Results for 'EUR'
115 articles with this tag name
Updated May 15, 2013 1:50:00 PM
EUR/USD continued to decline as this morning’s disappointing Eurozone GDP figures outweighed the weakness in US economic data releases (i.e. negative Empire manufacturing, soft PPI, larger than expected drop in IP). The data showed Q1 GDP contraction of -0.2% q/q which was lower than the consensus expectations of -0.1% and the sixth consecutive quarter of negative GDP growth. EUR/USD is now trading below the 200-day simple moving average (SMA) which we highlighted as a key
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Updated May 10, 2013 12:15:00 PM
On Monday, we highlighted the potential for more EUR/USD downside amid dovish rhetoric from ECB officials and noted the convergence of the 200-day simple moving average (SMA) and 23.6% Fibonacci retracement of the 2013 range as the key downside pivot. The pair has declined significantly today and is currently trading below this pivotal level. A daily close below the 200-day SMA would have bearish technical implications and bring the 2013 lows of around 1.2750 into
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Updated May 7, 2013 1:28:31 AM
The Australian dollar took a hit after the RBA cut the official cash rate to a record low of 2.75%, from 3.0%, but a further sell-off was avoided because of the RBA’s somewhat lacklustre statement. The bank stated that it cut rates in order to encourage sustainable growth in the economy, consistent with meeting its inflation target. Also, the RBA acknowledged that the effects of prior rate cuts are still finding their way into the
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Updated May 6, 2013 3:20:00 PM
The USD drifted higher and the Canadian dollar is outperforming in a relatively quiet trading session. The UK was on holiday and the only economic data releases out of North America came from Canada. March building permits jumped by more than expected to 8.6% (cons. 1.0%) and the Ivey PMI fell to 52.2 in April from 61.6 in the prior month. Markets focused more on the Canadian housing data as this has been an area
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Updated May 3, 2013 1:23:05 AM
The Aussie and Kiwi retraced some of Wednesday’s losses against the dollar, while EURUSD and USDJPY remained flat throughout the session. USDJPY rocketed higher overnight on the back of better than expected data out of the US and an attempt from the ECB to stimulate growth in Europe. The ECB elected to cut its main interest rate and indicated it’s keeping an open mind about imposing negative deposit rates. The former was largely expected, but
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Updated May 2, 2013 3:20:00 PM
With central bank meetings out of the way for now, markets will turn their attention to tomorrow’s BLS employment report and though expectations are for an improvement from March’s anemic job growth, a lack of significant progress is likely to mean that the Fed will keep asset purchases steady. The “increase or reduce” language in yesterday’s statement implies that markets are likely to be more sensitive to economic data surprises. As such, markets will be
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Updated May 1, 2013 3:40:00 PM
The USD dollar remained mostly weaker after the Federal Open Market Committee (FOMC) kept policy on hold. Economic data in the US continued to come in soft with today’s releases showing disappointing job growth and construction spending while manufacturing grew at the slowest pace this year. The AUD is underperforming in the G10 space following disappointing Chinese manufacturing PMI overnight and drop in the RBA’s commodity price index. US treasury yields are lower across the
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Updated Apr 30, 2013 3:40:00 PM
The USD is lower again today as the FOMC kicked off a 2-day policy meeting and amid mixed economic data. Scandies outperformed with the NOK firmer after an unexpected drop in Norway’s unemployment rate while the NZD is underperforming after the surprisingly sharp drop in New Zealand housing data. US treasury yields are broadly lower and equity markets have moved into positive territory at time of writing. Expectations are for the Fed to stay the
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Updated Apr 29, 2013 3:45:00 PM
The dollar is weaker against all of its major counterparts after a slew of mixed data. With the Fed meeting later this week, the PCE index was of significance as it is the Fed’s preferred measure of inflation. The core reading slowed significantly to 1.1% y/y in March from the prior 1.3% while the market consensus was for a slight drop for 1.2%. Treasury yields are mostly lower and US equities are higher which is
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Updated Apr 29, 2013 2:00:00 PM
Every Friday afternoon the US Commodities Futures Trading Commission, CFTC, releases its weekly Commitment of Traders report. In its simplest sense it measures if the FX futures market is long or short specific currencies versus the dollar. The report publishes different categories of trader to see if they are long or short, however we will concentrate on the non-commercial speculative end of the market (hedge funds etc.) as this tends to give a better take
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