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XE Market Analysis: Europe - Jul 19, 2013

By: XE Market Analysis

USD-JPY corrected lower to trade back into the 100.00 region, which was the catalyst for broader dollar selling and helped EUR-USD up to 1.3150. There was some positive EUR news after the Portuguese government survived a no confidence vote. AUD-USD steadied as dollar losses lifted it out of the 0.9150 area back towards 0.9200, though further gains were limited due to increased expectations of a RBA rate cut in August. Read more

XE Market Analysis: North America - Jul 19, 2013

By: XE Market Analysis

It was another quiet session for FX. A USD-JPY drop in Asia from 100.87 to 99.80 was the catalyst for early dollar selling, but follow through was very limited again and it backed up towards 100.50. Market participants opined that the pending Upper House elections in Japan on the weekend are more likely to benefit the leading coalition, which will mean more reforms and a positive for stocks and USD-JPY. Read more

XE Market Analysis: Asia - Jul 18, 2013

By: XE Market Analysis

The dollar firmed in N.Y. trade on Thursday, as better data, and improved risk taking supported. Jobless claims were lower than forecast, while the Philly Fed index was sharply higher. These helped the greenback, and took the S&P 500 and DJIA to record highs. Read more

XE Market Analysis: North America - Jul 18, 2013

By: XE Market Analysis

Dollar consolidation continued in Europe. Overall, the FX market struggled for a clear direction. Bernanke's testimony and Q&A yesterday maintained the status quo. He was dovish sounding, yet at the same time prepared the market for policy tapering, data permitting, which was probably his intention last week when he was misinterpreted by the market. Read more

XE Market Analysis: Europe - Jul 18, 2013

By: XE Market Analysis

The dollar was led higher overnight by a USD-JPY rally back over 100.00. Bernanke's testimony on Wednesday's was a positive for risk appetite and encouraged speculative positioning, though interest was still relatively tight versus EUR, GBP and the commodity bloc currencies. Read more

XE Market Analysis: Asia - Jul 17, 2013

By: XE Market Analysis

The FX market was choppy in N.Y. on Wednesday, with the dollar initially trading lower on the back of a dovish leaning Bernanke, and soft housing starts, before recovering. The dollar moved higher as Bernanke began his Q&A. Bernanke said markets were beginning to understand the Fed's thinking, which many have been interpreted as a suggestion that policy tapering is an inevitable consequence of an improving U.S. Read more

XE Market Analysis: North America - Jul 17, 2013

By: XE Market Analysis

There was a flurry of light repositioning ahead of today's testimony from Fed Chairman Bernanke, but overall recent trading ranges remained intact. GBP was the outlier after the BoE minutes unexpectedly revealed a 9-0 vote for unchanged policy, which drove Cable up from 1.5120 to 1.5246 highs. Read more

XE Market Analysis: Europe - Jul 17, 2013

By: XE Market Analysis

Activity in Europe is expected to be muted ahead of today's testimony from Fed Chairman Bernanke. We've already seen a moderate dollar correction by speculative longs and further dollar selling may be restrained from here. The EUR move back over 1.3100 and through 1.3150 has left the balance of risk on higher levels, but there will be zero interest to establish fresh positions. Read more

XE Market Analysis: Asia - Jul 16, 2013

By: XE Market Analysis

The dollar traded broadly lower in N.Y. on Tuesday, with slightly hotter headline CPI, and in-line industrial production not having much impact on the greenback. Focus was squarely on position adjustments in front of Bernanke's testimony on Wednesday, which entailed selling back dollars against every major currency. Read more

XE Market Analysis: North America - Jul 16, 2013

By: XE Market Analysis

The dollar was softer during the European morning as longs pared back positions ahead of Fed Chairman Bernanke's testimony on Wednesday. Price action was slow though and even though reasonable sized orders were filled there wasn't aggressive follow through action. Read more

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