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Daily Market News By FXNET

FXNET LTD

Broker Representative
Asian Session - Dollar regains some losses against yen

The US dollar rebounded against the yen to recover some losses made after a huge tumble following disappointing US nonfarm payrolls data on Friday.

The data raised concern about the health of the US economy and led to speculation that a Fed rate hike may be further delayed.

The weaker jobs number caused a sell-off in the dollar and investors were forced to unwind stretched short positions on the yen. This gave the Japanese currency a bit of a breather from recent weakening.

UDJPY climbed up to 103.48 yen in the Asian session, up 0.5 percent to recover some losses after its big drop on Monday, when the pair fell over 1 percent to a one-month low.

A trade report from Japan today showed that country’s current account recorded a larger deficit in November, weighing further on Japan’s balance of payments. This will dent sentiment on the yen.
In other currencies, the euro remained steady against the dollar, close to Friday’s highs when it rallied on the back of the US jobs report. EURUSD traded at $1.3666, off a one-month low of $1.3548 hit on Thursday.

The pound remains weak after falling on Monday against the dollar. Key risk for the sterling will be UK inflation data due later today. GBPUSD ended in Asia at $1.6387, rebounding slightly from yesterday’s low of $1.6346.

The Australian dollar, which has benefited from weakness in its US counterpart and hit a one-month high on Monday, has since retreated, down to $0.9034. AUDUSD is down 0.2percent from Monday’s high of $0.9087.

Key data to watch for in the European session will be UK CPI and Euro zone industrial production data. During the US session, US retail sales data are scheduled for release.
 

FXNET LTD

Broker Representative
Market Report 24-01-2014

Asian Session – Dollar broadly lower after disappointing US data
Risk - off sentiment dominated the markets in Asia after disappointing US data in the prior session dampened the mood. As a result, the US dollar was broadly weaker against most of its major counterparts following a series of soft data.

USDJPY plunged to a low of 102.96 after the data late on Thursday, and was bought on the dip in Asia. The dollar attempted to recover some losses but the upside momentum was weak and it fell back to 103.22 yen.
The euro consolidated gains made yesterday when it was propelled to a four-week high against the dollar on the back of upbeat manufacturing and services activity data from the Eurozone. Other data indicated that consumer confidence in the region improved more than forecast in January, also helping buoy the euro.
EURUSD opened in Asia at 1.3696 just shy of last night’s 1.3699 high but remained above 1.3680 throughout the Asian session.
Sterling remains strong, buoyed by upbeat UK jobs data on Wednesday which showed the unemployment rate dropped to 7.1% from 7.4% the three months to December.
 

FXNET LTD

Broker Representative
Market Report 27-01-2014

Asian Session – Yen remains buoyed on safe haven demand as emerging markets tumble
Risk - off sentiment still lingered in at the start of the new trading week, as the turmoil in emerging markets continue to dominate the mood. The Japanese currency gained after being buoyed by safe haven demand in volatile markets as emerging markets tumbled.
An indication of how much volatility existed in markets last week, the Emerging Markets ETF VIX (Volatility Index) surged 40%, which was the largest jump in over 2-1/2 years.
USDJPY fell early in the Asian session, dipping over 45 pips to a low of 101.74 but recovered quickly to rise back above 102, ending at 102.4, back to around Friday’s levels.
Yen crosses traded similarly, with EURJPY down to 139.25 before bouncing to 140.25 while GBPJPY fell to 167.86 and then 169.11. AUDJPY saw lows of 88.40 before rising to 89.50.
It should be noted that trading volumes were thinner than normal today due to the holiday in Australia.
The US dollar will be the currency of focus this week as the Federal Reserve starts a two-day policy meeting tomorrow.
 

