Thursday, 19 October 2017

Market Data (18)

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Market Data
EUR/USD strength under question. Yesterday did see a bounce higher in EUR/USD, yet the inability to break back above $1.133 has brought us onto a less convincing upward trajectory. The creation of a lower high and lower low is a warning sign and the move below the 50-hour simple moving average points towards a more bearish outlook. That said, I...

Market Comment 2nd September 2015

Written by Friday, 04 September 2015 00:00
Market Data
Consolidation is the name of the game this morning as European equity traders lick their wounds following yesterday’s sell-off.  The FTSE remains above the 6000 level but is down 0.22% in early trade. The technical picture would suggest that this psychological level is breakable. The energy sector is in the red this morning, as oil...
Market Data
USD/JPY turns lower again for a renewed bearish outlook. USD/JPY is moving lower, following a failed attempt to break higher yesterday. The move below the ¥120.88 points towards the completion of the topping formation, and I believe we are now set for a substantial move lower in this pair. The ¥120.0 mark appears to be the next likely...

Market Comment 12th December 2014

Written by Sunday, 14 December 2014 00:00
Market DataEuropean equities are set to slump on the open as overnight declines in commodities are set to batter energy and mining stocks once again.

Despite overnight gains in the US and Asia we are expecting over 1% drops for the major indices on the open. Overnight, WTI broke the $60 dollar handle and now looks quite settled below this level whilst gold, having a choppy sessions yesterday but ultimately flat on the day, is now flirting with yesterday’s lows. Better than expected retail sales data in the US spurred a rebound of 63 points in the Dow Jones yesterday.

Following a significant sell off in the previous three session, a bounce back was somewhat expected. Nonetheless the Dow has resumed its slump in afterhours trading on collapsing oil prices and renewed questioning on the strength of the global economy.

Signs the US economy remains in a healthy state have attracted buyers back into the greenback ahead of the next week’s central bank meeting. So the EURUSD pair lost 35 pips to 1.2412 amid a violent tumble in the Greek stock market.

Greek tragedy all over again or ‘this time is different’? US shale oil is really making an impact with some analysts predicting the end of OPEC as we used to know them. The war for market share is clearly trumping any concerns about price as yesterday we saw the WTI breaking below the psychologically important $60.00 mark, closing $1.99 down at $59.13 a barrel. Solid economic figures in the US triggered speculation the Fed will have to raise interest rates sooner rather than later. That in turn delivered fresh blow to gold prices which found themselves yet again under pressure. Gold is trading around $1220.00 currently after rallying to $1238.00 a few days back.

Market Comment 11th December 2014

Written by Sunday, 14 December 2014 00:00
Market DataEuropean equities are set to slide on the open once more as the risk off sentiment fails to abate. 

Steep falls overnight in the US and Asia indicate that the bears are still running rampant and certain to be active on the open. With the major European indices chopping around the flat mark for the year and prospects for the global economy looking dim next year, many traders won’t want to ruin their Christmas’s by being on the wrong side of the markets next major move so moving to cash in the short term looks like the default move. 

Amid fast declining oil prices, OPEC announced that its forecast for next year’s oil demand was downgraded sparking a sharp selloff in energy stocks. That in turn led to a significant tumble in the Dow Jones which lost 245 points to 17,544 the biggest drop since October 9. 

The shared currency continued to rebound yesterday for the third straight session, gaining 74 pips against the US dollar to 1.2447. However, this could end up being a rebound supported by profit taking as the reality indicates a divergent state of affairs on the two sides of the Atlantic and the gap is nowhere near of being addressed. It appears that Saudi Arabia is focused more on maintaining its oil market share than worrying about prices according to Oil Minister Ali Al Naimi who said ‘the market will correct itself’. In the meantime the WTI crude prices stayed on their southward trajectory posting another steep plunge of $2.11 to $61.21.

The US Department of Energy released its weekly stockpiles report showing a build of 1.5 million barrels against estimates for a drop of 2.6 million barrels. Collapsing oil prices did reignite lately scares of another old trouble - deflation, the very phenomenon that quantitative easing was trying to protect the world from. Consequently gold is also losing its appeal as a hedge, yesterday the precious metal dropping $5.5 to $$1224.7. The question is we don’t buy gold because of deflation or we buy it as a hedge against turmoil?

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