The US$ is mildly firmer again on Friday although the momentum indicators are now rather mixed, requiring a fairly neutral stance. The Aud$ and the Kiwi still look heavy in the medium term, so I prefer the short side, while the charts for the Dollar Index (DXY) look firm, so buying US$ dips is preferred. As with yesterday,… Read More »
Currency markets have been mostly steady on Thursday, with the US generally underpinned, although Sterling had a wild ride following the BOE meeting. Cable initially headed sharply lower after the BoE left rates on hold but downgraded economic forecasts due to uncertainty about Brexit. It then bounced back, equally sharply, after Mark Carney indicated that markets should not… Read More »
The US$ is generally firmer on Thursday (DXY: 96.40), pushing the metals a little lower, while stocks are unchanged, largely ignoring the SOTU speech from Donald Trump. All the real action was in the Aud$ on Wednesday, which has fallen sharply following the speech from RBA Governor Philip Lowe, who dropped the rhetoric that the next interest rate… Read More »
The US$ is mildly firmer again today and the short term momentum indicators suggest that this could continue to be the case so buying dips against any of the majors seems to be the plan, with the Aud$ still looking particularly vulnerable following yesterday’s RBA inspired move. If so, expect the Kiwi to go along with it, with… Read More »
It has generally been a fairly quiet session, with the US$(+0.25%) and the US stock indices (+0.4%/0.6%) trading mildly higher as traders look forward to the Presidents State of the Union Address, which Donald Trump will give during the Asian session. There have been a couple of notable exceptions to the steady markets, with Cable trading sharply lower,… Read More »
Tuesday was again mostly quiet and the FX charts show little direction, although a “risk-on” theme seems to dominate and the stock markets, in particular, seem set for further gains, possibly during Donald Trump’s SOTU speech during the Asian session. As we said before though, some stiff resistance lies ahead, with the S+P the 200 DMA at 2744,… Read More »
Monday was a mostly quiet session and the charts show little direction although a “risk-on” theme seems to dominate the general thinking. That can change quickly but in the mean time, the stock indices still look reasonably positive, while the Jpy, used as a funding currency, still looks soft against both the US$ and on the crosses. Elsewhere… Read More »
Monday has been fairly quiet although the US$ is mildly firmer after having ignored a miss in the US factory orders, which fell by 0.6% on the back of lower demand for machinery, missing expectations for a rise of 0.3%. It seemed that traders preferred look to Friday’s solid jobs data for guidance. In other markets, stocks have… Read More »
The currency markets look rather mixed at the start of the week following the mixed results seen following on from Friday’s US employment data. US$Jpy seems to be the standout and looks to be bid on both the short term momentum indicators and the daily indicators so buying dips may be a plan. The same applies to EurJpy… Read More »
Friday was a choppy session for the currency and stock markets but most pairs ultimately ended not too far from where they had started the day despite the very strong NFP figure of +304K, well above expectation of 165k. However, the prior month’s figure was revised sharply down from 312k to 222k while the headline unemployment rate rose… Read More »