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1.5360 -0.0063 (-0.41%)
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March 02, 2015| FX Empire Analyst - James Hyerczyk

China’s Interest Rate Hike Sends Gold to Two-Week High

April Comex Gold rose to a two week high backed by strong Chinese demand after an interest rate cut in China. The cut in interest rates is an attempt to shore up the struggling economy. Chinese buying has been strong since the end of the Chinese Lunar New Year early last week. Greater demand from India may underpin the market over the near-term after Finance Minister Arun Jaitley decided to retain the current tax. Investors had been on the sidelines...
February 27, 2015| FX Empire Analyst - James Hyerczyk

Gold Firms after Release of Disappointing U.S. GDP Data

A weaker U.S. Dollar helped give the Euro, British Pound and April Comex Gold a boost on Friday. The Greenback weakened after the release of a disappointing U.S. preliminary fourth-quarter Gross Domestic Product report. This report showed that GDP had posted slower growth than the initial report earlier in the quarter. Fourth-quarter GDP was revised to show growth of 2.2 percent. Traders were looking for a reading of 2.1 percent. Although today’s report beat the estimate, it fell short of...
February 27, 2015| FX Empire Analyst - Barry Norman

The US Dollar Rally Weighs On Asia

Wall Street closed narrowly mixed as lackluster economic data and oil concerns weighed on investor sentiment. European markets closed up hitting record highs, led by surge in Standard Chartered shares. Asian stocks were mixed today where key benchmark indices in Hong Kong, Indonesia and Japan rose by 0.06% to 0.07%. Key benchmark indices in South Korea, Singapore and China fell by 0.04% to 0.19%. Data out of Japan this morning showed that Industrial production was up 4.0 percent on month in...
February 26, 2015| FX Empire Analyst - James Hyerczyk

U.S. Dollar Higher after Mixed U.S. Reports

Foreign currency and commodity markets are trading mixed after the release of weaker-than-expected U.S. economic data. Today, the U.S. released its latest information on core consumer prices. The report showed that this report which excludes food and energy prices was up 0.2 percent. The CPI data for January, however, was down more than expected at 0.7 percent. This report is important because it is the information cited by Fed Chair Janet Yellen this week as one of the main reasons...
February 26, 2015| FX Empire Analyst - Barry Norman

Forex Traders Prepare For The End Of A Volatile Month

After two days of testimony and headlines the following quote best sums up Janet Yellen’s outlook. If the economy continues to strengthen and officials become more confident that low inflation will rise toward their 2 percent goal, the US Federal Reserve “will at some point begin considering an increase in the target range for the federal funds rate,” Fed chair Janet Yellen has said. “The employment situation in the US has been improving on many dimensions,” The Wall Street Journal...
February 25, 2015| FX Empire Analyst - James Hyerczyk

Currencies, Commodities Set to Move as Yellen Begins Second Day of Testimony

The focus today is likely to be on the U.S. Dollar and this should trigger reactions in the commodity and foreign currency markets as investors await the second day of testimony before Congress by Fed Chair Janet Yellen. Yesterday, Yellen shook up the markets by delivering a series of dovish comments, driving the U.S. Dollar lower while underpinning the Euro, British Pound and Gold. Trader reacted strongly when Yellen reiterated that the Fed was in no hurry to raise interest...
February 24, 2015| FX Empire Analyst - James Hyerczyk

Fed Chair Yellen’s Testimony Triggers Two-Side Reponse

Commodity and foreign currency markets had volatile and mixed reactions to the start of Fed Chair Janet Yellen’s two-day testimony before Congress. The moves were triggered by active movement by the U.S. Dollar. The testimony began with the U.S. Dollar ticking upward as Yellen hinted that the improving economy would lead to higher interest rates in 2015. Traders responded the most, however, when she added that there are still risks to the U.S. economy that could curtail the Fed’s plans...
February 24, 2015| FX Empire Analyst - Barry Norman

Forex Market Focus – Janet Yellen & US Senate

The US dollar is trading in the green keeping pace with gains on Monday as traders prepare for Janet Yellen’s testimony before the US Senate Banking Committee. The US dollar is trading at 84.70 up by 0.15% in the Asian session.  US markets ended slightly lower as a decline in oil prices weighed on the energy stocks. European markets ended on a flat note after rising earlier in the day, dragged by disappointing results of HSBC and decline in shares...
February 23, 2015| FX Empire Analyst - James Hyerczyk

Crude Oil Plunges on Production Concerns

April Crude Oil futures are down almost 3% on Monday. The catalyst behind the selling pressure is renewed concern about production. Refinery demand is down and the latest report shows that the pace of rig shutdowns is tapering. This is worrying traders because it means it will take longer than expected to start reducing inventory. The crude oil technical picture is also making speculative buyers nervous. Last week’s high at $54.92 showed that bearish traders successfully defended the early February...
February 20, 2015| FX Empire Analyst - James Hyerczyk

Nervous EUR/USD Traders Await Greece Debt Decision

The EUR/USD is trading lower on Friday.  The bearishness is being created by the tension over Greece’s bailout negotiations with Euro Zone finance ministers. Some of the earlier losses have been pared because of growing optimism of a Greece debt resolution. An announcement is expected some time today on a Greece loan extension. Yesterday’s initial proposal was rejected by Germany, but today, investors appear to feel like Greece and its Euro Zone finance minister counterparts are closer to ending the...
February 19, 2015| FX Empire Analyst - James Hyerczyk