FXNET LTD

Broker Representative
Market report 28-01-2014

Asian Session - Pound rises as focus turns to UK GDP data

After much volatility in currency markets on Monday due to the emerging market turmoil, Tuesday was calmer.
While most major currency pairs were steady and range-bound, especially EURUSD, USDJPY, the most notable moves were made by the pound, as GBPUSD extended gains into the Asian session.
The pound climbed back to a near 3-year high against the dollar ahead of key UK data later today. GDP numbers will be released, with expectations for a confirmation of strong growth in the British economy in the last quarter.

GBPUSD rose to $1.6624 from $1.6582 at the open of Asian session trading. The pound’s strength may out some pressure on the dollar for now.
However the dollar could be expected to regain a firmer footing against the yen as the Federal Reserve meeting comes closer. The Fed begins its 2-day monthly monetary policy meeting today and will announce its policy decision tomorrow.
There are expectations that the Fed will scale back its stimulus further and this is helping pull the dollar off a 7-week low against the Japanese yen. USDJPY was steady in Asia and barely moved while trading sideways, ending the session at 102.61 yen.
The Australian has also proved to be resilient and was another currency that performed well in Asia today. AUDUSD rose to $0.8791, well above Friday’s low of $0.8659.
 

FXNET LTD

Broker Representative
Market report 30-01-2014

Asian Session – Yen stays firm after Fed tapers and China data disappoint

The big news overnight was the Federal Reserve’s announcement to continue tapering its economic stimulus. The Fed’s quantitative easing program was cut by $10 billion-a month, bringing the total bond buying plan down to $65 billion a-month. Rates were left unchanged at 0.25% and the Fed reiterated it will keep rates low as long as unemployment is above 6.5% and inflation below 2.5%.

While the Fed did what was widely expected, it failed to give those in yen-funded carry trades, particularly versus emerging market currencies, anything new to hope for, leading to damp market sentiment.

Risk appetite was also hit after soft China data. The HSBC final manufacturing PMI for January fell to 49.5, from the previous flash estimate of 49.6, recording the first decline since July, Dec 50.5. China is the world’s second largest economy, so the data is important to markets.

As safe-haven demand returned, the yen held firm versus the dollar. USDJPY managed to bounce a little from the post-Fed low of 101.83 to rise to the 102.10-30 window and then 102.46.

EURUSD has pretty much been trapped in a range since yesterday, trading between 1.3646-66. The pair did not show much reaction to the expected decision by the Fed to taper more.
 

FXNET LTD

Broker Representative
Asian session – Dollar strong on GDP data, yen up after Japan inflation numbers

The US dollar was higher after being lifted by US GDP data yesterday and traded at a one-week high against a basket of major currencies. The US economy grew at a 3.2% rate in the last three months to December, with exports and household spending playing a large role in contributing to the increase.

The euro was one of the worst performing G10 currencies, due to German inflation data raising drawing attention of the European Central Bank. A CPI report from Germany showed soft inflation in Europe’s largest economy, which does not bode well for Eurozone CPI data due later today. This raises concerns that the ECB may have to take action to prevent deflationary pressures in the region.

EURUSD tumbled over 100 pips on Thursday, and the pair mostly consolidated in the Asian session before heading lower just before the European session, down to 1.3538.

The yen strengthened today after some optimistic data from Japan. The country’s core consumer price inflation accelerated to 1.3 percent in January, the highest level in five years. This was good news for the Bank of Japan who has pursued aggressive monetary easing for more than a year to fight deflation.
 

FXNET LTD

Broker Representative
Market report 3-02-2014

Asian Session - Quiet session ahead of risk-filled week

The currency markets started the new week off with a weak tone, mostly consolidating Friday’s moves and also because investors are being cautious ahead of a busy week full of risk events. There will be two major central bank policy meetings – Bank of England and European Central Bank, both on Thursday.

Meanwhile, there Reserve Bank of Australia is also having a policy meeting on Tuesday. On Friday US nonfarm payrolls are expected, which will be highly anticipated and could cause much volatility in the markets.

