Forex Day Trading Blog

FX Market Summary 04-15-2014: Dollar Hits Resistance

April 15th, 2014

The dollar has maintained a solid tone over the past 24 hours without making any strong progress. There were no major surprises in the Australian Reserve Bank minutes with policy on hold. There was a much weaker than expected figure for Chinese money supply growth which put China growth concerns back in the forefront of market concerns and AUD/USD retreated back below the 0.9400 level as global growth doubts also persisted. Read the rest of this entry »

FX Market Summary 04-14-2014: ECB Campaign Intensifies

April 14th, 2014

Over the weekend, there was an important key-note speech from ECB President Draghi which also had a substantive market impact. He stated that the Euro was an increasing focus for the central bank with the strengthening of the currency requiring further policy stimulus given the impact on inflation and inflation expectations. Although the bank chief stated that the exchange rate is not a policy target, the remarks did mark a significant scaling up of warnings over the situation and verbal intervention against the Euro. Read the rest of this entry »

FX Market Summary 04-11-2014: Marginal Dollar Relief Only

April 11th, 2014

Equity markets remained a significant focus on Friday following the sharp 3% Nasdaq decline seen Thursday. The Nikkei index retreated to six-month lows which maintained underlying reservations over yen selling as bearish media speculation surrounding stocks flared once again. USD/JPY did find support below the 101.50 level on longer-term bullish expectations. Read the rest of this entry »

FX Market Summary 04-10-2014: Dollar Undermined By Lower Yields

April 10th, 2014

The dollar has remained firmly on the defensive over the past 24 hours after being undermined by Wednesday’s more dovish than expected Fed minutes. Within the minutes there were concerns that inflation would stay at levels too low to be consistent with recovery. There was also an attempt to downplay expectations of higher interest rates with unease that forecasts were too bullish. Read the rest of this entry »

FX Market Summary 04-09-2014: Dollar Stays Under Pressure

April 9th, 2014

There were mixed trends in Asian trading Wednesday with regional equity markets firm on generally improved confidence surrounding emerging markets while the Nikkei index was weaker. Gains for regional stocks curbed defensive demand for the yen and, in this context, USD/JPY was able to regain the 102 level after recovering from 10-day lows near 101.50. Read the rest of this entry »