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The South African rand kept its gains today after the South African Reserve Bank left its main interest rate unchanged at yesterday’s monetary policy meeting to support recovery of the nation’s economy. South Africa’s central bank maintained its key repurchase rate unchanged at 5.5 percent, a move expected by market analysts. The main lending rate [...]
Japanese yen is mixed today, heading higher against the euro, but lower against the US dollar and the UK pound. Uncertainty about Greece is creeping into the picture, weighing on the euro, but there is enough good news — so far — that other high beta currencies are maintaining their gains. Yen is gaining against [...]
Euro is dropping, falling from highs not seen for two weeks, as Greek debt talks resume. They’re still working out the details with private bondholders on how to proceed. The euro’s recent rally has been based on the idea of the Greek deal getting done — and continued talks have some Forex traders nervous. Back [...]
The Mexican peso jumped today to the highest level since October as the nation’s central bank refrained from cutting interest rates as high consumer prices hurt country’s economic growth. The Bank of Mexico left its benchmark overnight interbank funding rate at the record low 4.50 percent as inflation exceeded expectations for three consecutive months. Inflation [...]
The Great Britain pound jumped as UK retail sales rose last month, while concerns about the future of the European Union increased demand for the sterling as a haven from the sovereign-debt crisis in Europe. British retail sales rose 0.6 percent in December for a month ago, when sales were down 0.5 percent. Automotive fuel [...]
Although yesterday’s price action in the Euro was quite bearish, with the market unable to hold onto gains towards 1.3200 and sharply reversing course to close lower on the day back in the mid-1.3000’s, we would not give the developments too much consideration in the current market environment. All of the major players have abandoned [...]
EUR/USD: The market has finally taken out the key October lows at 1.3145 to confirm a lower top by 1.3550 and open the next downside extension towards the 2011 lows from January at 1.2870. Daily studies are however looking a little stretched and at this point we could see some corrective action before the market resumes [...]
GBP/USD:Rallies have been very well capped ahead of 1.5800 and it looks as though a lower top has now been carved out by 1.5780 ahead of the next major downside extension back towards the October lows at 1.5270. Key support comes in by 1.5400 and a daily close below this level will be required to [...]
USD/JPY:The market has managed to successfully hold above the bottom of the daily Ichimoku cloud to further strengthen our constructive outlook and we look for the formation of a inter-day higher low by 76.55 ahead of the next major upside extension back towards and eventually through the recent multi-day highs by 79.55. Ultimately, only a [...]
Gold Respects Resistance – Sell Off Coming? Gold has been technically and fundamentally supported for several years. The technical patterns arebeginning to break down which could mean the shiny metal has the potential to sell off from current levels. A break below 1532 would confirm a new downtrend and offer a trader an entry to sell. [...]