Chinese markets were still enjoying the Lunar Year Holiday today, keeping volumes thin during the Asian session.

The euro started the week near a ten-week low against the dollar on growing expectations of a dovish on Thursday following weak CPI data on Friday.

EURUSD did very little in Asia, trading sideways between 1.3479-96 and testing Friday’ lows.

GBPUSD extended lower in Asia to 1.6419 from Friday’s close of 1.6437.

USDCHF was up modestly from 0.9064 to 0.9082.

AUDUSD opened in Asia at 0.8766 and fell to 0.8737 after negative Australian data releases. An as expected China official manufacturing PMI out over the weekend was somewhat supportive for the aussie.
 

FXNET LTD

Broker Representative
Asian Session – Euro slides ahead of ECB policy meeting

The euro eased lower ahead of key event risk as investors positioned for the European Central Bank's policy review due on Thursday.
EURUSD held steady for most of the Asian session just above a two-month low near $1.3477 that had been set on Monday before sliding to $1.3515.

Growing speculation recently that the ECB may be forced to ease monetary policy further to help fight off the threat of deflation has weighed on the euro recently. Even if the ECB does not act to cut rates today, then it is expected this could happen at the next meeting in March.

Against the yen, the euro was little changed and supported above the key 137.00 support level. EURJPY has managed to stay above an 11-week low of 136.25 yen reached on Tuesday.

USDJPY rose slightly during the session to a high of 101.65 yen, staying above Tuesday's 11-week trough of 100.75 yen.
This week the Japanese currency received a boost from safe haven demand in the wake of a recent selloff in emerging market equities and currencies.

The dollar weakened against the yen as mixed US data on Wednesday offered little support for the greenback. US PMI for the service sector picked up pace in January but the ADP jobs numbers disappointed as private employers added 175,000 jobs in January, the smallest gain since August. The US non-farm payrolls report on Friday will be closely watched.

The Australian dollar was the biggest mover today, surging against the US dollar after strong data added to the view the Reserve Bank of Australia (RBA) will not likely cut interest rates soon.

AUDUSD jumped as much as half a cent to $0.8981, its highest in nearly a month, from $0.8909 in early trade.
 

FXNET LTD

Broker Representative
Asian Session – Dollar broadly weaker ahead of Yellen testimony

After a quiet US session, currency markets saw more movement despite the holiday in Japan today. The US dollar was weak across the board ahead of an important risk event later today. Fed Chair Janet Yellen will make her first appearance at the House of Representatives.

Yellen will be answering questions from US lawmakers, some hostile to the central bank, who will want to know how committed she is to winding back exceptional stimulus measures.

The only economic data released during the Asian session was from Australia which showed that Australian business conditions rose to its highest in nearly three years in January.

AUDUSD rose to a one-month high of $0.9016, getting a boost after the data, up 0.6 percent from late US trade on Monday. The Aussie last fetched $0.9004.

USDJPY opened the Asian session at 102.26 after a quiet US session, then jumped to a high of 102.40 yen. Volumes were thin due to the holiday in Tokyo.

EURUSD opened the Asian session around 1.3645 after a very slow US session. The pair then idled between 1.3640/50 for the first few hours before spiking to a two-week high of 1.3679.

Other major pairs mostly traded sideways as markets await Yellen’s testimony. GBPUSD traded a 1.06404-34 range in Asia and USDCHF traded a 0.89385-0.8970 range.
 

FXNET LTD

Broker Representative
Asian Session – Soft Australian employment data hurt aussie

The Australian dollar was the worst performer during the Asian session after being hurt by soft Australian employment data.

According to a labour force survey for January, the domestic economy showed a surprise 3,700 drop in the number of employed Australians, which came on top of a slight downward revision in December's figures. The unemployment rate rose to the highest level since July 2003, at 6%.

The aussie tumbled over 100 pips against the US dollar in reaction to the disappointing data today.

AUDUSD fell to 0.8926 from 0.9030, reversing Wednesday’s gains made after strong China trade data.

