GBP/USD News
1.6387 -0.006 (-0.36%)
15:00:19 (GMT)
Bid 1.6387
Ask 1.6388
Open 1.6446
High 1.6459
Low 1.6368
December 11, 2013| FX Empire Analyst - Barry Norman
The Greenback Is Headed Towards A 6 Week Low
The US dollar is trading at 79.96 flat for this morning. There is very little in the way of news or economic events on the calendar today so traders are looking for reasons to trade. The greenback was mixed in Asia on Wednesday after a deal on US spending that aims to avoid a repeat of a paralyzing government shutdown. The US budget deal, while yet to be confirmed by Congress, is a major positive for the US dollar as...
December 11, 2013| FX Empire Analyst - Barry Norman
Global Currencies Responds To Economic Data
US data big and small continues to show a stronger than expected recovery. US JOLTS Job Openings rose to 3.93 million in October from 3.88 million in September. NFIB Small Business Index rose to 92.5-mark in November from 91.6 level in October. Each bit of data seems to be pushing the Federal Reserve into announcing an earlier than expected tapering plan. The US Dollar Index declined marginally around 0.2 percent in yesterday’s trading session. The currency declined on the back...
December 10, 2013| FX Empire Analyst - James Hyerczyk
Gold Soars on Speculation Fed Will Refrain from Tapering
February gold futures posted its biggest advance since mid-October on Tuesday after the dollar weakened. The market accelerated after the U.S. Dollar Index futures contract took out key support. The rally in gold took out the last swing top at $1258.20, turning the main trend to up. The upside momentum created by the move sets up a potential rally into a retracement zone at $1286.20 to $1304.16. Speculation that the Federal Reserve will stay the course and keep short-term U.S...
December 10, 2013| FX Empire Analyst - Barry Norman
A Week Of No Federal Reserve Speeches… Can Traders Survive The Blackout ?
Finally a week of silence. With the US Federal Reserve meeting now just 7 days away, the Fed go into blackout time. This means all speeches, public addresses, testimony and articles will cease. Not a single Fed member will be heard from over the next week. Will traders go through withdrawal? That is a big question as too much market action has been based on promises, ideas and views points of individual Fed members. Markets have jumped up and down...
December 09, 2013| FX Empire Analyst - James Hyerczyk
GDP/USD Trending Higher Ahead of Carney Speech
The U.S. Dollar trended lower on Monday. There were no major U.S. economic reports today but three Fed members were on tap to deliver speeches. St. Louis Fed President James Bullard who is on record saying the central bank could taper at this month’s meeting, and Dallas Fed President Richard Fisher and Richmond Fed President Jeffrey Lacker who are known hawks are all set to talk a little more than a week ahead of the December 18 Fed meeting. Their...
December 09, 2013| FX Empire Analyst - Barry Norman
Why Is A Strong Recovery In The US Bad For The Greenback ?
This morning the euro is trading flat along with the pound. The euro is exhausted after trading at 1.3705 climbing steadily after the release of the US nonfarm data on Friday. The US Dollar declined marginally around 0.4 percent in the last week on the back of mixed concerns over the QE tapering by the Federal Reserve. Further, favorable economic data from the country during the week exerted downside pressure on the currency. The dollar touched a weekly low of...
December 06, 2013| FX Empire Analyst - James Hyerczyk
U.S. Jobs Report Fails to Convince Traders of Early Fed Tapering
This morning’s U.S. Non-Farm Payrolls report showed that the economy added 203,000 new jobs in November. This number beat economist estimates, however, based on the reaction by the U.S. Dollar, it doesn’t look like the market believes the economy is strong enough for the Fed to begin tapering monetary stimulus in December. A jump in U.S. consumer sentiment also surprised investors. The Thomson Reuters/University of Michigan’s preliminary reading on the overall index on consumer sentiment jumped to 82.5 for December,...
December 06, 2013| FX Empire Analyst - Barry Norman
Investors Focus On NonFarm Payroll Report Due Today
All currency traders are focused on the US today as the nonfarm payroll report due this afternoon. The US dollar briefly touched a 5 week low but recovered this morning to trade at 80.36 adding 7 pips. The dollar fell against the euro on Thursday, a day before the US government reports job creation and unemployment data for November, data key to the pace of Federal Reserve stimulus. U.S. GDP climbed at a 3.6 percent annualized rate in the third...
December 05, 2013| FX Empire Analyst - James Hyerczyk
Postive Draghi Comments Help Boost EUR/USD
The EUR/USD rose this session after European Central Bank Mario Draghi gave no indication the central bank was poised to introduce a negative deposit rate to spur growth. The European Central Bank left its benchmark interest rate unchanged at a historically low 0.25 percent at its monetary meeting this morning. However, in his post-meeting press conference, ECB President said that while the central bank was “technically ready” to cut its deposit rate below zero, the Governing Council only discussed a...
December 04, 2013| FX Empire Analyst - James Hyerczyk
Gold Futures Rebound after Mixed U.S. Economic Data
February Gold futures rose sharply after an initial break. The short-covering rally began after the U.S. Dollar failed to respond in a big way to a better-than-expected ADP private sector jobs report. The data showed that the private sector of the economy added 215,000 new jobs versus pre-report estimates of 172,000. Last month, the same report showed a gain of 130,000 jobs. The friendly jobs report may have added to the uncertainty over the timing of the Fed’s plans to...
