The past week saw Euro following through on a double bottom breakout though not quite hitting the pattern’s target. This has largely been on the back of weakness in US economic data that revived hopes for an easing sooner rather than later along with some flashes of strength from the Eurozone services sector. Ahead we…
Eurozone Flash PMI figures were not exactly all great as the Manufacturing sector signals a deepening of its contraction coming in at 45.6 from 46.1 while Services surprised on the upside to read 52.9. Considering that both sides were a disappointment in the US Flash Manufacturing PMI 49.9 against a 52 consensus forecast and Flash…
Oil Prices benefited from weak US Flash Manufacturing PMI figures at 49.9, technically contraction territory, reviving hopes of a US rate cut. The next FOMC meeting is on May 2 with the primary concern remaining to be persistent inflation pressures. Note as well the numbers actually imply that demand for oil could further weaken before…
The Japanese Yen hardly moved against the greenback with its brief drop following across the board dollar dumping quickly reversed as traders for the pair remain tightly wound. Key issue for USDJPY remains to be a question of policy with the BoJ Monetary Policy Statement and Outlook Report set for release on Friday. Note we…
We are seeing a follow through to the break of the symmetric triangle in Gold from the past weeks consolidation as tensions in the middle east continue to ease. Speaking on the Israeli retaliatory attacks Friday, Iran’s Foreign Minister has indicated that there are no plans to respond with market taking this as catalyst enough…
Oil prices saw a brief surge Friday on Israel’s retaliatory attack into Iranian territory only fall back to where it opened given the mostly symbolic nature of the attacks underscoring vulnerability of the oil market absent geopolitical tension. We have already heard back from Iran with its Foreign Minister Hossein Amirabdollahian telling NBC News that…
The UK’s flat Retail Sales figures Friday saw bears regaining the upper hand as GBPUSD dropped under the weeks lows and saw a further follow through decline at the open Monday. Ahead we have data for both side as Flash Manufacturing and Services PMI is set for release. Consensus forecast for the UK has us…
We spent the past week in consolidation for EURUSD with a lack of catalyst preventing a further sell-off or a recovery back above the breakout point. Ahead we will be seeing flash manufacturing and services PMI figure for both the US and Eurozone. While not big shakers in and of themselves a divergence in the…
Gold spent the previous week consolidating under the historic highs with Friday’s attempt at a rally failing to get near 2411.45 for a long wick at the close. At this point it appears much of the global tensions have already been priced in by the market and unlikely to fuel further safe haven plays short…
The Japanese Yen continues to flirt with its rumored intervention level against the US dollar with a full week until we see key inflation data and the BoJ’s Monetary Policy Meeting. Recall that the BoJ raised its policy rate last March to come off decades of Zero Interest Rate Policy in an effort to normalize…