In other currencies, the euro, pound and yen gained against the US dollar. There is caution with trading the greenback today ahead of a report today that forecast to show U.S. retail sales stalled.

The euro gained for the first time in three days against the dollar before an ECB monthly report later today.

EURUSD opened in Asia at 1.3592 and rose to 1.3615, regaining some losses from the sharp tumble yesterday following ECB policy makers comments on negative interest rates.

GBPUSD climbed to a high of 1.6622, the highest since January 28. The pound was lifted by BOE governor Mark Carney’s comments that the UK’s economic recovery was gaining momentum. Markets factored in a rate increase earlier in 2015, sooner than previously thought.

USDJPY slid to a low of 101.98 from 102.51. US retail sales will be a key risk for the dollar. A relatively flat outcome for sales will provide little rationale to buy the currency.
 

FXNET LTD

Broker Representative
Asian Session – Dollar struggles after weak US consumer confidence data

Weak US data dampened sentiment keeping the dollar heavy against the yen. US Consumer confidence in February fell to 78.1 versus 80 forecast and 79.4 previous. Meanwhile there were comments from the Fed policy maker Tarullo who said that monetary is possible tool to deal with broad sustained systemic risk and that it is possible that interest rates will remain historically low for some time after Fed starts to raise them.

USDJPY opened the Asian session at 102.24 after trading with a heavy tone through the US session due to weak US consumer confidence and a drop in the 10-yr Treasury yield to 2.70%. The pair eased to 102.13 in early Asia.

The Australian dollar was in focus today as there was domestic data on the construction sector. Fourth-quarter total construction fell 1.0% on the quarter while engineering construction was down 0.5%. Also weighing on the aussie lately was the weaker Chinese yuan.

AUDUSD opened the Asian session at $0.9018 and traded a moderate 0.8969-0.9021 range.

EURUSD barely moved yet again in Asia and could only manage a $1.3739/1.3748 range for the entire morning session.

GBPUSD traded a 1.6669-85 range in Asia. Yesterday the pound rose above $1.6720 after comments by the BOE's McCafferty that the UK could raise interest rates in Q2 2015.

Revised GDP for the UK will be released in the European session today and US new home sales in the US session.
 

FXNET LTD

Broker Representative
Asian Session – Australian dollar rallies after strong retail sales and trade data

The Australian dollar was the best performer today after Australian retail sales beat expectations by more than double the forecast, while the nation’s trade balance posted a strong surplus. The upbeat data lessened the possibility of a rate cut by the Reserve Bank of Australia and helped sentiment for the AUD.

Australian retail sales jumped by 1.2% m/m versus a consensus of 0.5% while the trade surplus widened to A$1.433 billion versus a previous A$591 million and above the A$270 million forecasted.

AUDUSD rallied to a high above 0.9030 while AUSDJPY rose to a high above 92.60 yen.
In other news overnight there was soft US data. The private payrolls processor ADP showed a tepid increase of 139,000 jobs in February, while jobs growth in January was revised down sharply to 127,000 from 175,000. The ISM non-manufacturing PMI fell to a 4-year low last month.

However the dollar remained buoyant as Fed policy maker Williams said yesterday that he expects the first rate hike to be in mid 2015. This gave a boost to the dollar.

USDJPY rose to a high above 102.75 in Asia today, up from the session open of 102.30 and up 1.2% since Monday.

EURUSD traded at $1.3728, little-changed in Asia but off 2-month high of $1.38255 hit on Friday. A key risk for the euro will be today’s European Central Bank meeting. Interest rates are expected to remain the same at 0.25% but many expect the central bank to end its SMP sterilization program, which means an end to bond buying that was draining liquidity. By ending this program, the increase in liquidity in the financial system of the Euro zone will weaken the euro.

