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Reaction to otherwise firm U.S. inflation report was somewhat a surprise. Risk sentiment improved this week and we seem to have returned to the previous regime where the dollar is used as a funding currency, despite rising interest rates. EUR/USD appears ready to break above the longer term trendline.
al_dcdemo's Blog
Cable gains the most in one day since early December
With a 100 pip up day, a daily range of almost 200 pips and the close near the high, Cable confirmed bullish bias that has been prevailing since the middle of the last week. China stocks tumbling aren't that important anymore with yuan stability and oil recovery supporting the risk-on mood.
Last Friday's high was briefly violated before bulls took a pause. 1.4350 - 1.4375 is a strong level that includes highs from last week and lows from a week before. 1.44 shall see some resistance too ahead of…
Last Friday's high was briefly violated before bulls took a pause. 1.4350 - 1.4375 is a strong level that includes highs from last week and lows from a week before. 1.44 shall see some resistance too ahead of…
USD/JPY extends gains
USD/JPY rallied overnight and in early European session on the back of better risk sentiment and surging Nikkei. The most widely followed Japanese stock index rose 7.71% (1343 points) to 18771, which is the biggest one day gain since 2008.
The pair is up 100 pips from yesterday's US session low and was up nearly 200 pips from the weekly opening level. 120.70 - 121.00 is the immediate resistance (September 3th high, 200 DMA, Monthly Pivot Point, Weekly Resistance 1, Daily Resistance 2, 00's) befo…
The pair is up 100 pips from yesterday's US session low and was up nearly 200 pips from the weekly opening level. 120.70 - 121.00 is the immediate resistance (September 3th high, 200 DMA, Monthly Pivot Point, Weekly Resistance 1, Daily Resistance 2, 00's) befo…
USD pulled back ahead of FOMC
USD pulled back across the board in the morning, but not so much against CHF and JPY as against other major currencies. This continued and turned into risk-on afternoon, in which EUR and NZD gained the most. FOMC meeting on Wednesday looms large and that may keep prices contained in ranges.