EUR/USD Holiday Indecision
The pair has been in a consolidation amidst holiday thinned trading, lacking impetus in the aftermath of recent intense central bank activity
Page 81 of 96
The pair has been in a consolidation amidst holiday thinned trading, lacking impetus in the aftermath of recent intense central bank activity
Read the daily market update as we head towards the European open, to get some of the latest developments, main market moves and upcoming events
Following a three-week profitable streak, the pair enters the final week of the year in the offensive, setting new month highs
Read the daily market update as we head towards the European open, to get some of the latest developments, main market moves and upcoming events
Initial jobless claims came in at 205K, slighter higher than the 200K expected, and were constant week over week. At the same time, core durable goods and core PCE were released, with both numbers beating consensus. Core durable goods m/m printed at 0.8% (0.6% - forecast) and core PCE m/m was 0.5% (0.4% - forecast). The dollar has been under pressure this week, but these provided some support. FXCM's USDOLLAR…
USDOLLAR Trading Range FXCM's USDOLLAR basket has been moving sideways since the end of November (blue rectangle). Moving averages are trend-following indicators and are inclined to give whipsaw signals when the price is ranging (aqua ellipses). We note that the quicker green moving average has just crossed above the intermediate orange moving average (blue arrow). This aligns the moving averages bullishly, and if they develop angle and separation will be…
The top chart below shows the H4 relative strength ratio between FXCM's USDOLLAR basket and gold (XAUUSD). The ratio started to fall last week Wednesday (blue dashed vertical). I.e., the greenback was declining against the precious metal. The catalyst here was the spread of the omicron variant, and gold's regard as a safe haven. We do note that the EMAs and stochastic are rolling over (red ellipses), which may suggest…
The Turkish lira strengthened by as much as 15% after President Erdogan announced a plan to guarantee local deposits against market volatility. Accordingly, the government will pay the difference between the value of savings in lira and equivalent dollar deposits. The market has been heavily short lira, and the jump in value is likely a short squeeze. Moreover, the weekly chart's overbought condition has now been normalised (blue rectangle). The…
Read the daily market update as we head towards the European open, to get some of the latest developments, main market moves and upcoming events
Central banks dominated this week, with the Fed speeding up its QE tapering, Bank of England surprising markets once again and ECB announcing reduction in asset purchases, while maintaining its dovish stance
The pair steadies after two profitable days and intense central bank activity, unfazed by today’s Eurozone CPI figures
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.