Dukascopy_Analyst

Dukascopy_Analyst

"Fed policymakers appear to be trying to keep the possibility of a December rate hike alive since their last policy meeting." - Barclays (based on CNBC) Pair's Outlook The Cable lost over 170 pips on Thursday, suffering from BoE governor's dovish statement. As a result, the strong immediate support was pierced, causing the GPB/USD to stabilise near the...

Dukascopy_Analyst

"The dollar has so far climbed on the back of rising U.S. bond yields, but that will not be enough to sustain a further rise. If stocks can retain their gains, the dollar can go even higher as the 'risk on' mood will work to its benefit. The stock markets will have to show that it has priced in a December rate hike." - IG Securities (based on Reuters) Pair's...

Dukascopy_Analyst

"Gold continues to trend lower with rising bets on a Fed rate hike in December. The recent trend looks entrenched with sentiment weakening in recent days." - ANZ (based on CNBC) Pair's Outlook Gold's losing streak was prolonged through the seventh consecutive day on Thursday, already pricing in the approaching employment report from the world's largest...

Dukascopy_Analyst

"Clearly, however, the Fed remains data dependent and in the near term there is still risk of dollar disappointment around Friday's jobs report." - BNP Paribas (based on Reuters) Pair's Outlook The Euro continued to weaken further versus the US Dollar on Wednesday. EUR/USD pierced through 1.09 yesterday, while the weekly S1 failed to sustain losses of this...

Dukascopy_Analyst

"The Governing Council is willing and able to act by using all the instruments available within its mandate if warranted in order to maintain an appropriate degree of monetary accommodation." - Mario Draghi, ECB (based on Market Pulse) Pair's Outlook The European currency edged down on Tuesday, with the weekly PP somewhat limiting the losses. Today the given...

Dukascopy_Analyst

"Reading the statement closely, this suggests the RBA is likely to wait until February when it will have another inflation print, which will likely confirm the lower than previously anticipated inflation trajectory. From here it seems that a rate cut in February is most likely." - ANZ (based on WBP Online) Pair's Outlook This time the 55-day SMA provided...

Dukascopy_Analyst

"In terms of economics, an uptick in industrial output and the Fed's hawkish tone reduce pressure on the BOJ to ease." - Merrill Lynch (based on CNBC) Pair's Outlook Bulls refused to give up just yet, causing the Greenback to outperform the Yen on Wednesday, even erasing Tuesday's losses. Even with the nearest resistance located at 121.27, namely the monthly...

Dukascopy_Analyst

"U.S. dollar interest and option strikes at $1,150 should weigh upon gold over the next couple of days." - MKS Group (based on CNBC) Pair's Outlook Prices of the bullion have been largely unchanged in the past three trading days, even though the metal registered slight losses during each of those 24-hour periods. Short term projection remains neutral, as long...

Dukascopy_Analyst

Over the last three weeks GBP/NZD has formed a bearish channel. However, the prospects for the time being are uncertain, as the currency pair is approaching important support. July low at 2.27 may well turn out to be a floor for the Pound and trigger a long-term recovery. This will be confirmed by a breach of the upper boundary of the pattern at 2.3040, which will...

Dukascopy_Analyst

"The ECB is saying ‘we're not putting a limit on QE, we're not stopping until we achieve our objective.' If they don't do anything, the balance sheet still expands." - Standard & Poor's (based on Bloomberg) Pair's Outlook The immediate resistance is at 1.14, represented by the upper Bollinger band and monthly R1. The base scenario is EUR/USD bouncing off...

Dukascopy_Analyst

"Receding expectations for a Fed rate hike are making the dollar vulnerable. Both the yen and the dollar are pressured." - Shinkin Asset Management (based on Bloomberg) Pair's Outlook The common currency was actively fuelled by support zone at 1.1241/20 on Thursday. It managed to bounce off the monthly pivot point, but gains used to be contained by the 50%...

Dukascopy_Analyst

"Only a break above 0.7270/0.7350 will mean further rebound towards key resistance of 0.75, the 23.6% retracement from July highs, which should cap any recovery." - Societe Generale (based on FXStreet) Pair's Outlook The Aussie managed to reach the target level at 0.7230 yesterday, but the psychological level of 0.72 still somewhat limited the exchange rate....

Dukascopy_Analyst

"If we're dealing with a global demand shock emanating from China, the euro zone, and Germany in particular, could be quite badly exposed." - Credit Agricole (based on Bloomberg) Pair's Outlook The outlook for the EUR/USD currency pair remains unclear for the time being as neither bulls nor bears are still able to overtake leadership of the market. Yesterday...