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1.5295 -0.0023 (-0.15%)
21:54:54 (GMT)
Bid 1.5289
Ask 1.5300
Open 1.5319
High 1.5343
Low 1.5236

May 29, 2015| FX Empire Analyst - James Hyerczyk

Crude Oil Rallies on Late Reaction to Bullish Inventory Report

July crude oil price were higher on Friday as traders reacted to yesterday’s potentially bullish weekly inventories report. According to the U.S. Energy Information Administration, inventories fell for a fourth straight week. Gains may have been muted a bit today by the higher U.S. Dollar. The EIA report showed crude oil inventories fell by 2.8 million barrels the week-ended Traders had priced in a drawdown of 1.5 million barrels. Although inventories were down more than expected, investors are still worried...
May 28, 2015| FX Empire Analyst - James Hyerczyk

Crude Futures Rebound after Another Inventory Drawdown

Crude oil futures rebounded after early session weakness. The catalyst behind the move was the better-than-expected U.S. Energy Information Administration’s weekly inventories report. The report showed that U.S. crude stocks fell for a fourth week even as refineries increased output at the highest rate for the year. Imports were also down as well as gasoline stocks which fell from their unusually high seasonal levels. The report showed that U.S. crude oil production rose to 9.56 million barrels per day, its...
May 28, 2015| The Daily Economic Roundup

UK Low Inflation Fighters Hold Up the Pound

As Greece’s Finance Minister talks tough on the IMF and European Central Bankers to the media, the markets are focusing on the progress of low inflation fighters in the United Kingdom, United States and Japan. The Pound Bounces Off GDP Number The GBP/USD fell 0.04% to 1.5353 immediately after the UK GDP number registered a small down tick rather than the expected uptick. First quarter 2015 GDP was 0.3% versus a forecast of 0.4%. The shared currency continued to fight...
May 27, 2015| FX Empire Analyst - James Hyerczyk

U.S. Dollar Firms as Investors Await News on Greece Rescue Package

There were no major economic reports in Europe or the U.S. today, but the primary concern for traders and investors was going to be on developments in Greece anyway. Improved sentiment in Europe may have provided a boost for equity markets, but sellers continued to lean on the Euro, British Pound, gold and crude oil. The strength in the U.S. Dollar was behind the weakness in the foreign currency and commodity markets as investors searched for any news that would...
May 27, 2015| The Daily Economic Roundup

Major Currencies Regain Ground From USD

Following an extended Memorial weekend rally on positive economic data, the US dollar is retreating this morning. The US Dollar Index (DXY) was down 0.35% at the morning’s low of 96.89. Early in the European trading session, currencies are fighting to regain ground against the greenback. At 940 GMT, the USD was down against the GBP, JPY, EUR, CHF, AUD and CAD. CAD Ahead of the Bank of Canada’s (BOC) interest rate decision today, the USD/CAD has fallen 0.11%, tumbling...
May 27, 2015| FX Empire Analyst - Barry Norman

US Dollar Continued To Rally On Better Than Expected Data

Global markets reacted on Tuesday to a broad range better than expected US economic data. Federal Reserve Chair Janet Yellen was clearer than ever on Friday that the central bank was poised to raise interest rates this year, as the U.S. economy was set to bounce back from an early-year slump and as headwinds at home and abroad waned. Asian markets are trading lower as string of positive data from the US has raised rate hike bets in the world’s...
May 26, 2015| FX Empire Analyst - James Hyerczyk

Euro Falls on Increased Speculation Greece Will Miss Payment

The EUR/USD was under pressure on Tuesday as fears grew about Greece’s ability to pay its debt obligations. Concerns were raised over the week-end after Greek Interior Minister Nikos Voutsis said Sunday that the government won’t have the money it owes the International Monetary Fund (IMF) next month unless Euro Zone Finance Ministers and international creditors agree to rescue funding. The next payments due June 5 and June 19 call for Greece to repay 1.6 billion Euros ($1.76 billion) to...
May 25, 2015| FX Empire Analyst - James Hyerczyk

Greece, Spain Worries Pressure Euro

The EUR/USD and GBP/USD posted losses on Monday in a lightly traded session. Losses were limited, however, because many of the major players took the day off because of bank holidays in Europe, the U.K. and the U.S. Helping to pressure the Euro and British Pound was follow-through selling pressure left over from Friday’s sharp breaks. On Friday, traders sold the EUR/USD and GBP/USD aggressively when the U.S. reported stronger-than-expected consumer inflation. U.S. core inflation in April, excluding food and...
May 22, 2015| FX Empire Analyst - James Hyerczyk

Friendly Consumer Inflation Data Triggers U.S. Dollar Rebound

A strong rebound rally by the U.S. Dollar helped drive down foreign currencies and commodities on Friday. The catalyst behind the move was stronger-than-expected U.S. consumer inflation data. Traders may have also taken advantage of thin trading conditions ahead of Monday’s U.S. Memorial Day holiday. An early close by the Treasury markets may have also had an impact on the price action today. Later today, Fed Chair Janet Yellen is scheduled to deliver a speech. According to the Labor Department...
May 21, 2015| FX Empire Analyst - James Hyerczyk

Commodity, Currency Markets Flat after Mixed U.S. Reports

Commodity and currency markets were mixed on Thursday following the release of a report which showed Existing Home Sales for April fell 3.3 percent, missing an expected 1 percent gain to 5.24 million units. Additionally, U.S. Weekly Jobless Claims came in at 274,000, better than an expected 271,000 increase. Last week, the report showed a reading of 264,000. The 4-week moving average is positive at its best level since April 2000. In other news, U.S. Manufacturing PMI came in at...
May 20, 2015| FX Empire Analyst - James Hyerczyk