GBPUSD was flat trading a 20-pip range above $1.6706. The Bank of England policy announcement will be in focus today.It is expected to be a non-event as the rate is predicted to remain at 0.50%.

http://www.fxnet.com/
 

FXNET LTD

Broker Representative
Asian Session – Yen steady after Bank of Japan policy remains unchanged

The focus of the Asian markets on Tuesday was on the Bank of Japan policy meeting which concluded after two days. As was anticipated by many, the BOJ held its policy unchanged and left its overnight call rate at 0.1% and the monetary base target at Y60-70 tln.

The BOJ also left its economic assessment of the Japanese economy unchanged, noting that the moderate economic recovery is continuing. The BOJ said that although export growth has levelled off there has been a pick up in capital spending, and that industrial production has been increasing at a somewhat accelerated pace.

USDJPY eased back to a low near 103.15 following the BOJ decision. Earlier in the session it rose to a high above 103.40.

EURJPY slid after the BOJ but holds above 143.00 as it has been doing in Monday’s US session.

GBPUSD slid down to a low near 1.6630 stayed near its low after the release of the BRC like-for-like retail sales which came in at -1.0% y/y versus forecast of 1.6%.

AUDUSD initially slid down to a low of 0.9010 following the release of weak Australian data before ending the session little changed. The National Australia Bank (NAB) business conditions and confidence data) came in at 0 versus +5 previously and +7 versus +9 prior (respectively) . However, the pair remains on the defensive on uncertainty regarding the weak China data over the weekend and the geopolitical tensions between Russia & Ukraine.

http://www.fxnet.com/news/category/fundamental-analysis
 

FXNET LTD

Broker Representative
Asian Session – Yen strengthens on risk aversion over China concerns

Risk aversion led to a stronger yen while other major pairs drifted without clear direction as investors are taking on a cautious stance as concerns remain over a weakening Chinese economy after soft trade data earlier in the week. Also geopolitical tensions in Ukraine are weighing on market sentiment.

The only economic data releases today were from Australia. The Westpac report showed that consumer confidence in the country fell in March, extending its decline from a post-election peak in November.

The Australian dollar fell due to the domestic data as well as due to concerns over China, which is Australia’s major trading partner. Also Australia is a major producer of copper and iron ore, whose prices are tumbling recently. This is because copper is being used as collateral for loans in China, and with a slowing Chinese economy there are fears of defaults on these loans.

USDJPY opened the Asian session at 103.02 and came under pressure early as Asian markets started off on a nervous note (Nikkei went 2.4% lower) and Shanghai copper opening limit down. USDJPY eased to 102.78.

EURUSD opened the Asian session 1.3860 after another very quiet US session and traded a 1.3851/65 range. All of the market’s attention was on JPY and AUD pairs due to rising risk aversion sparked by China fears. Focus will turn to Euro zone industrial production data out later today although it is unlikely to have a large impact.

GBPUSD traded a tight range between1.6612-33 during the Asian session.

AUDUSD opened on Wednesday at 0.8977 and came under pressure early in the session due to soft Westpac consumer confidence numbers. Also weighing on AUD was falling copper and iron ore prices (Australia is a major exporter
 

FXNET LTD

Broker Representative
Forex Daily Analysis - 2 April 2014


The EUR/USD picked up 27 focuses today as eurozone Pmis demonstrated improvement over needed and German employments information reported a change with unemployment ticking down. The euro is exchanging at 1.3798. the euro EURUSD +0.27% was pushing higher against the dollar, creeping ever closer to that $1.38 level after information indicated the euro-zone fabricating PMI for March was affirmed at 53, easier than 53.2 seen in February. Still, the normal perusing for the first quarter arrived at the best result since the second quarter of 2011.

