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1.5588 -0.0036 (-0.23%)
22:38:51 (GMT)
Bid 1.5588
Ask 1.5588
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Low 1.5572
 

December 19, 2014| FX Empire Analyst - James Hyerczyk | Comments (2)

Hawkish Fed Statement Continues to Drive Euro, British Pound Lower

The EUR/USD and GBP/USD are set to finish the week on a weak note. The catalyst behind this week’s weakness was the hawkish U.S. Federal Reserve monetary policy statement. Late Wednesday, the U.S. Federal Reserve sent a strong signal to traders that it was on track to raise interest rates next year, dropping its pledge to keep them at historical lows for a “considerable time”. During the two-day meeting, the Fed discussed the strong U.S. economy and the troubled global...
December 16, 2014| FX Empire Analyst - James Hyerczyk

Crude Oil Futures Still Trying to Find Major Support Level

February Crude Oil futures continued to slide on Tuesday. The catalyst behind the selling was a statement from the United Arab Emirates who said OPEC won’t cut production even if prices fall as low as $40 a barrel. Most traders are keep their eyes out for any signs of a production cut from U.S. producers. Last week, Baker Hughes reported a drop in the number of producing wells. This may be a sign that U.S. producers are finally feeling some...
December 15, 2014| FX Empire Analyst - James Hyerczyk

Drop in Number of U.S. Oil Rigs Underpins Crude Oil

February Crude Oil prices are rebounding on Monday after reaching a new move low shortly after the opening. Technical factors may come into play if the market can hold on to its current gains. Fundamentally, the catalyst behind the rally may be the news that came out on Friday, December 12. According to the latest weekly rig count from Baker Hughes, last week, the number of oil rigs in use in the U.S. fell by 27 to 1920. This was...
December 12, 2014| FX Empire Analyst - James Hyerczyk

Crude Oil Fall Further After IEA Cuts Demand Estimate

January Crude Oil futures continued to decline on Friday with the market falling below $59.00 per barrel. Sellers continued to exert pressure after the International Energy Agency cut its 2015 forecast for global oil-demand growth by 230,000 barrels a day. The IEA cited “lower expectations for the former Soviet Union and other oil-exporting countries,” as reason for the downward adjustment in the forecast. The drop in prices is raising concerns with several OPEC members including Iran, Iraq and Venezuela. Saudi...
December 11, 2014| FX Empire Analyst - James Hyerczyk

Stronger Retail Sales Helps Boost U.S. Dollar

The Euro, British Pound, Gold and Crude Oil were all under pressure on Thursday due to the strength in the U.S. Dollar. The Greenback strengthened after retail sales rose the most in eight months. This should serve as additional evidence for the U.S. Federal Reserve to consider at next week’s monetary policy meeting on December 17 when it discusses the possibility of its first interest rate hike in several years. Additional selling pressure hit the EUR/USD, GBP/USD and February Comex...
December 11, 2014| FX Empire Analyst - Barry Norman | Comments (2)

Currencies Vacillate From Risk On To Risk Off

The US dollar dipped in the Asian session giving up a few points to trade at 88.23 after breaking above the 89 level last week as traders return to risk on trading. Earlier this week OPEC and Greek election news spooked traders, which combined with lackluster data from China and Japan, traders moved to the safety of gold and the Japanese yen. China's inflation hit a five-year low in November, stoking expectations that Beijing will move more aggressively to head...
December 10, 2014| FX Empire Analyst - James Hyerczyk | Comments (2)

Crude Oil Nears Major Psychological $60 Level

January Crude Oil futures broke into the psychological $60.00 level on Wednesday after the weekly U.S. Energy Information Administration report showed that inventories grew by 1.5 million barrels the week-ended December 5. Traders had priced in a decline of 2.6 million barrels. This was bearish news for a market already rocked by strong U.S. and OPEC production. Price support is expected to continue to erode since the U.S. is showing no signs of cutting output and OPEC said last week...
December 09, 2014| FX Empire Analyst - James Hyerczyk

Weaker Dollar Triggers Gold Surge

After straddling a major retracement zone at $1194.10 to $1208.80 for several days, February Comex Gold futures finally broke out of its short-term range. The weakness in the U.S. Dollar was one of the catalysts behind the move. Also supporting the rally was fresh speculative buying and more profit-taking and short-covering by the hedge and commodity funds. After trading sideways-to-higher since reaching a temporary high at $1221.00 on December 1, bullish gold traders were finally forced to buy strength after...
December 09, 2014| FX Empire Analyst - Barry Norman

The Greenback Eases A Bit As Traders Book Profits

The US dollar regained its footing after falling Monday in the North American session as traders sold off to book profits after the greenback touched 89.30. The euro fell to trade at 1.2304 against the stronger dollar. On Monday comments by the ECB weakened the euro.  The US dollar began to edge higher once again aided by a media report the Federal Reserve might take a rhetorical step toward tightening at its meeting next week. Analysts said the dollar got...
December 08, 2014| FX Empire Analyst - James Hyerczyk

Concerns about Weakening Euro Zone Growth Pressures EUR./USD

The EUR/USD continued to weaken on Monday after the Organization for Economic Cooperation and Development and a member of the European Central Bank’s Governing Council posted forecasts which implied that the Euro Zone is the weakest link in the world’s economy. The selling pressure began after ECB Governor Ewald Nowotny expressed concerns about weakening growth in the Euro Zone economy at a conference in Frankfort on Monday. He warned that Euro Zone inflation could continue to fall during the first...
December 08, 2014| FX Empire Analyst - Barry Norman