Crude Inventories Fall More than Expected

July crude oil futures are trading slightly better following the release of a potentially bullish weekly inventory report. According to the Energy Information Administration, commercial inventories fell by 2.7 million barrels in the week ended May 15. Traders were looking for a drawdown of 1.3 million barrels. This week’s decline brought the total number of barrels to 482 million which is still an 80-year high. June Comex Gold futures are posting a small gain on position squaring ahead of the...
May 19, 2015| FX Empire Analyst - James Hyerczyk

ECB Plan to Front-load Bond Purchases Hits Euro Hard

The EUR/USD plunged on Tuesday after a European Central Bank official said the central bank will front-load some of its planned bond purchases. The news sent Euro Zone sovereign bond yields sharply lower while triggering the worst drop in the Euro in two months. The selling pressure accelerated when ECB board member Benoit Coeure said the central bank will increase its purchases of public and private debt in May and June. The move is designed to prevent distortions in the...
May 18, 2015| FX Empire Analyst - James Hyerczyk

Crude Oil Spikes on Mideast Fighting; Breaks on U.S. Production Fears

July Crude Oil futures recaptured the psychological $60.00 level early Monday, surging to a high of $61.71 before moving back towards unchanged for the session. The catalyst behind the rally was fighting in Iraq and Yemen. The military action created supply disruption fears. Gains were limited however by worries of increased U.S. production and position-squaring ahead of a key OPEC meeting. Crude oil advanced on the news that Islamic State took control of Ramadi, the capital of Iraq’s largest province...
May 15, 2015| FX Empire Analyst - James Hyerczyk

Profit-taking Boosts U.S. Dollar; Weakens Euro, Pound

Trading was mixed today as investors prepared for the week-end. The weaker U.S. Dollar was the catalyst behind strong rallies by gold, the Euro and the British Pound. Crude oil was under pressure most of the week due to supply concerns. A weak U.S. retail sales report was the catalyst behind most of the dollar’s weakness this week. It basically indicated that the U.S. economy is too sluggish to warrant an interest rate hike by the Fed at this time...
May 14, 2015| FX Empire Analyst - James Hyerczyk

Draghi Comments on Stimulus Boost EUR/USD

The EUR/USD traded higher on Thursday after European Central Bank President Mario Draghi said the ECB would continue its economic stimulus program until inflation picks up and companies and consumers gain confidence. Draghi also added that the $1.3 trillion quantitative easing program, “will stay in place as long as needed for its objectives to be fully achieved.” The GBP/USD continued its strong surge, buoyed by last week’s surprise election results and yesterday’s somewhat upbeat comments from Bank of England Governor...
May 14, 2015| FX Empire Analyst - Barry Norman

Weak US Dollar Gives Global Currencies A Boost

Wall Street closed on flat note, recovering from its early losses after disappointing retail sales data for the month of April. European markets pared early gains, after the market open solidly higher on back of better than expected GDP numbers from much of Eurozone. But market lost its early gains due to sell off seen in bond markets. Asian stocks were mixed today with key benchmark indices in Singapore, Hong Kong, Indonesia and South Korea rose by 0.07% to 0.78%...
May 13, 2015| FX Empire Analyst - James Hyerczyk

Weak U.S. Retail Sales Fuels Gold Surge

Disappointing U.S. Retail Sales drove down the U.S. Dollar on Wednesday, triggering a sharp rise in June Comex Gold futures. The retail sales data for April was flat, with the ex-autos figure up just 0.1 percent, below the estimate of 0.3 percent. Traders were looking for a better number because of warmer weather and spring sales. The selling pressure was strong enough to fuel a break by the U.S. Dollar through last week’s low at 93.96. This triggered a surge...
May 12, 2015| FX Empire Analyst - James Hyerczyk

Weaker U.S. Dollar Boosts Demand for Gold

June Comex Gold rallied on Tuesday. The catalyst behind the move was the weaker U.S. Dollar. The Greenback fell after a sharp sell-off in bonds and stocks in Europe. The unwinding of the long bonds/long U.S. Dollar position is what’s driving the dollar lower. This is helping to underpin gold, but the move hasn’t been dramatic enough to trigger an upside breakout yet. The GBP/USD also surged on Tuesday. U.K. industrial output figures were stronger than expected. This report was...
May 12, 2015| FX Empire Analyst - Barry Norman

Asian Currency Markets Active On Tuesday

Greece remains the main focus of the European markets today dominating the headlines like they did on Monday. The euro fell to trade at 1.1154. The fall was limited after news that Greece had approved the transfer of 750 million euros to the IMF to pay its interest payment avoiding default and gaining a bit more time to find a solution. The US dollar gains also weighed on the euro as the greenback climbed to 95.13. The Eurogroup finance ministers...
May 11, 2015| FX Empire Analyst - James Hyerczyk

Short-covering Following Election Fuels GBP/USD Rally

The GBP/USD soared to nearly its highest level since late February on Monday. The catalyst behind the rally was the surprising U.K. Parliamentary Election results. Fresh longs came in and short hedges covered after the results removed much of the political uncertainty. Traders also reacted to the news that interest rates would be kept at their historic low of 0.5%. Later this week, the Bank of England will offer its assessment of inflation with its quarterly inflation report and a...
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