The GBP/USD eased today giving up 26 points to exchange at 1.6637 after manufacturing PMI dipped below forecast but remained in a positive zone. March UK Markit/CIPS manufacturing PMI printed at 55.3 vs 56.7 expectations the lowest since July 2012

The AUD/USD added 3 points giving back a bit of earlier gains after the RBA announcement. Glenn Steven’s did as expected and held rates and policy. Prior to the release the Aussie was at the 93 price level on stronger than expected Chinese data. The Chinese Governments Purchasing Managers’ Index rose to 50.3 in March, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today. That compared with February’s 50.2 reading and the 50.1 median estimates from analysts in a Bloomberg News survey. Numbers above 50 signal expansion. The Aussie is trading at 0.9268 at this writing.

The USD/JPY continued to decline as the sale tax increase goes into effect today. The JPY eased by 8 pips to trade against the US dollar at 103.30. The yen remained lower against the dollar after Bank of Japan data showed the Tankan index for sentiment among large manufacturers in the nation rose to 17 in the first quarter from 16 in the previous period. The Tankan was weak,” said Ken go Suzuki, chief currency strategist at Mizuho Securities Co. in Tokyo. “Some investors buying the dollar against the yen may take profits as it climbed above 103 in the past few days.” Gold is flat for the day moving between small gains and losses at 1284.80 after falling below the 1280 price on Monday for a few minutes.

Gold prices steadied on Tuesday, recovering early losses, as comments from Federal Reserve Chair Janet Yellen defending easy-money policies hurt the dollar, while a drop to seven-week lows overnight sparked interest from bargain-hunting buyers. The metal fell to a low of $1,278.34 an ounce in Asian trade as stocks rallied on the back of Yellen’s comments, which reassured investors that the bank would maintain monetary support for the U.S. economy.
 

FXNET LTD

Broker Representative
The USD/JPY gained 17 points to trade at 103.84 as the yen loses

EUR/USD : is level for the day, exchanging at 1.3794 unable to support the 1.38 level after Spanish unemployment indicated a huge drop in cases and yearly GDP met desires, in spite of the fact that quarterly GDP printed underneath figure. The euro also ticked higher. Like the dollar it tends to draw support from prospects of higher world growth and is also supported by expectations the European Central Bank will steer clear on Thursday of any action to ease monetary policy. A rising dollar was this year’s big call for many banks and funds in January and most have been disappointed, with a falloff in growth in China and a euro bolstered by returning flows of capital instead the dominant trends.

GBP/USD : climbed by 14 points after construction PMI printed close to expectations but showing strong growth. The pound is trading at 1.6642 as traders evaluate the Bank of England’s next move now that the economy is recovering steadily. The improved outlook suggests the Bank of England may tighten monetary policy in the next 12 months.

AUD/USD : eased to trade at 0.9235 giving up 13 points after building approvals missed expectations. The currency continues to remain well above its trading range on hopes of stimulus from the Chinese government. The RBA kept the target cash rate at 2.5 percent, as expected, and kept its view that rates won’t change while the central bank supports the economy.

USD/JPY : gained 17 points to trade at 103.84 as the yen loses its value as traders are now expecting the Bank of Japan to add stimulus to offset the negative effects of the sales tax increase which went into effect on April 1st. The combination of rising global equity markets with rising U.S. Treasury yields is a catalyst for USD/JPY to move higher,” said Kit Juckes, analyst at Societe Generale

Gold : added $3.90 ahead of the ADP payroll release to trade at 1283.90 as traders begin to take position ahead of the ECB and the NFP over the next two days. The ADP jobs report will be the main event that traders are waiting for with data due to be released in just a few hours. Having fallen 8% in just over two weeks, gold “hasn’t found a host of willing buyers looking to pick up cheaper metal,” said UBS analyst Adel Tully. “Some buying interest has emerged on the lows, but further downside has been prevented largely because sellers are in short supply.”
 

