the Retail Sales report is also expected at 0.2% vs. -0.6% previously.<br Continue reading →
For more currency & commodity news & info, visit http://ufx.co/UFXM-youtube Wall Street finished yesterday`s trading session in the red as retailer’s reports after the Thanksgiving holiday showed an unexpected result compared to last month. The S&P500 fell by 0.27%, the Dow Jones by 0.48%, and the NASDAQ lost 0.19% from its value. ISM Manufacturing PMI has strengthened the US Dollar as it came out better than predicted at 57.3 vs. 55.2 the forecast.
Gold dropped sharply yesterday by 2.08%, closing at $1,221 an ounce as investors lost confidence in the precious metal after indicators showed a growth in the economy. Crude Oil rose by 1.35%, closing at $94.05 a barrel.
The Euro fell versus the US dollar as Spanish Manufacturing PMI came out worse than predicted at 48.6 vs. 51.3 forecast. Technically, and according to the 4-hour chart, the EUR/USD has crossed below the support level of 1.3570 which has now become the resistance level. The pair is expected to continue falling towards the support level of 1.3490, a move supported by the RSI indicator. If the EUR/USD should succeed in breaking below this level it will drop towards 1.3400 areas. However, should it retreat towards resistance at 1.3570, it may reach 1.3600 areas once again. Today, Spanish Unemployment Change is expected at 49.3K vs. 87.0K previously.
The Pound slightly fell against the US dollar yesterday. Technically, according to the 8-hour chart using the Bollinger Band’s 20 indicator, the GBP/USD is trading in a negative momentum. Since last month the pair is moving in a bullish trend with the next support level located at 1.6300, which it is is likely to reach soon. Also, the GBP/USD may drop sharply towards the support level of 1.6250. Today Construction PMI is predicted Continue reading →