Chinese & Japanese Data Upset Currency Speculators

Friday’s nonfarm payrolls surged by 321,000, the most since January 2012, the US Labor Department said on Friday. The unemployment rate held steady at a six-year low of 5.8 percent. Data for September and October were revised to show 44,000 more jobs created than previously reported, adding more sparkle to the report. November's job gains blew past Wall Street's expectations for an increase of only 230,000. Market focus is now squarely on the FOMC meeting next week as predictions of...
December 05, 2014| FX Empire Analyst - James Hyerczyk

Stronger-than-Expected U.S. Jobs Report Sinks Euro, British Pound and Gold

The U.S. Dollar soared against the Euro and British Pound on Friday after the release of a bullish U.S. Non-Farm Payrolls report. The strength of the report most likely greenlights the Fed into hiking interest rates sooner than expected. The threat of rising U.S. interest rates comes at a time when the European Central Bank is talking about more stimulus and the Bank of England has put its interest rate hike on hold. This puts the interest rate differential in...
December 04, 2014| FX Empire Analyst - James Hyerczyk

EUR/USD Rallies After Draghi Puts Stimulus on Hold

The EUR/USD is rebounding after early session weakness after European Central Bank President Mario Draghi said policy makers will wait until the first quarter in 2015 before assessing whether additional stimulus measures are required. Shorts covered on the news triggering an intraday rally. Many major market players had shorted the market over the past two weeks because of Draghi’s comments about quantitative easing. Today’s price action represents an adjustment to those positions and may not necessarily lead to a change...
December 03, 2014| FX Empire Analyst - James Hyerczyk

Weak Euro Zone PMI Services Report Sinks EUR/USD

The EUR/USD plunged to a two-year low on Wednesday ahead of tomorrow’s key European Central Bank monetary policy committee meeting. The price action today suggests traders are bracing for bad news. At this meeting, some ECB officials may push hard for the start of quantitative easing. According to ECB President Mario Draghi, this asset-buying program will be necessary to prevent deflation from creeping into the economy. Other factors contributed to the weaker Euro including higher U.S. Treasury yields, a bullish...
December 02, 2014| FX Empire Analyst - James Hyerczyk

Stronger U.S. Dollar Pressures Currencies and Commodities

The U.S. Dollar Index rose to a five year high today, pressuring the Euro, British Pound, Gold and Crude Oil. The lack of any major economic reports means that investors will have to use the movement of the Greenback for guidance. The EUR/USD and GBP/USD are treading water today on light volume as investors tighten up positions ahead of this week’s European Central Bank and Bank of England monetary policy announcements on December 4. The ECB is expected to keep...
December 02, 2014| FX Empire Analyst - Barry Norman

The US Dollar Too Much Too Fast

Wall Street fell on back of weak retail sales post-Thanksgiving holiday and slowdown in China manufacturing. European stocks declined led by mining and energy stocks after China manufacturing data was below estimates. Initial polls by ShopperTrak showed a drop in retail sales and spending by 11%.  Data released from China showed that, growth in the nation’ manufacturing sector slowed to an eight month low in November. The official Purchasing Managers' Index eased to 50.3 last month from a final reading...
December 01, 2014| FX Empire Analyst - James Hyerczyk

Gold Rallies in Volatile Trade

February Comex Gold futures are trading sharply higher after a steep decline early in the session. The early session sell-off was triggered by trader reaction to the failure of the Swiss referendum to increase Swiss National Bank gold reserves from 7% to 20%. The “no” vote was anticipated by traders, however, the market still plunged nearly 2% on the news. Bargain hunters and bottom-pickers stepped in on the weakness and appear to have successfully defended the November 7 bottom at...
November 28, 2014| FX Empire Analyst - James Hyerczyk

Crude Oil Plunges as OPEC Fails to Cut Output

January Crude Oil futures plunged today after OPEC decided to refrain from a production cut. Some traders were surprised by the move because they had priced in a cut in output from 30 million barrels a day to 29.5 million barrels a day. This probably wouldn’t have been enough to stem the slide in prices however. The strategy behind the OPEC move is to allow prices to decline to a level that makes the U.S. shale oil producers unprofitable and...
November 28, 2014| FX Empire Analyst - Barry Norman

The Greenback Continues To Rally On Black Friday

Wall Street was closed yesterday on Thanksgiving holiday. European stocks ended on two month high, as Germany jobless rate reached a record low. Energy stocks fell the most as OPEC decided to keep it oil output target. Asian markets are trading on a mixed note this morning after the US markets have remained closed for thanksgiving on Thursday. The release of the statement from OPEC in which they have not announced any cut in production. OPEC has left production at...
November 27, 2014| FX Empire Analyst - James Hyerczyk

EUR/USD Drifts Lower Ahead of Draghi Speech

Today is a U.S. bank holiday so the price action is a little skewed in the Forex markets. The regular trading session for gold and crude oil is closed, however, there was early electronic trading. The EUR/USD is posting an inside day while trading lower ahead of today’s speech by European Central Bank President Mario Draghi. Traders will be looking for comments about the European Central Bank’s plan to implement quantitative easing. Yesterday, Euro investors were rattled after ECB Vice-President...
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