FXNET LTD

Broker Representative
Fundamental Analysis April 4

EUR/USD is flat ahead of the ECB meeting. the choice is expected in simply a couple of hours, yet the firecrackers will probably be later in the day at Mr. Draghi's question and answer session. Merchants can anticipate that the Governing Council will simplicity arrangement unassumingly at this gathering, through a little cut in key rates or liquidity activities. Aggressive unconventional policies remain distant. The ECB may introduce new liquidity measures today to counter tightness in funding conditions, but we think they will most likely not deliver additional rate cuts or monetary policy accommodation.


GBP/USD gave up 16 points to trade at 1.6610 after UK services PMI missed expectations and also printed lower than last months. It is not a major upset to the markets but enough to see some traders moving away from the pound as the US dollar continues to climb. Sterling fell to a day’s low against the dollar and the euro on Thursday, after UK services sector expanded at a slower-than- expected pace in March.


AUD/USD eased by 33 points against a much stronger greenback after more data showed a steady recovery in the US economy. Retail sales in Australia missed expectations this morning and the trade balance widened more than expected but remain less than the previous months. In Australia, the RBA wants Australia’s biggest banks and building societies to pay a levy to help pay for a fund that will protect their own depositors in the event of a banking collapse.


USD/JPY soared to trade at 104.05 as the dollar gained momentum after the ADP data release on Wednesday showed that the private employers created more jobs than in previous months and there was a strong upward revision to the previous month. The Japanese yen declined against other major currencies in Asian morning deals on Thursday as investor sentiment rose on strong U.S. data and China’s mini stimulus package designed to boost spending on railways and tax relief for struggling small businesses.


Gold reversed course and begin to ease giving up $4.50 to trade at 1286.30 after climbing in the Asian session as high as 1293. Traders are beginning to take positions ahead of tomorrow’s NFP and after comment from several Federal Reserve members all saying that we would likely see an interest rate increase in mid-2015. Investors are waiting on a European Central Bank policy statement later in the session and monthly jobs data from the U.S. Friday.
 

FXNET LTD

Broker Representative
Fundamental Analysis April 8

EUR/USD is exchanging at 1.3715 up by 11 focuses as the euro picked up a bit of force after the arrival of German Industrial Production numbers indicating a positive build in processing. A week ago on April third, the European Central Bank (ECB) took off its most recent redesign on money related strategy. President Mario Draghi reminded markets that dangers in the euro zone stay to the downside. Speculators keep on showwing enthusiasm toward euro region holdings. This investment probably illustrates at any rate a portion of the headstrong quality in the euro.


GBP/USD is completely flat today, with no direction as traders are taking a break. The pound is holding at 1.6575 ahead of the Bank of England meeting later this week. The Fed will release on minutes of its March 18-19 meeting on April 9. Policy makers at the gathering cut monthly bond purchases by $10 billion to $55 billion. Fed Chair Janet Yellen said the central bank may start to raise interest rates “around six months” after ending its asset-buying program.


AUD/USD gave up 9 points to trade at 0.9283 remaining close to its record high the currency fell against a strong USD and a minor data release from the ANZ jobs advertisements which slipped below last month. It has been a slow trading morning with Chinese markets closed traders looked for any signs or news


USD/JPY is flat this morning ahead of the Bank of Japan meeting trading at 103.28 after steadily declining last week against a strong greenback. Japan’s central bank will probably double purchases of exchange-traded funds in a second round of monetary easing under Governor Haruhiko Kuroda anticipated in coming months, a Bloomberg News survey of economists’ shows.


Gold is trading at 1299.00 down by $4.50 as traders book profits after the commodities climb at the end of last week. Gold rose Friday to its highest level in more than a week after data showed the U.S. created slightly fewer jobs than expected in March. This suggested the Federal Reserve is likely to keep interest rates near zero well into 2015 and encouraged lurking buyers to step into gold. Although prices back below $1,300 Monday, they held onto the majority of their gains. After a closer analysis the upward revision to the previous month’s jobs creation turned traders to a more positive note that the Fed will move swiftly to cut its asset purchases and end the program.
 

