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1.6792 -0.0002 (-0.01%)
21:43:25 (GMT)
Bid 1.6773
Ask 1.6810
Open 1.6792
High 1.6807
Low 1.6773
 

April 18, 2014| FX Empire Analyst - James Hyerczyk

Gold Finishes Week Sharply Lower

With several countries on a bank holiday, the Forex market saw limited trading action on Friday. U.S. futures exchanges were closed also. This is a good time to reflect on the week and look forward to next week’s key reports. June Comex Gold prices finished sharply lower this week. The sell-off took place in one day as the market plunged nearly 2%. Better-than-expected U.S. Consumer Inflation and dovish comments from Fed Chair Janet Yellen were the catalysts behind the move...
April 18, 2014| FX Empire Analyst - Barry Norman

Forex Traders On Easter Holiday Break

Global markets are shuttered today for the Good Friday holiday with most major markets also closed on Monday. US markets will be open on Monday but volume is expected to remain light.  The US dollar looks to be heading to break above the 80 price level as tensions in the Ukraine ease and strong US economic data continues to support the greenback. After four-way talks on the crisis in Ukraine produced an accord aimed at de-escalating the conflict, U.S. officials...
April 17, 2014| FX Empire Analyst - James Hyerczyk

GBP/USD Settles Off High

The GBP/USD surged early in the session on Thursday, taking out the previously top at 1.6819 before settling below its high at 1.6841. Despite the late session weakness, the Sterling still managed to close higher. The British Pound rallied against the U.S. Dollar early in the session after Fed Chair Janet Yellen said yesterday the Fed would be more accommodative until the economy strengthens. The Sterling also appreciated after the U.K. government report showed the unemployment rate dropped below 7%...
April 17, 2014| FX Empire Analyst - Barry Norman

The Greenback Tumbles While The Pound & The Yen Gain Momentum

The US dollar eased in the Asian session this morning giving up 15 points to trade at 79.76 after strong data from the US helped support the currency, while traders continue to rethink comments from Federal Reserve Director Janet Yellen, which indicated that an interest rate hike was well in the future. Yellen, speaking in New York, reaffirmed the Fed's commitment to keep interest rates low, even after ending its bond-buying program, as long as inflation remains below target and...
April 16, 2014| FX Empire Analyst - James Hyerczyk

Weak Euro Zone Inflation May Lead to ECB Quantitative Easing

The EUR/USD rose slightly after the release of the Euro Zone consumer inflation report. Consumer prices in March rose 0.5% from a year earlier. This was its lowest annual rate since November 2009, however, the report met expectations. Although the Forex pair is trading slightly better, there are still concerns the European Central Bank will take action to stimulate the economy. Recently, there has been talk of quantitative easing in the form of bond buying. The GBP/USD finished higher after...
April 15, 2014| FX Empire Analyst - James Hyerczyk

U.K. Inflation Data, Technical Factors Fuel GBP/USD Surge

A combination of technical and fundamental factors helped drive the GBP/USD sharply higher on Tuesday. Technically, the Forex pair completed the objective of the recent closing price reversal top when it successfully tested a short-term retracement zone at 1.6685 to 1.6653. The first objective of today’s rally is 1.6745 to 1.6757. Fundamentally, the Sterling rallied against the Greenback following the release of U.K. and U.S. inflation data. The U.K. Inflation Data was in-line with expectations although the headline year-on-year CPI...
April 14, 2014| FX Empire Analyst - James Hyerczyk

Bullish U.S. Retail Sales Report Pressures EUR/USD

The EUR/USD opened lower on Monday and finished that way. The market gapped lower after several European Central Bank officials over the weekend discussed further monetary easing. This is a sign the ECB is preparing for a weak Euro Zone CPI report which could lead to the implementation of additional stimulus. A consensus of analysts have concluded that the central bank is looking at several unconventional ways to fight low inflation. On Saturday, ECB President Mario Draghi said a further...
April 11, 2014| FX Empire Analyst - James Hyerczyk

Strong U.S. Producer Price Report Pressures Euro, British Pound

A rebound in the U.S. Dollar on Friday, helped pressure the Euro, British Pound and gold. Today’s rally, however, will not be enough to reverse the dollar’s 5-day sell-off. After topping late last week, the U.S. Dollar accelerated to the downside mid-week after the latest Fed minutes indicated a more accommodative tone by the central bank. The “dovish” minutes indicated the Fed was willing to wait for the unemployment rate to drop below the current 6.5 percent target. This would...
April 10, 2014| FX Empire Analyst - James Hyerczyk

“Dovish” Fed Minutes Continue to Influence Forex, Commodity Markets

Wednesday’s release of the latest Fed minutes had a huge effect on the price action in several Forex and commodity markets today. The Fed said in its minutes, “The Committee decided that it was appropriate to add language indicating that the Committee currently anticipates that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run.” The minutes...
April 10, 2014| FX Empire Analyst - Barry Norman

FOMC Minutes Surprise Traders Now Its The BoE’s Turn

The main market focus on Wednesday was the FOMC minutes. The greenback traded lower by 0.4 percent yesterday on the back of statement from Federal Reserve in its minutes that interest rates will not be increased in near future. Additionally, rise in risk appetite in market sentiments in the later part of trade which led to fall in demand for the low yielding currency exerted downside pressure on the DX. The currency touched an intraday low of 79.54 and is...
April 09, 2014| FX Empire Analyst - James Hyerczyk