Crude Oil Recovers Slightly After Release of EIA Report

April Crude Oil prices traded sharply lower in reaction to last night’s bearish inventory report from the American Petroleum Institute. The API data showed that U.S. crude stocks rose by 14.3 million barrels last week. Just a short while ago, the U.S. Energy Information Administration said that crude oil inventories rose by 7.7 million barrels. Early estimates were for a decrease of 1.8 million barrels. Crude oil prices recovered slightly, following the release of the EIA data. The short-covering move...
February 19, 2015| FX Empire Analyst - Barry Norman

The US Dollar Eases On Sentiment Shifts

The US dollar continued to ease in the Asian session as traders seem disappointed about their interpretation and expectations of the Federal Reserve Minutes released yesterday. The US dollar is currently exchanging at 94.05 just a week from its record highs around the 95.40 range. The FOMC minutes continued to indicate that the Fed was not in a hurry to raise interest rates, which is exactly what Janet Yellen has been saying all along.  The greenback was on the defensive...
February 18, 2015| FX Empire Analyst - James Hyerczyk

Forex, Commodity Markets Setting Up For Fed Minutes

Commodity and Forex markets are relatively calm ahead of today’s release of the January Fed minutes and Fed Chair Janet Yellen’s press conference at 2:00 p.m. ET. Both events are expected to trigger volatile reactions especially if they highlight the Fed’s plans to begin raising interest rates later this year. At this time, traders are pricing in a June date for the first hike. Ahead of the release of the Fed minutes, the GBP/USD is trading higher. Earlier today, the...
February 17, 2015| FX Empire Analyst - James Hyerczyk

Uncertainty About Greece, Ukraine Triggers Crude Oil Sell-off

Commodity and Forex markets faced volatility on Tuesday when European creditors issued Greece with an ultimatum, saying the country must accept a key condition in bailout talks by the end of the week or face having to meet its debt commitments on its own. This could eventually lead to Greece leaving the Euro. April Crude Oil prices fell on Tuesday in conjunction with weakness in other commodity markets. Investors were reacting to the uncertainty about Greece and its membership in...
February 16, 2015| FX Empire Analyst - James Hyerczyk

Gold Trades Higher as Fighting Continues in Ukraine

Today is a U.S. bank holiday so the major commodity markets were closed, but some traded during a shortened electronic platform session. April Comex Gold finished higher during the electronic session. Traders were reacting to the possibility the cease-fire agreement between Russia and Ukraine failed over the week-end. This will bring more uncertainty into the markets when regular session trading resumes on Tuesday. April Crude Oil futures finished higher during today’s shortened electronic trading session. This was probably follow-through buying...
February 13, 2015| FX Empire Analyst - James Hyerczyk | Comments (3)

Crude Oil Set to Finish Week with Strong Rally

March Crude Oil futures are posting a solid gain on Friday. Most of the move is technically related because of the potentially bullish chart pattern. The market’s ability to survive Wednesday’s sell-off after production reached a record high shows that traders have fully priced in the oversupply and are now focusing on potential demand concerns. Yesterday’s announcement of a peace deal between Russia and Ukraine helped underpin the market because it may lead to a lifting of the sanctions against...
February 12, 2015| FX Empire Analyst - James Hyerczyk

BOE’s Carney Predicts U.K. Inflation Could Turn Negative

The GBP/USD is trading weaker after Bank of England Governor Mark Carney said inflation in the U.K. could temporarily turn negative in the spring because of falling oil prices. He further added that prices were likely to rebound around the turn of the year so he can’t really say the economy will enter a deflationary state. Carney’s comments suggested that the central bank could cut interest rates further since inflation currently stands at 0.5%, well below the BoE’s 2.0% target...
February 11, 2015| FX Empire Analyst - James Hyerczyk

Record Supply Drives Crude Oil Futures Lower

Sellers are in control of March Crude Oil futures for a second day on Wednesday, following the release of a bearish weekly inventory report. According to the Energy Information Administration, U.S. crude oil stocks hit a record high the week-ended February 6. The EIA report showed that U.S. commercial crude oil stocks rose by 4.9 million barrels last week to 417.93 million barrels, their highest since records began in 1982. Traders and investors had expected a build of about 3.7...
February 10, 2015| FX Empire Analyst - James Hyerczyk

EUR/USD Steadies on Hope of Greece Debt Restructuring Agreement

The EUR/USD is trading lower while posting an inside move. This type of chart pattern typically indicates impending volatility. The Forex pair opened weak on concerns about the negotiations between Greece and the European Central Bank over the conditions of its debt financing. The market recovered after rumors surfaced that a debt extension had been reached. Speculators increased bets that the European Commission could be ready to agree to a compromise on Greece’s bailout program. The current offer on the...
February 10, 2015| FX Empire Analyst - Barry Norman

“Grexit” Becoming More Inevitable

The euro is trading in the green in the Asian session as speculators continue to worry about the “Grexit” scenario, which continues to become a more likely possibility. Over the weekend, former Federal Reserve President Alan Greenspan said that Greece would sooner or later exit the Eurozone.  He said it was "just a matter of time before everyone recognizes parting is the best strategy." Tsipras said he would not seek an extension to Greece's current bailout, which expires at the...
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