Updated May 21, 2013 4:00:00 AM
Written by Kathleen Brooks
UK inflation data for April is the economic highlight during the European session today. GBP traders shoudl watch this data as it could have important implications for the pound. Expectations: • UK inflation data is released at 0930 BST/ 0430 ET today. • CPI is expected to fall to 2.6% from 2.8% YoY for April • This would be the first decline in CPI since September 2012 • Some of the downward [...] Continue Reading ...
Updated May 21, 2013 12:37:11 AM
Written by Chris Tedder
The RBA released its minutes from this month’s monetary policy meeting, at which the bank elected to cut the official cash rate to a record low of 2.75%, citing subdued consumer prices and growth. The minutes are broadly in line with market expectations of a slightly dovish policy stance, thus the Australian dollar didn’t immediately react heavily to their release. Another cut in June is unlikely The RBA is broadly mildly bullish on economic [...] Continue Reading ...
Updated May 20, 2013 6:20:00 PM
Written by Chris Tevere, CMT
We have been bearish on both Gold and Silver for several months, therefore we decided to make it a major theme in our Q2 2013 outlook, believing they were poised to test (and even break below), their previous lows around $1520/35 & $26.00/25 respectively. As highlighted in our previous update, “the speed and pace of today’s break below the highlighted $1520 & $26 levels suggest this is likely more than just a mere shake [...] Continue Reading ...
Updated May 20, 2013 6:05:00 PM
Written by Chris Tevere, CMT
We have been bearish on both Gold and Silver for several months, therefore we decided to make it a major theme in our Q2 2013 outlook, believing they were poised to test (and even break below), their previous lows around $1520/35 & $26.00/25 respectively. As highlighted in our previous update, “the speed and pace of today’s break below the highlighted $1520 & $26 levels suggest this is likely more than just a mere shake [...] Continue Reading ...
Updated May 20, 2013 3:40:00 PM
Written by Eric Viloria, CMT
With markets focused on the outlook for monetary policy in the US, rhetoric from Fed officials has been closely scrutinized for any indications of the Fed’s next move. This morning, Dallas Fed President Fisher (non-voter and hawk) said that the odds favor the Fed maintaining or reducing asset purchases. He indicated that he would prefer a dialing back of purchases and said that he does not see “broad-based deflation” in the US. Though low inflation [...] Continue Reading ...
Updated May 20, 2013 9:35:00 AM
Written by Eric Viloria, CMT
AUD/USD has experienced a sharp decline since breaking below its long-term horizontal channel and daily oscillators are indicating that the selloff may be reaching exhaustion as the RSI and stochastics indicators are in oversold territory. While oscillators oversold readings may persist for some time during a downward trend, a look at shorter term charts suggest a rebound. Hourly candlestick charts show the pair trading in a well-defined bearish channel since the beginning of May and [...] Continue Reading ...
Updated May 20, 2013 8:30:00 AM
Written by Kathleen Brooks
It’s been pretty slow-going today as economic data has been thin on the ground. Ranges in FX are fairly tight and stock markets are flat to fairly neutral. Currently US futures are pointing to a slightly lower open. But there are some important fundamental events this week that could impact the medium-term direction of markets. Japan voice concerns over yen decline Firstly, Japan’s Economy Minister said today that the yen’s decline could have gone [...] Continue Reading ...
Updated May 20, 2013 7:00:00 AM
Written by Kathleen Brooks
The silver price has been hammered today, spot silver has fallen more than 3% bringing it to a 2.5 year low. But what does this mean for the price of the grey metal? • The sharp fall in the silver price may have been due to reports of large liquidations of silver contracts in Japan. This could explain the sharp decline in price at the Tokyo open. • If the price decline was [...] Continue Reading ...
Updated May 20, 2013 5:00:00 AM
Written by Kathleen Brooks
The dollar ended last week with a bang. The dollar index (a broad-based measure of dollar strength) rose nearly 2%, and the USD is the best performing currency in the G10 for the past month. So where are the opportunities for short term traders? Fundamental: Economic data is thin on the ground today. There is nothing of note out in the European session and the US session dishes up the Chicago Fed National Activity [...] Continue Reading ...
Updated May 20, 2013 12:12:11 AM
Written by Chris Tedder
AUDUSD’s break of the trading range which kept it hostage since August 2012 was quick but not painless. A market wide flood to the USD sent long aussie investors scrambling for cover, with AUDUSD smashing support levels with ease. The pair took out support at the bottom of its prior trading range, before annihilating parity. In fact, since the sell-off began AUDUSD has not been able to close in the green over a one-day period, [...] Continue Reading ...
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