FXNET LTD

Broker Representative
Fundamental Analysis April 9

EUR/USD added 27 focuses to exchange at 1.3769 after the dollar plunged as dealers re-assessed the FOMC taping and rate increment. Dealers are holding up to see the points of interest of the last Fed gathering in tomorrow's moment discharge. Climbing pressures in Ukraine likewise tempered speculator craving for danger. Ace Moscow dissenters in eastern Ukraine seized arms in one city and announced a separatist republic in an alternate. Ukraine on Monday called the moves a piece of a Russian plan to legitimize an attack.


GBP/USD soared today adding 91 points after positive economic data releases. The GBP is trading at 1.6699 and is likely to break the 1.67 range before the end of the day. Industrial production and manufacturing production both exceeded forecast. Sterling rose to its highest in three weeks against the dollar and a one-month maximum against the euro after data on Tuesday showed industrial output rose much faster than forecast in February.


AUD/USD added 11 points to trade at 0.9281 after the release of the NAB business confidence report which printed a bit lower than the previous month. Traders moved from equities to commodity currencies as earning season begins today. The value of Reserve Bank of Australia’s foreign currency reserves jumped by $US10 billion ($10.8 billion) last month just as emerging market central bankers accelerated their intervention in foreign exchange markets in an attempt support their economies.


USD/JPY gave up 12 points to trade at 102.98 remaining well above its trading range as the JPY strengthened after the Bank of Japan held rates and policy this morning. Today’s decision said that Japan’s economy has continued to recover moderately, and noted front-loaded demand ahead of the April sales-tax bump. Overseas economies, mainly advanced ones, are starting to recover, the BOJ said.


Gold continued to climb today as geopolitical tensions grew between Russia and the Ukraine. Gold added $12.20 to trade at 1310.50. Foreign currency market sources think that the Federal Reserve will postpone the tapering of bond purchases, following the disappointing jobs report for March. Businesses added 192,000 jobs during the month, below expectations of 199,000 jobs. The unemployment rate in the US remained unchanged at 6.7%, compared with expectations of a drop to 6.6%.
 

FXNET LTD

Broker Representative
Fundamental Analysis April 11

EUR/USD keeps on inflaing exchanging at 1.3866 including 11 focuses moving without much explanation behind the additions. The euro searches headed for a genuine fall in the close term. he dollar dropped to more than two week-lows against the euro and Swiss franc on Wednesday after minutes of the most recent Federal Reserve money related arrangement gathering recommended that the U.s. national bank may not raise premium rates at whatever time soon.


GBP/USD is quiet ahead of the BoE meeting later today, although the MPC is not expected to make any changes and will avoid a public statement traders are remaining cautious before the release. The GBP exchange rate jumped by half a cent to a near-2-month high in reaction to the latest Minutes from the Federal Reserve, which showed that policymakers are concerned that a premature hiking of interest rates could damage the burgeoning economic recovery.


AUD/USD added 13 points to break over the 94 level trading at 0.9402 after a strong employment release this morning. The Aussie unemployment rate fell to 5.8% a much larger fall than expected. The nation also created a lot more new jobs that forecast. Australia’s dollar reached a more than four-month high versus the greenback after the government reported unemployment unexpectedly fell for the first time since September.


USD/JPY eased by 15 points to trade at 101.84 as the yen has steadily gained since the Bank of Japan decision to hold rates and stimulus. Mr. Kudora later gave a glowing outlook for the economy and said that there was little need for additional stimulus. he dollar drifted at three-week lows against a basket of major currencies early on Thursday, having fallen for a fourth session after minutes from the Federal Reserve’s March meeting disappointed dollar bulls.


Gold added $16.40 to trade at 1322.30 climbing steadily after the FOMC minutes release and on geopolitical tensions with Russia. Gold extended gains to a third session on Thursday, scaling fresh two-week highs, after minutes from the Federal Reserve’s policy meeting showed that officials were not keen on increasing interest rates anytime soon.
 
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