Updated Mar 18, 2014 11:51:13 PM
Written by Chris Tedder
There is a lot of talk about how the euro is defying gravity at the moment, it is constantly being labelled the Teflon currency, but the aussie is also looking somewhat overvalued at the moment. Admittedly, there is some fundamental backing for the recent success of the Australian dollar, especially after last week’s strong employment report, but most of the aussie’s gains are due to weakness in the US dollar. In fact, the same could [...] Continue Reading ...
Updated Mar 18, 2014 8:14:37 PM
Written by Chris Tedder
The kiwi was propelled higher last week by a more hawkish than expected meeting at the Reserve Bank of New Zealand (RBNZ). The bank raised the official cash rate to 2.75% from 2.5%, citing considerable momentum in the economy and more broad-based GDP growth, while also increasing its interest rate expectations (see: The RBNZ was even more hawkish than the market was expecting). Being the most hawkish central bank in the G10 has been [...] Continue Reading ...
Updated Mar 18, 2014 6:45:00 PM
Written by Chris Tevere, CMT
On Wednesday, March 19th, the FOMC concludes their 2-day meeting and will release their March statement in conjunction with the summary of economic projections at 14:00ET/19:00GMT, followed by Janet Yellen’s press conference at 14:30ET/19:30GMT. We anticipate a further reduction of their monthly pace of asset purchases by another $10B ($5B in Treasuries and $5B in Mortgage Backed Securities) bringing April’s QE amount to $55B overall – $30B of Treasuries & $25B of MBS, and to keep [...] Continue Reading ...
Updated Mar 18, 2014 5:06:11 PM
Written by Neal Gilbert
Yellen Trumps Putin The North American trading session was rather bold today as risk markets rallied higher despite international troubles advancing closer to military conflict. Russian President Vladimir Putin made a speech to the Duma (Russian Parliament) supporting the 98% of Crimeans who voted in favor of breaking away from Ukraine and joining Russia, and even signed a treaty with the region to make them a part of the motherland. The rest of the G8 [...] Continue Reading ...
Updated Mar 18, 2014 12:00:00 PM
Written by Chris Tevere, CMT
Earlier this morning on Twitter we highlighted how GBPUSD could be making a strong move based upon the opening range breakout strategy: #GBPUSD put in a high just prior to the European open – Today’s opening range breakout produces a downside ATR target of 1.6565^CT #forex Just wanted to quickly update this as Cable did ended up achieving the Average True Range (ATR) intraday target of 1.6565 today. With this attained, it may [...] Continue Reading ...
Updated Mar 18, 2014 11:30:00 AM
Written by Matt Weller
After exploding higher in Q4, the GBP/AUD has been quietly forming a potential technical top over the last two months. Indeed, in the last few days, we’ve outlined a bearish view on the GBP/USD (see “GBP/USD: 3 Technical Signs Pointing to a Possible Break of 1.66 Support” for more) and a cautiously bullish view if the AUD/USD could break above the March high (see “AUD/USD in a Precarious Position Ahead of Employment Data” [...] Continue Reading ...
Updated Mar 18, 2014 11:12:19 AM
Written by Neal Gilbert
Global markets have been hanging in the balance this morning as developments in Ukraine and China continue to become clearer. The Crimean region of Ukraine voted overwhelmingly to secede and join Russia this weekend, and this morning Russian President Vladimir Putin gave a speech to the Duma supporting Crimea’s desire. So far, this whole charade has been contentious, but civil, as neither Russian nor Ukrainian troops have fired upon one another while Western powers have [...] Continue Reading ...
Updated Mar 18, 2014 9:05:00 AM
Written by Matt Weller
The Central Bank of the Republic of Turkey (CBRT) unexpectedly became the epicenter of the global FX market back in January of this year, when it boldly raised its overnight lending rate 425 basis points (4.25%) to 12.0% in an effort to defend its collapsing currency and head off rising inflation figures. This aggressive action, along with an interest rate hike by South Africa the next day, calmed the fears of global contagion in emerging [...] Continue Reading ...
Updated Mar 18, 2014 8:15:00 AM
Written by Fawad Razaqzada
Both precious metals are down for a second day as demand for safe haven assets continues to fall on relief the West’s sanctions on Russia have not included economic measures. This morning’s remarks by Russian President Vladimir Putin further soothed investor concerns, causing equities to rise and safe haven gold to extend its losses. Meanwhile yesterday’s sell-off was accompanied by outflows from gold-backed Exchange Traded Funds, suggesting speculators were at least partly responsible behind the [...] Continue Reading ...
Updated Mar 17, 2014 10:36:19 PM
Written by Chris Tedder
The Reserve Bank of Australia (RBA) released the minutes from its policy meeting earlier this month, where it reiterated the most prudent course was likely to be a period of stability in interest rates. The bank sees more signs that the economy is starting to respond to low interest rates, with a positive turn in some key economic indicators. Consumption, housing investment and exports all seem to be heading in the right direction. Domestic costs [...] Continue Reading ...
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