vendredi 10 avril 2015
A downside break on EUR/USD with other majors set to follow
Posted on 03:37 by nice news
Since the FOMC minutes were released on Wednesday, what had been a consolidation is turning back into a trend of dollar strength once more. There have been some key breaks on major forex pairs that show the dollar bulls are regaining the upper hand. A spike higher in Treasury yields yesterday also backs this assertion. Equity markets have been mixed recently, with Wall Street being held back by concerns over how the strength of the dollar will impact on earnings season that is just going, whilst also a fear of what Fed tightening might also do. The S&P 500 again struggled to gain any traction with a close of +0.4% (despite the sharp gains in Europe yesterday. Asian markets were supported overnight, with the Nikkei positive again as the Japanese yen weakened. There were also signs of a stabilization in Chinese inflation which held at 1.4%. European markets once again are trading mildly higher, remaining supported by yesterday’s news that Greece was able to repay its €450m loan from the IMF thus meaning that its back could continue to access emergency funding.
Forex trading shows that there is a slightly mixed outlook today, with sterling again under pressure but the yen just holding on once more. There is little from a European perspective for traders to get too worked up over today, however the UK Industrial Production numbers will certainly be of interest to sterling traders. There is an expectation of a dip to +0.4% for the year on year data at 0930BST. Other than that it is just Canadian unemployment at 1330BST, which is expected to stay steady at 6.8%.
Chart of the Day – Silver
The medium term technical aspects on the silver chart are beginning to look little concerning again. Since the shooting star candle was posted on Monday there have been three sharply negative candles which have done some significant damage to the outlook. A decisive break of the support
Forex trading shows that there is a slightly mixed outlook today, with sterling again under pressure but the yen just holding on once more. There is little from a European perspective for traders to get too worked up over today, however the UK Industrial Production numbers will certainly be of interest to sterling traders. There is an expectation of a dip to +0.4% for the year on year data at 0930BST. Other than that it is just Canadian unemployment at 1330BST, which is expected to stay steady at 6.8%.
Chart of the Day – Silver
The medium term technical aspects on the silver chart are beginning to look little concerning again. Since the shooting star candle was posted on Monday there have been three sharply negative candles which have done some significant damage to the outlook. A decisive break of the support
A downside break on EUR/USD with other majors set to follow
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