The Latest in Forex News & Analysis.

Better data the US today. Jobless claims fall. Philadelphia Fed index rises. Good Friday to keep activity quiet on Friday.

By | April 17, 2014 6:23 PM | 0 Comments

In the US today, initial jobless claims came in at 304k. The estimate was for a rise to 315K. The prior week was revised slightly up to 302K from 300K.

At 10 AM ET the Philly Fed index also came in better at 16.6 versus expectations of 10.0. Last month, the index came in at 9.0. The employment and new orders components both were better this month.

The other data this week in the US came in mixed. Retail sales were better on Monday. The headline retail sales number rose by 1.1%, while ex-auto show to gain of 0.7%.

CPI, although higher-than-expected at 0.2% versus expectations of 0.1 and year on year at 1.5% versus expectations of 1.4%, is still relatively low.

Weekly mortgage applications, helped by lower interest rates, rose by 4.3% . Housing starts and building permits were slightly less than expectations, but industrial production and capacity utilization were both better in March.

Fed Chair Janet Yellen is still concerned about the pace of employment and low inflation . However, with the initial claims at lowest level since 2007.  It seems that job growth is picking up.  Inflation, or lack of it, remains still a concern. however. She acknowledged that the slack in the labor market is keeping wages down with little sign of any pickup.  Overall the feeling a Wall Street is that Fed Chair Janet Yellen remains flexible and will respond according to the economic data.

In Japan tonight the tertiary industry index will released for February with expectations of a 0.2% gain versus 0.9% gain in January. There are no economic releases scheduled in Europe has most countries will be off in observance of Good Friday. US stock markets in the US bond market will also be closed tomorrow.

 

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All information on this site is provided for informational and educational purposes only. Information provided is not to be misconstrued as trading advice. Past results are not indicative of future results. In addition trading in foreign exchange markets on margin carries a high level of risk, and may not be suitable for all individuals.

US stocks end the day mixed

By | 6:06 PM | 0 Comments

US stocks ended the day mixed with the Dow down 16.31 points, or -0.1%. The NASDAQ rose by 9.29. This represents a small gain of 0.23%, and the S&P rose by 2.54 points or 0.14%.

In Europe, the German DAX rose 0.99%. The French CAC also increased by 0.59%, UK FTSE rose by 0.62%.

The Nikkei index showed a small loss of -0.15%, and the Shanghai composite also fell by 0.30%

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All information on this site is provided for informational and educational purposes only. Information provided is not to be misconstrued as trading advice. Past results are not indicative of future results. In addition trading in foreign exchange markets on margin carries a high level of risk, and may not be suitable for all individuals.

 

GBPUSD trades down after breaking below trendline support.

By | 5:04 PM | 0 Comments

The GBPUSD is trading quietly since breaking below the trendline support. The next target on the downside is at the 1.6775. This is the 38.2% retracement of the move up from Tuesday’s low to today’s high. Other support comes in at 1.6755, where the 50% of the weeks move higher and the 100 hour moving average are both found. I would expect good buyers against this level on the first test.  Remember, the UK had pretty good employment released earlier this week.

Looking at the daily chart there is also good support on dips toward 1.6745.   That level corresponds with the high close price from February and March, and also the high price from 2011.A move below this level would be a failure of the break higher this week and should solicit more technical selling.

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All information on this site is provided for informational and educational purposes only. Information provided is not to be misconstrued as trading advice. Past results are not indicative of future results. In addition trading in foreign exchange markets on margin carries a high level of risk, and may not be suitable for all individuals.

Obama says there is possibility diplomacy works in Ukraine.

By | 3:55 PM | 0 Comments

He adds:
1.  Question now is will Russia help restore water
2. Several days to determine success in Ukraine
3.  Additional consequences can be imposed on Russia
4.  Hope is to see follow-through by Russia in Ukraine

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All information on this site is provided for informational and educational purposes only. Information provided is not to be misconstrued as trading advice. Past results are not indicative of future results. In addition trading in foreign exchange markets on margin carries a high level of risk, and may not be suitable for all individuals.

The USDJPY trades at the high for the day

By | 3:38 PM | 0 Comments

The USDJPY is trading in the high for the day at 102.445. This is above the high from yesterday and the high for the week at 102.356.  Staying above keeps the bulls in charge going into the new trading day.

Looking at the daily chart, the 100 day moving average currently comes in at 102.88 (blue line in the chart below). A move above this level will increase the bullish bias from a technical perspective, and will have traders looking toward trendline resistance at 103.93 as next key target.

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All information on this site is provided for informational and educational purposes only. Information provided is not to be misconstrued as trading advice. Past results are not indicative of future results. In addition trading in foreign exchange markets on margin carries a high level of risk, and may not be suitable for all individuals.

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