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1.5571 -0.0035 (-0.22%)
21:54:48 (GMT)
Bid 1.5562
Ask 1.5580
Open 1.5607
High 1.5644
Low 1.5558

July 03, 2015| FX Empire Analyst - James Hyerczyk

Currencies, Commodities Mixed Ahead of Greek Referendum

Currency and commodity markets were mixed on Friday due to the early close for the U.S. Independence Day holiday. Most of the major players were on the sidelines ahead of Greece’s July 5 referendum. Uncertainty and the lack of resolution are raising investor concerns. According to a Dow Jones report, a deal will be struck within 48 hours of the referendum. If “no” wins then Greek Prime Minister Alexis Tsipras will be in Brussels the next day to sign the...
July 02, 2015| FX Empire Analyst - James Hyerczyk

Liquidation Selling Continues to Drive Gold Prices Lower

August Comex Gold futures plunged early Thursday as investors continued to liquidate positions ahead of Sunday’s referendum vote in Greece. Gold was able to bounce back a little after the U.S. Dollar lost a little ground. Oversold conditions after an almost week-long sell-off helped boost August Crude Oil prices today. The market had been under pressure all week due to the progress made in the Iran nuclear talks and an increase in supply. If the deal with Iran goes through...
July 02, 2015| FX Empire Analyst - Barry Norman

Currency Markets Show No Rhyme Or Reason

The currency markets in the Asian session showed no real rhyme or reason as traders booked profits and prepared for the US nonfarm payroll report due later today. The US dollar eased a bit off its highest level in a month. The greenback soared over the 96.50 level after the release of ADP private jobs information showing that jobs created were higher than expected. This is a leading indicator for today’s official report which is being released a day early...
July 01, 2015| FX Empire Analyst - James Hyerczyk

Crude Oil Plunges on Bearish Inventory News

August Crude Oil futures plunged on Wednesday following the release of a bearish weekly inventories report. According to the U.S. Energy Information Administration, U.S. crude oil supplies unexpectedly rose last week by 2.4 million barrels. Traders were looking for a drawdown of 1.9 million barrels. This news broke the streak of eight consecutive weeks of declines. With the market pulling away from the retracement zone at $60.50 to $61.35, it now looks like there is enough downside momentum to fuel...
June 30, 2015| FX Empire Analyst - James Hyerczyk

Greece Worries, Iran Production Pressure Crude Prices

August crude oil futures are trading better after an early session setback. Sellers drove the market into a three-week low before turning around at the mid-session. Traders are expressing concerns about the situation in Greece as well as the Iran deal. Iran is looking to extend nuclear negotiations with the West to export more of its oil into a global market that is already oversupplied. The stronger U.S. Dollar helped pressure August Comex Gold futures on Monday. Despite continued worries...
June 30, 2015| FX Empire Analyst - Barry Norman

Stress & Safe Haven Returns To Currency Markets

Monday started out with traders running for the hills, but throughout the day, most speculators fears turned to calm. Many started to believe that as always with the Greece situation a deadline is not a deadline and that the current situation would not lead to Grexit or a default. Some analysts say that the IMF has the capability of extending the Greek deadline by 30 days but the IMF did not confirm. Many leaders of the EU said they were...
June 29, 2015| FX Empire Analyst - James Hyerczyk

Greece Crisis Rocks Currency, Commodity Markets

Foreign currency and commodity markets were rocked on Monday as the Greece debt crisis escalated over the weekend. The EUR/USD gapped sharply lower, opening at 1.1005 after closing at 1.1171 on Friday. The GBP/USD also opened lower, but not as dramatically. August Comex Gold gapped higher despite the stronger U.S. Dollar. August Crude Oil also traded sharply lower. Additional selling pressure hit the Euro and British Pound, but both markets have since recovered and are at their highs for the...
June 26, 2015| FX Empire Analyst - James Hyerczyk

Euro Traders Play Waiting Game with Greece and Its Creditors

Foreign currency and commodity markets traded flat on low volume as investors waited for news about the possible deal between Greece and its international creditors. It looks like negotiations are going to be deadlocked going into the week-end which could trigger a volatile reaction early next week. There were no major economic reports on Friday which means the focus will be on the talks between Greece and Eurogroup members. Greece is at risk of defaulting on a 1.6 billion Euro...
June 26, 2015| FX Empire Analyst - Barry Norman

Currency Markets Seeing Red

Currency markets traded in the red this morning as the euro continued to tumble giving up 14 points to 1.1189 and the pound eased to 1.5747. The US dollar remained in the green adding 6 points as traders sought some safety on the uncertainty between Greece and its creditors. Better than expected economic data out of America also supported the greenback.  Wall Street closed in the red, after early strength in market following economic data of bigger than expected increase in...
June 25, 2015| FX Empire Analyst - James Hyerczyk

Demand Fears Drive Crude Oil Lower

Concerns about demand weighed on August Crude Oil futures on Thursday despite yesterday’s Energy Information Administration inventories report which showed U.S. crude oil stocks declined for the eighth straight week. According to the EIA, inventories were reduced by 4.9 million barrels to 462.00 million in the week ended June 19. Traders were looking for a 2.1 million barrel draw. Traders may be focusing on the gasoline stocks report which tends to be a good indicator of demand. This report showed...
June 24, 2015| FX Empire Analyst - James Hyerczyk

