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The dollar again was modestly weaker in N.Y. trade on Wednesday, keeping the USD index marginally under the 80.00 mark for most of the session. EUR-USD ground its way through sellers into the 1.3800 level, eventually touching 1.3810. USD-JPY found support near 102.20, while cable stumbled to 1.6340 lows before inching back to 1.6400. Read more
USD-JPY dropped to a fresh correction low of 102.40 in early London trade, reflective of a broader move in the yen, with EUR-JPY and other yen crosses seeing a similar action. EUR-USD is near unchanged versus New York closing levels of yesterday, hovering around 1.3760-70. Read more
For the last few months, in my "Weekly Indicators" column I've expressed some level of concern about the "long leading indicators," i.e., those measures which usually turn up or down a year or more before the economy as a whole does. At the same time, I have stressed that most of them remain positive. Read more
Narrow ranges have been seen since Tuesday's London close. Moderate EUR weakness and JPY firmness provided the main theme. USD-JPY scraped out a new correction low of 102.57 in Tokyo trade, which is 84 pips down on the six-month peak that was seen the day before. Read more
The dollar was mixed in N.Y. dealings on Tuesday, falling again versus the euro and CHF, firmer against the pound and largely unchanged versus the yen. There was little data to drive prices, though Treasury yields eased back, putting some weight on the dollar in general, while inaction from the ECB has put a floor under the euro of late. Read more
Above is a chart of the British Pound/US dollar chart. From July until the beginning of October, the chart rose from 1.48 yo 1.62. We see a consolidation between ~1.59 and 1.62 from early October until the end of of November. During this time, the MACD dropped to a neutral reading. Read more
The dollar set new trend lows against both sterling and the euro during pre-London Asian trade before consolidating at moderately firmer levels during the European AM session. EUR-USD saw a six-week high of 1.3768 after triggering a batch of buy stops through the key 1.3735 level, which can now be considered a support level. Read more
Sterling outperformed in the period since Monday's London closing levels, extending to a fresh two-year high 1.6457 versus the USD, a new high for the week against the EUR, and a new major-trend peak versus the JPY. This followed remarks made after the London close by BoE Governor Carney, who said that U.K.'s need for stimulus risks fueling a housing market bubble, mentioning that the central bank has a range of tools it could deploy, if necessary, to offset a housing market growing a "warp speed." The BoE has already announced that the mortgage market focused part of the Funding for Lending scheme will terminate in January. Read more
FX trade was fairly quiet in N.Y. on Monday, and the dollar was mixed overall, posting modest gains versus the yen, remaining nearly flat against the euro, and losing ground to sterling and the CAD. There was no data to drive trade, though modest Wall Street gains indicated risk appetite holding up, despite the increased threat of Fed tapering following last week's jobs report. Read more
EUR-USD popped to a fresh six-week peak of 1.3729, continuing the upward run we've saw on Thursday and Friday following the unexpected reluctance of the ECB to detail further easing measures. EUR-JPY was a driven in early London trade, reportedly on the back of model fund buying, though the cross stalled just shy of the 141.55 high posted in the early Asia session. Read more