Unexpected Decline in Gasoline Supply Underpins Crude Oil

May Crude Oil futures finished slightly better on Wednesday. The headline news driving the market higher was rising tension between Russia and Ukraine. A potential military conflict between the two nations won’t directly affect crude oil, however, the possibility of additional sanctions from the West does. Late Tuesday, the American Petroleum Institute reported a build of 7.1 million barrels. Earlier today, the Energy Information Agency reported U.S. crude oil inventories rose by 4 million barrels in the week ended April...
April 09, 2014| FX Empire Analyst - Barry Norman

Forex Traders Put In A Busy Day On Tuesday & Keep On Ticking This Morning

What happened to the US dollar this week the currency was trading as high as 80.61 just days ago is now under the 80 price at 79.88 taking a serious fall?  The greenback has been climbing steadily since Janet Yellen mentioned a possible interest rate increase in 2015 at the FOMC press conference. Since then traders have been evaluating data to see if the Fed would continue their tapering program or ease it back. As the severe winter turned into...
April 07, 2014| FX Empire Analyst - James Hyerczyk

EUR/USD Edges Higher on Tentative Trading

The EUR/USD edged higher on tentative trading. Technical factors may have contributed to the upside price action, but most of the reaction is to Friday’s weaker-than-expected U.S. Non-Farm Payrolls report. Gains could be limited, however, because of worries the European Central Bank will announce a round of quantitative easing to help stimulate the Euro Zone economy. Technically, the EUR/USD reached a six-week low last week while changing the trend to down on the daily chart. Buyers came in to support...
April 06, 2014| Cliff Wachtel

Traders’ Quick Introduction to Social Media

A one-minute guide to social media platforms for forex traders and industry professionals The following is part of a continuing series of trader education posts from fxempire.com. One Minute Guide to Social Media for Traders The idea was to quickly demonstrate the differences in how the social platforms are used. By definition it’s an oversimplification because many have multiple uses and applications. So we presented sample posts that represented the most typical post OR uniquely distinctive feature of the site...
April 04, 2014| FX Empire Analyst - James Hyerczyk

Short-Covering Fuels Gold Rally

Today, the U.S. released its March U.S. Non-Farm Payrolls report. The data showed the economy added 192K new jobs in March. Economists were looking for an increase of 199K. The unemployment rate was unchanged at 6.7%. Analysts estimated a decline to 6.6%. The U.S. jobs report and oversold conditions helped fuel a solid rally in June Comex Gold futures. The market established a support base inside a major retracement zone, bounded by $1289.45 and $1265.20, over the past few days...
April 04, 2014| FX Empire Analyst - Barry Norman

US Dollar Climbs On Data – The Euro Plunges On ECB Inaction

The US dollar continues to climb this morning adding 2 pips to trade at 80.64 ahead of the all-important non-farm payroll data release. On Wednesday Fed chair Janet Yellen said that inflation and employment levels needed to improve considerably, and the Federal Reserve would continue to provide monetary stimulus for some time. Currently, the Fed is purchasing $55 billion in assets under its QE scheme. There have been three tapers to QE so far, and Yellen plans to wind up...
April 03, 2014| FX Empire Analyst - James Hyerczyk

Weak U.K. Services Report, Carney Comments Sink GBP/USD

The GBP/USD fell for a third day after the release of a surprisingly weak U.K. services growth report. Sellers also hit the market after Bank of England Governor Mark Carney reiterated his concerns about the U.K. labor market in an interview with the Northern Echo newspaper. The U.K. Services Purchasing Managers’ Index declined to 57.6 from 58.2 in February. Traders were looking for the data to remain unchanged. The BoE’s Carney said there was “slack in the labor market”. Traders...
April 02, 2014| FX Empire Analyst - James Hyerczyk

Weak Data from China and Europe Weighs on Crude Oil

May Crude Oil futures continued to tumble on Wednesday. The selling pressure was fueled by poor manufacturing data from China and Europe. Speculation that Libya was set to re-open a key oil port within days helped pressure Brent crude. This lead to a tightening of the spread between Brent crude and U.S. West Texas Intermediate crude oil. The spread contracted to $5.38, its tightest level since October. On Tuesday, the American Petroleum Institute reported a drawdown in oil supply of...
April 02, 2014| FX Empire Analyst - Barry Norman

Economic Data Back In Control Of The Forex Markets

The Japanese yen continues to ease as traders move to risk on sentiments leaving the safe haven yen falling. This combined with weak manufacturing data and the sales tax increase has left the JPY with little support. The yen lost 0.3 percent to 143.33 per euro. Europe’s shared currency added 0.1 percent to $1.3802 after rising 0.4 percent over the previous three days. The yen dropped against the euro as gains in Japanese stocks damped demand for the local currency...
April 01, 2014| FX Empire Analyst - James Hyerczyk

Oversold Conditions Contributing to April Gold Rebound

April Comex Gold futures rebounded after an early session setback. Oversold conditions and value-seekers are most likely responsible for the rally. The market started in a weak position as overnight selling pressure pushed the market through a major 50% level at $1289.45. The daily chart indicated plenty of room to the downside with $1265.20 a potential target. Today’s closing price reversal bottom did not come as a surprise since gold was in the “window of time” for this chart pattern...
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