December 03, 2013| FX Empire Analyst - James Hyerczyk
Crude Oil Boosted by Improving Demand Outlook
Strong industrial activity in the U.S. and China helped to boost January crude oil prices for a second day, bringing the market close to breaking out over the last main top at $95.63 and changing the main trend to up. Yesterday’s PMI reports from the U.S. and China helped boost prices as it seemed to indicate an improving global economy, increasing the possibility of greater demand for fuel and energy in the near-term future. Crude oil is also getting a...
December 03, 2013| FX Empire Analyst - Barry Norman
Forex Traders Face A Hectic Week
Forex traders are beginning to get excited. This morning kicked off with the Reserve Bank of Australia decision to hold rates and policy as expected, but the fireworks came after the decision at the RBA statement where Governor Glenn Stevens said that the Aussie was overvalued and hurting the economy. Those words sent the Aussie tumbling. The Aussie in minutes declined by 39 points to trade at 0.9067. The kiwi took cues from the Aussie to decline by 22 points...
December 02, 2013| FX Empire Analyst - James Hyerczyk
EUR/USD Sinks on Bullish U.S. PMI Data
The EUR/USD sold off sharply after mixed PMI data suggested a weakening Euro Zone economy. In addition, investors increased bets the U.S. economy was recovering enough to warrant a change in Fed policy earlier than expected. Overall Euro Zone manufacturing expanded at its fastest pace since June 2011 as Markit’s Purchasing Managers’ Index rose to 51.6 in November from 51.3 in October. Strong data came from Germany and Italy, however, Spain and France reported weak PMI data. China also reported...
December 02, 2013| FX Empire Analyst - Barry Norman
December Kicks Off With Fast Paced Forex Action
Friday kicked off the holiday shopping season throughout the Western world, known as Black Friday as it is the day that retailer’s books move from losses to profits. Black Friday is thought to give retailers and economists a look at what to expect for sales in the holiday season. This has now been incorporated with Cyber Monday, which is a day dedicated to internet shopping. Last year, sales on Thanksgiving were $810 million last year, an increase of 55 percent...
November 29, 2013| FX Empire Analyst - James Hyerczyk
Euro Zone Inflation Report Underpins EUR/USD
The “extended” U.S. Thanksgiving holiday influenced the Forex and commodity markets on Friday, leading to low volume and limited ranges. Trading action will pick up substantially next week when the U.S. releases a slew of economic data, culminating with the most important November Non-Farm Payrolls report on Friday, December 6. Investors are excited about this report because finally, they may be able to put to bed the notion of an early tapering by the U.S. Federal Reserve. Currently, the decision...
November 28, 2013| FX Empire Analyst - James Hyerczyk
BoE’s Carney Makes Move to Protect U.K. Housing Market
The GBP/USD continued to surge on Thursday after taking out a pair of tops at 1.5256 and 1.6259 on the weekly chart, earlier in the week. The strong upside momentum has put the Forex pair in a position to challenge the high of the year at 1.6380. The catalyst for the move was the news that Bank of England Governor Mark Carney said the central bank would end incentives for mortgage lending to head off threats to financial stability from...
November 28, 2013| FX Empire Analyst - Barry Norman
Currency Markets Active In Asian Session
US markets are closed today for the Thanksgiving holiday leaving currency markets light after the Asian session closes not much activity is expected during European trading today. The US dollar ease by a few pips this morning responding to yesterday’s lackluster durable goods report and a drop in consumer confidence which was sparked by the government shutdown in October. The greenback is trading at 80.68. US jobless claims unexpectedly fell last week and the November Thomson Reuters/University of Michigan consumer...
November 27, 2013| FX Empire Analyst - James Hyerczyk
Crude Oil Falls to Multi-Month Low
January crude oil finished sharply lower as defiant bulls finally succumbed to the overwhelmingly bearish fundamental picture. For most of the month, buyers held out hope that the market would stabilize and begin to rally after establishing a support base between $93.17 and $95.63. This was based on a firming Brent market and the inability to reach an agreement with Iran over its nuclear program. It was a risky move because the supply picture was still bearish. Over the week-end,...
November 27, 2013| FX Empire Analyst - Barry Norman
What does Thanksgiving mean to the markets?
What does Thanksgiving mean to the markets? If you are not from the states, it is hard to understand the effect this holiday has on traders. This is one of the true homegrown non-religious holidays in American that is celebrated by just about everyone. Even hardcore tough professional traders use this holiday for a long weekend respite with family and friends. It is traditional the holidays that families get together, in the US a close knit family can live 1000’s...
November 26, 2013| FX Empire Analyst - James Hyerczyk
EUR/USD Gets Early Support from China Central Bank Comment
The EUR/USD rallied early in the session after China’s central bank governor said the single-currency was important to his nation’s reserve management. Also helping to drive the 17-nation currency higher was a comment from European Central Bank member Benoit Coeure who said the central bank expects inflation to pick up gradually. The statement from China’s central bank serves as a reminder that central banks have alternatives to the dollar. Back in October, China expressed concern about the U.S. economy because...
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