GBP/USD News
1.6737 -0.0002 (-0.01%)
0:10:32 (GMT)
Bid 1.6737
Ask 1.6738
Open 1.6739
High 1.6747
Low 1.6735
March 06, 2014| FX Empire Analyst - James Hyerczyk
Draghi’s Upbeat Comments Send EUR/USD Sharply Higher
The EUR/USD surged on Thursday after European Central Bank President Mario Draghi gave an upbeat assessment of the economy. Draghi said he expects inflation to rise gradually. His comments surprised traders who took aggressive short positions earlier in the week in anticipation of another round of stimulus by the central bank. The technical picture suggests there is enough upside momentum to drive this market through last week’s high at 1.3824. The bullish scenario could be dampened later in the session...
March 06, 2014| FX Empire Analyst - Barry Norman
Global Currency Markets Focused on Economic Data
The US dollar continued to gain this morning adding 7 points to trade at 80.18 after the Federal Reserve released their “Beige Book”. Severe winter weather across much of the U.S. has held back growth in the economy so far this year, the Federal Reserve said Wednesday. The so-called Beige Book summarizes economic activity from 12 regions across the U.S. that the agency monitors. Eight of the 12 regions showed improvement described as "modest to moderate" due to improvements in...
March 05, 2014| FX Empire Analyst - James Hyerczyk
EUR/USD Drifting Lower Ahead of ECB Meeting on Thursday
The EUR/USD finished lower on Wednesday in light trading. Many of the major players are on the sidelines ahead of tomorrow’s European Central Bank monetary policy meeting. Traders are a little nervous ahead of the meeting because of the possibility the central bank will announce additional stimulus. Early in the session, Spain reported lower than expected services PMI. Italy and the Euro Zone, however, beat estimates. Euro Zone Retail Sales were up 1.6% versus estimates of 0.9%. Finally, revised GDP...
March 04, 2014| FX Empire Analyst - James Hyerczyk
Russian Withdrawal Spurs Crude Oil Sell-off
Commodity and foreign currency markets reversed course overnight after reports surfaced that Russia was withdrawing its troops from the Ukraine border. This reported move drove up demand for higher risk assets, putting pressure on crude oil and gold while helping to support the Euro and British Pound. If the change of heart by Russia holds, then traders are likely to return their focus to this week’s key U.S. economic releases and the European Central Bank and Bank of England monetary...
March 04, 2014| FX Empire Analyst - Barry Norman
Central Banks Should Be The Focus This Week
Let’s take a minute to turn away from the headline news from the Russian border that is overshadowing the global markets and take a look at what’s up this week with central banks. This morning the RBA did as expected and held rates and policy. The Reserve Bank of Australia has kept the cash rate on hold at a record low of 2.5 per cent, as governor Glenn Stevens said the local currency "remains high by historical standards". "On present...
March 03, 2014| FX Empire Analyst - James Hyerczyk
Russian Military Action in Ukraine Fuels Gold Surge
April Gold futures surged to a four-month high as the military action by Russia against the Ukraine boosted demand for the precious metal as a safe haven asset. The rally through the last swing top at $1345.60 reaffirmed the main trend on the daily chart while creating a new swing bottom at $1319.30. A trade through this level will turn the main trend to up. The next possible upside target is $1361.10. Some traders feel the rally in gold is...
February 28, 2014| FX Empire Analyst - James Hyerczyk
Steady Euro Zone Inflation Data Fuels EUR/USD Upside Breakout
The EUR/USD soared on Friday after Euro Zone inflation was unchanged and U.S. economic growth was revised lower. Euro Zone inflation in February was reported at 0.8%, unchanged from the previous month. Because of this, speculative short-sellers pared positions which were placed in anticipation of additional stimulus by the European Central Bank. Over the past week, speculators drove the Forex pair lower on the hopes that a lower inflation figure would encourage the ECB to perhaps slash its benchmark interest...
February 28, 2014| FX Empire Analyst - Barry Norman
Yellens Testimony Sends Currency Markets Soaring and Falling Leaving Traders Guessing
The much awaited testimony by Janet Yellen the new chief of the Federal Reserve proved to be just as incisive and to the point as her predecessor Ben Bernanke. Ms. Yellen’s testimony had been delayed for two weeks due to the severe weather across the US keeping many lawmakers stuck in their home states and districts. In her last appearance, Yellen emphasized that the Fed would continue to taper its now-$65 billion-a-month bond-buying program unless there was a notable change in the...
February 27, 2014| FX Empire Analyst - James Hyerczyk
EUR/USD Could Fall on Increased Ukraine Tension
The EUR/USD traded lower early in the session as escalating tensions in Ukraine and possible military action by the Russian army encouraged investors to leave the Euro for the safety of the Japanese Yen. The Euro was able to rally against the dollar, however, despite the release of a stronger durable goods report and a surge in weekly jobless claims. Volatility could increase on short-covering later in the session as traders prepare for tomorrow’s release of Euro Zone inflation data...
February 26, 2014| FX Empire Analyst - James Hyerczyk
Gold Reverses Down on Bullish U.S. Housing Data
U.S. New Home Sales surged to a 5 ½ year high in January, sending the U.S. Dollar sharply higher. According to the U.S. Commerce Department, sales jumped 9.6 percent to a seasonally adjusted annual rate of 468,000 units, the highest level since July 2008. Analysts were looking for a decline from 414K to 406K. The 414K figure from December was also revised upward to 427K. The sharp rise in the Greenback triggered a reversal in April Gold prices. The potentially...
