Results for 'USD'
157 articles with this tag name
Updated May 23, 2013 7:32:00 PM
NZDUSD tested a support zone yesterday around 0.8000 on the back of broad USD strength. Fed Chairmen Ben Bernanke sent the market into a frenzy after alluding to the possibility that the Fed may end QE3 sooner than expected if economic data provides the base for an early exit. The fact that confirmation from strong US economic data is needed to justify an early exit by the fed creates the opportunity for USD weakness if
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Updated May 23, 2013 3:30:00 PM
AUD/USD has experienced a sharp decline over the past month and the drop may have found support below the 0.9600 figure. For nearly 10 months, the pair was trading in a horizontal channel with support above the 1.01 figure and resistance above 1.06. The height of the channel projected from the break below channel support extended to about the 0.9600 figure and the 2012 lows which occurred in June of last year are just beneath
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Updated May 23, 2013 11:00:00 AM
The Japanese yen is the big mover today in the G10 space after reports showing that Japanese investors returned to being net sellers of foreign bonds after 3 weeks as net buyers of overseas debt. Ministry of Finance flow data showed that Japanese investors sold a net ¥804.4B in the week ended May 17 To add to that, the private sector reading of May manufacturing PMI in China surprisingly fell below the 50 threshold with
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Updated May 22, 2013 1:09:38 AM
The Bank of Japan elected not to adjust its current easing plans. Instead, the bank retained its commitment to its plan announced in April to increase the supply of money in the economy by 60-70 trillion a year. At the same time the bank upgraded its economic assessment of Japan. This was all expected and fairly mundane, the market was really looking for guidance on how the BoJ plans to address the threat of rising
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Updated May 21, 2013 3:00:00 PM
The Bank of Japan’s policy meeting will conclude tonight and we do not anticipate any significant changes to current policy as aggressive measures were taken early last month at Kuroda’s inaugural meeting. The BoJ is likely to hold for now as it assesses the impact of recent action as it filters through to markets and the economy. Therefore, the focus will be placed on the tone of the statement which has the potential to be
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Updated May 20, 2013 3:40:00 PM
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
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Updated May 20, 2013 9:35:00 AM
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
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Updated May 20, 2013 12:12:11 AM
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,
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Updated May 17, 2013 12:12:26 AM
Yesterday’s surprisingly good GDP and better than expected machine orders figures today beg the question, is Abenomics working? Japan’s economy grew at the fastest pace among all G7 countries in Q1. GDP increased 0.9% during the first quarter of this year, compared to an expected 0.7% rise and a revised 0.3% in the prior quarter. Also, machine orders increased 14.2% in March, beating an estimated gain of 3.5%. At face value it certainly looks like
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Updated May 16, 2013 1:55:00 PM
This morning the Central Bank of Turkey reduced interest rates by more than expected. The bank cut the rates by 50bps across the board while markets were anticipating a 25bps rate cut. The benchmark repo rate was reduced to 4.50% from the prior 5.00%, overnight lending rate cut to 6.50% from 7.00%, and overnight borrowing rate to 3.50% from 4.00%. This action by the central bank put pressure on the TRY which fell to its
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