Dukascopy_Analyst

Dukascopy_Analyst

"The yen's quite sensitive to risk appetite. The Bank of Japan has been pretty ineffective in getting the yen weaker even though we expect further easing from them. It's just a sense that there's not a lot the Bank of Japan can do about the yen." - Bank of New Zealand Ltd. (based on Bloomberg) Pair's Outlook A poor reading of the US Factory Orders caused the...

Dukascopy_Analyst

"The response from local supports remains corrective only and although sterling prices are evidently trading above 1.4000 at present this key/historic level nonetheless looks vulnerable to attack again going forward." - Associated Foreign Exchange (based on PoundSterlingLive) Pair's Outlook On Monday the GBP/USD currency pair reconfirmed the six-week up-trend,...

Dukascopy_Analyst

"The dollar is "going to be mired in a range"." - TJM Brokerage (based on Reuters) Pair's Outlook The most traded FX cross refrained from kicking off a recovery in the direction of the 1.15 mark yesterday, as traders are waiting for the FOMC minutes tomorrow and maintaining the wait-and-see mode. Nevertheless, the medium-term projection is the same as 24 hours...

Dukascopy_Analyst

"Gold didn't like the data . It may have encouraged some people to take profits on gains from the first quarter." - LOGIC Advisors (based on Wall Street Journal) Pair's Outlook Technical trading of the bullion remains uncertain at the moment, because there are several important resistances and supports surrounding the present spot price of 1,217. From the...

Dukascopy_Analyst

"If we start to see macro readings out of the United States pick up a head of steam (with a strong jobs number helping) this could prompt a change in the current thinking that the Fed will remain dovish for a long while." - INTL FCStone (based on CNBC) Pair's Outlook Gold prices attempted to skyrocket again on Thursday; however, by the end of American market...

Dukascopy_Analyst

"The Fed looks to be far more Dow-dependent than it is data-dependent. Delivering, say, two rate rises when the market is priced for one is only going to occur if it can be done in a way that isn't going to be upsetting for global risk sentiment." - National Australia Bank Ltd. (based on Bloomberg) Pair's Outlook The US Dollar remained relatively unchanged...

Dukascopy_Analyst

"The only thing that could push the Fed into more hawkish territory is if they see wage price inflation." - BK Asset Management (based on Reuters) Pair's Outlook The Cable struggled to pierce the weekly R1 for the second day yesterday and is likely to have issues edging above 1.44 again today. The base case scenario is a corrective decline towards the...

Dukascopy_Analyst

"If indeed the aim was to push down the euro, clearly it has not worked at all for over a year now." - Societe Generale (based on Bloomberg) Pair's Outlook By appreciating for a fourth successive day on Thursday, EUR/USD tested the 1.14 mark for the first time since October. By session-end, however, gains were contained by the last weekly resistance at 1.1390....

Dukascopy_Analyst

"The game changer for me is Yellen was extremely specific...mentioning the currency … saying the dollar cannot go higher. From a currency perspective, that's pretty important…It was a really explicit (message)." - Jesper Bargmann, Nordea Markets (based on CNBC) Pair's Outlook The Greenback's losses against the Japanese Yen yesterday were limited, due to the...

Dukascopy_Analyst

"The USD sell-off is broadening, and risks are that it continues to disappoint bulls in the near term. But as we look ahead, we wonder about the sustainability of this trend. So we find ourselves in a position where the stronger USD cycle does not look complete, yet the near-term triggers of a resumption of this cycle are scarce." - ANZ (based on Reuters) ...

Dukascopy_Analyst

"After last week's comments from Fed officials who suggested that rates could be raised in April, dollar bulls hoped that Yellen would confirm their less dovish posture." - BK Asset Management (based on Business Recorder) Pair's Outlook Fed Yellen's statement yesterday caused the USD/JPY currency pair to fall back under the 113.00 level, therefore, preserving...

Dukascopy_Analyst

"The actual U.S. dollar decline has been more dramatic than we expected." - Commonwealth Bank (based on Bloomberg) Pair's Outlook EUR/USD became pretty much buoyant on Tuesday after dovish remarks by the Fed Chair Janet Yellen. Initial resistance area was penetrated relatively easily, while successful testing of the weekly R1 at 1.1250 paved the way for a...

Dukascopy_Analyst

"If (Yellen) reinforces recent sentiment expressed by some of governors, we could see further dollar strengthening and corresponding pressure on gold." - INTL FCStone (based on CNBC) Pair's Outlook On Monday the bullion was turbulent, as initially the bears led a decline below 1,210. However, all losses were erased by the end of the day, with falling Greenback...

Dukascopy_Analyst

"A clearer picture of (the first quarter) is coming together now, and it's not looking like a particularly strong quarter for the U.S." - Westpac Banking Corp. (based on Reuters) Pair's Outlook Even though the USD/JPY currency pair closed trade at the descending channel's resistance line, upside risks are now higher. A failure to reacquire the bearish momentum...

Dukascopy_Analyst

"PCE turned out weaker than expected and I think the market is reacting to that by driving the dollar lower." - Boris Schlossberg, BK Asset Management (based on 4-traders) Pair's Outlook With most of the US data disappointing yesterday, the Sterling was able to outperform the US Dollar and not only climb over the 1.42 level, but nearly even reach the 1.43...

Dukascopy_Analyst

"Markets are wary that Yellen will reaffirm the cautious FOMC statement, undermining dollar-specific optimism." - ANZ Bank New Zealand (based on Bloomberg) Pair's Outlook Weak US personal spending data helped the EUR/USD cross to add value on Monday, as it closed below 1.12 after testing the 23.6% Fibonacci retracement of the March 2016 uptrend at 1.1220. The...

Dukascopy_Analyst

"While we have stated that Fed tightening may not be as negative for gold as in previous tightening cycles, an April rate rise would likely knock gold lower near term." - HSBC (based on CNBC) Pair's Outlook The bullion is continuously set to hover in limbo after the commodity market returned back to trading on Monday morning, meaning the outlook is largely the...

Dukascopy_Analyst

"I find it hard to believe that Japanese players have been actively selling the yen and taking on foreign exchange risk after the (BOJ's) launch of negative interest rates." - Shinji Kureda, Sumitomo Mitsui Banking Corporation (based on CNBC) Pair's Outlook The USD/JPY currency pair took another step closer towards the current bearish channel's resistance...