February 26, 2014| FX Empire Analyst - Barry Norman
Key US Data The Prime Focus For The Pound, The Euro & The Dollar
Currency dealers have been looking ahead to the release of key economic data later in the week, including reports on new home sales and durable goods orders. Additionally, Federal Reserve Chair Janet Yellen is scheduled to testify before the Senate Banking Committee on Thursday. In economic news, the Conference Board's U.S. consumer confidence index fell to 78.1 in February from a downwardly revised 79.4 in January. Economists had expected the index to edge down to 80.1 from the 80.7 originally...
February 25, 2014| FX Empire Analyst - James Hyerczyk
Crude Oil Breaks on Renewed Demand Concerns
April crude oil futures fell sharply on Tuesday. Speculators drove the market lower before a government report on Wednesday which is forecast to show U.S. stockpiles expanded. Worries about a drop in Chinese demand also pressured prices. Technically, the market had reached overbought levels which in layman’s terms usually means it ran out of buyers. This usually leads to a profit-taking break which drives the market into a value zone that is more attractive to buyers. Fundamentally, investors are looking...
February 24, 2014| FX Empire Analyst - James Hyerczyk
Gold Prices in Position to Post Another Surge
Despite the surge in U.S. equity markets and a relatively flat U.S. Dollar, April Gold futures finished sharply higher on Monday. Uncertainty over a possible economic slowdown in China and the U.S. are said to be the catalysts behind the rally. Traders are questioning the pace of the recovery due to recent setbacks in manufacturing and housing. According to the latest data from the Commodity Futures Trading Commission, hedge fund and money managers also raised their net long positions in...
February 21, 2014| FX Empire Analyst - James Hyerczyk
GBP/USD Rebounds after Weak U.K. Retail Sales Data
The GBP/USD rose on Friday despite the decline in U.K. retail sales, the market was underpinned by weaker than expected U.S. existing home sales. According to The Office of National Statistics, retail sales rose 4.3% from a year earlier. U.S. existing-home sales fell 5.1% in January to an annual rate of 4.62 million. Economists were looking for a decline in the annual rate to 4.65 million. The decline was blamed on the poor weather. Despite today’s rally, the British Pound...
February 20, 2014| FX Empire Analyst - James Hyerczyk
EUR/USD Declines on Weaker Manufacturing and Services Data
The EUR/USD traded lower on Thursday. Weaker-than-forecast manufacturing and services data helped put pressure on the Euro as investors increased bets the so-so Euro Zone economy would eventually need additional help from the European Central Bank. Euro Zone Flash Manufacturing PMI data showed an unexpected drop to 53 from 54 in January while the services gauge rose less than estimated to 51.7 from 51.6, according to Markit Economics. A composite gauge also fell 52.7 from 52.9. Overnight, China reported slower...
February 19, 2014| FX Empire Analyst - James Hyerczyk
Geopolitical News Supporting Crude Oil Surge
April crude oil futures finished higher on Wednesday. Today’s strength surprised some traders because many felt that yesterday’s strong surge was overdone. Crude oil rallied sharply higher on Tuesday because of high demand in futures contract expiration and increased cold weather demand for gasoline and heating oil. The news that Libyan output decreased again drove up demand for Brent crude which underpinned all crude oil contracts. Reports that South Sudan rebels seized control of the capital in a key oil-producing...
February 19, 2014| FX Empire Analyst - Barry Norman
Currencies Movement Pacing Domestic Data -No Global Theme
The Japanese currency had its largest fall in more than a week yesterday after the Bank of Japan boosted lending programs and Governor Haruhiko Kuroda said he will continue to buy bonds flexibly and won’t hesitate to adjust policy if risks emerge. The currency has still appreciated 3 percent this year as a rout in emerging markets spurs demand for a haven. The JPY is trading at 102.24 as the greenback eased by 12 points while the euro eased by...
February 18, 2014| FX Empire Analyst - James Hyerczyk
Weak U.K. Inflation Data Sinks GBP/USD
The GBP/USD fell sharply on Tuesday after a report showed U.K. inflation declined to below the Bank of England’s target in January for the first time in more than four years. Consumer prices climbed 1.9 percent last month according to the Office for National Statistics. Economists had forecast the rate as unchanged at 2 percent. U.K. interest rates fell on the inflation news, making the British Pound a less desirable currency. The inflation news may also be signaling that the...
February 18, 2014| FX Empire Analyst - Barry Norman
The RBA & The BoJ Keep Traders On Their Toes
Tuesday morning is starting off with a bang as RBA minutes hit the headlines and the Bank of Japan ended their two day policy meeting. The Aussie is trading in the green after the RBA release adding 6 points to trade at 0.9039 recovering from the weakness after the unemployment numbers shot up last week. The central bank seemed to show so worry over the labor market but not serious concern. The Australian dollar pulled back against the greenback following...
February 17, 2014| FX Empire Analyst - James Hyerczyk
April Gold Rallies Despite Thin Holiday Trade
April Gold prices continued to rise on Monday in limited price action because of the U.S. Presidents’ Day holiday. Demand for physical gold remains strong. Another reason suggested by investors for the rally is hedge protection against a possible top and subsequent meaningful break in the global equity markets. Whatever the reason for the rally, momentum is on the side of the bullish traders. Now that the market has reached the retracement zone formed by the August top at $1430.20...
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