The pound surged in today’s European trading as the employment data from the UK topped forecasts. GBPUSD is up close to 50 pips from where it was trading an hour ago at 1.3036. According to data from the Office for National Statistics, Claimant Count Change for December was at 14,900. Meanwhile, the forecast was for … Read more
Risk aversion dominated market sentiment today. The Nikkei 225 closed lower by 218.9 points or 0.91% at 23,864.6. Meanwhile, the Hang Seng Index is in the red by over 750 points or 2.62% at 28,039.0. Investors are feeling jittery about the new coronavirus outbreak in China. Overnight, the World Health Organization (WHO) called for an … Read more
BOJ Rate Statement As Expected Earlier today, as expected, the Bank of Japan (BOJ) kept its interest rates unchanged at -0.10%. Its 0.0% target for 10-year government bonds and bond purchases also remained steady. According to BOJ Governor Haruhiko Kuroda, rates will stay where they are or maybe even go lower to sustain price momentum. … Read more
EURUSD Price Analysis The technical setup of EURUSD looks interesting, to say the least. On the higher time frame, we reported yesterday that a head and shoulders chart pattern has materialized. This chart pattern is widely viewed as a bearish indicator. However, if you look closely on the hourly time frame today, you will see … Read more
USDCAD trades 0.02% higher at 1.3066 in quiet trading session as the US markets are closed today for the Martin Luther King day. US Dollar is stronger across the major pairs today helped by better economic data released the previous week. The housing starts increased to an annualized rate of 1.6 million units for December … Read more
UK Retail Sales Post Second Consecutive Month of Contraction The EUR to GBP exchange rate rallied to an intraday high of 0.8531 after bottoming at 0.8487 on Friday following the disappointing UK retail sales report. By the end of the New York session, the currency pair had settled at 0.8522. According to the Office for … Read more
BOJ Rate Decision Tomorrow The Nikkei 225 closed 42.3 points or 0.18% higher at 24,083.5 ahead of the BOJ meeting scheduled tomorrow. The central bank is not expected to make any changes to its current monetary policy with interest rates at -0.10%. However, investors could be looking forward to optimism from policymakers about the government’s … Read more
The EURUSD trend remains short-term bullish as the exchange rate continues to create higher and higher lows on the six-hour chart. However, a “head and shoulders pattern” suggests that the mood amongst traders and investors is changing. The EUR to USD exchange rate bottomed out last year in October from the 1.0887 level. The price … Read more
Retail Sales Contracted in December On Friday, the pound lost ground to the US dollar following the UK’s disappointing retail sales report. GBPUSD dropped from its intraday high of 1.3117 to 1.3006. The currency pair then finished the day at 1.3009, with a 68-pip loss. According to data released by the Office for National Statistics, … Read more
BOJ Rate Decision The Bank of Japan(BOJ) is scheduled to take center stage on Tuesday. In its monetary policy meeting, there are no changes expected to its current interest rate level at -0.10%. There is some sense of optimism that BOJ Governor Haruhiko Kuroda will announce an upgrade on growth forecasts. Easing tensions in the … Read more
EURGBP gives up the gains that registered post the weaker UK retail sales data and returned back to the unchanged level. UK Retail Sales, (month over month) recorded in at -0.6%, below estimates of 0.7% in December, the yearly reading came in at 0.9% also below forecasts of 2.6%. Retail Sales ex-fuel (year over year) … Read more
GBPUSD gives up over 50 pips after weaker retail sales data from the UK. United Kingdom Retail Sales (month over month) registered at -0.6%, well below forecasts of 0.7% in December, the yearly reading came in at 0.9% also below estimates of 2.6%. Retail Sales ex-fuel (year over year) came in at 0.7% below expectations … Read more