EUR/USD Weakens after Greek Deal Hits Snag

The EUR/USD traded slightly better on Wednesday, but gave back most of its earlier gains after reports surfaced that Greece’s creditors had rejected the latest reform proposal. The news drop up Greek bond yields while encouraging European equity traders to lighten up on the long side. Investors are trying to unlock bailout funds in order to avoid default on its June 30 loan payment to the International Monetary Fund (IMF). Greek officials ran into issues on concessions dealing with pension...
June 23, 2015| FX Empire Analyst - James Hyerczyk

EUR/USD Drops Sharply on Talk of Higher U.S. Interest Rates

The divergence between the European Central Bank and the U.S. Federal Reserve took its toll on the EUR/USD on Tuesday with the Forex pair dropping sharply lower. The move was triggered by comments from Federal Reserve member Jerome Powell who suggested the Fed rate hike could come as early as September. He also added that a December rate hike is a possibility. Powell also said that the central bank could add as much as a percentage point this year if...
June 22, 2015| FX Empire Analyst - James Hyerczyk | Comments (1)

Strong Housing Number Boosts U.S. Dollar; No Decision on Greece Yet

A stronger dollar helped to put pressure on foreign currencies and commodities on Monday. The EUR/USD was under pressure as Euro Group finance ministers concluded a meeting in Brussels. Greece made some new proposals, but they were not enough to solidify a deal today. Some reports said that Greece’s Prime Minister Alexis Tsipras made a few new concessions over the week-end that would unlock aid needed to avoid a default on a 1.5 billion Euro ($1.7 billion) payment to the...
June 22, 2015| FX Empire Analyst - Barry Norman

Greece Submits New Plan As Pressures Mount

A quick look at Monday morning currency markets shows that the US dollar continued to trend lower with the dollar index trading at 93.97 before the key meetings in Europe. The EURUSD remained positive and trading at 1.1378 as investors remain optimistic about a Greek deal before the end of the month deadline. The Great British Pound sustained the gains trading at 1.5887 emerging as a safe haven in times of turbulence. With little market news the Japanese yen is...
June 19, 2015| FX Empire Analyst - James Hyerczyk

U.S. Dollar Rebounds but Currencies, Commodities Set to Post Weekly Gains

A rebound rally by the U.S. Dollar helped put pressure on foreign currencies and commodity prices on Friday. However, both groups are expected to finish higher for the week. Reports were limited today, giving investors an excuse to book profits after strong rallies in the Euro, British Pound and Gold. German PPI was flat, missing the estimate of 0.2%. The Euro Zone Current Account rose to 22.3 billion, up from 18.0 billion and higher than the estimate of 18.1 billion...
June 18, 2015| FX Empire Analyst - James Hyerczyk

Dovish Fed Statement Continues to Underpin EUR/USD

The EUR/USD posted a gain on Thursday. The Forex pair received an early boost from continuation buying following the release of the Fed statement on Wednesday. The Fed left interest rates at historically low levels, expressed concerns about inflation and suggested that interest rate hikes would be gradual. Helping to cap gains were concerns about Greece. Euro Zone finance ministers were scheduled to meet in Luxembourg on Thursday to discuss a reforms-for-aid deal for Greece. Trader expectations of a deal...
June 18, 2015| The Daily Economic Roundup

British Pound Scales Seven-month Highs

Data out first thing this morning showed British retail sales eased off slightly in May as clothes buying declined.  Retail sales ex-fuel rose 1.2% over April as gas buying at the pump and food sales rose.  Year-on-year sales were up 4.6%, the 26th month of increases. The month-to-month decline, a six-month low, coincided with a rare dip into deflation for British consumer prices in April. The consumer price index fell to -0.1% in April but rebounded to 0.1% in May...
June 17, 2015| FX Empire Analyst - James Hyerczyk

Currency, Commodity Volume Light as Traders Await Fed Statement

The main focus for traders today is the U.S. Federal Reserve monetary policy statement due to be released at 2:00 p.m. ET. The Fed is expected to maintain interest rates at historically low levels. Shortly after the release of the statement, Fed Chair Janet Yellen will have her press conference. Yellen is expected to be more hawkish than the statement while dropping hints indicating a September rate hike. The GBP/USD continued its rally on Wednesday. The early buying was in...
June 16, 2015| FX Empire Analyst - James Hyerczyk

Better U.K. Inflation Boosts British Pound

The GBP/USD strengthened on Tuesday after the release of the U.K.’s inflation report. The report showed that year over year consumer inflation met expectations with a 0.1% reading. This was better than last month’s reading of -0.1%. Producer prices were reported at -0.9% versus estimates of 0.7%. Traders liked the report because it may be signaling the economy is mounting a comeback after the report turned negative in April. Lower transport costs were primarily blamed for that setback. Bank of...
June 15, 2015| FX Empire Analyst - James Hyerczyk

Euro Traders Watching Greece Developments; Preparing for Fed Statement

The main story of the day is the collapse of week-end talks between Greece and its creditors. The Euro traded flat and gold weakened on the news, but sellers hit European and U.S. equity markets hard. European Central Bank President Mario Draghi said on Monday that the ECB would continue approving emergency funding for Greek banks as long they have enough cash and collateral to operate after Greece and its creditors failed to come to a deal over the weekend...
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