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Thread: Daily Market Analysis from ForexMart

  1. #251

    Default USD/JPY Fundamental Analysis: May 4, 2017

    The USD/JPY pair traded just within the reaches of its six-week high as the Fed refused to remove the possibility of a June rate hike, although the countryís economic growth weakened during the previous quarter. The Fed chose to maintain its current interest rates and had highlighted the positive outlook for the labor market during its two-day meeting, which could possibly be an indicator that at least two more interest rate hikes are scheduled to be carried out within the year. The USD/JPY pair closed down the previous trading session at 112.759 points after increasing by +0.69% or 0.0770 points.

    The current Fed statement and the previous statement do not have any stark contrasts except for the central bank choosing to ignore the GDP data this time. The futures markets are now pricing in a 93% probability that the Fed will be implementing an interest rate hike this coming June. The next FOMC meeting is set on June 13-14 which will be followed by a press conference from Janet Yellen. Based from the Fedís meeting minutes released yesterday, the Fed could possibly raise its interest rates by up to 25 basis points up to three times in a row before the year ends. If this indeed happens, then the US dollar would eventually become a very attractive and a very lucrative investment for market players.

    For todayís session, market volatility will not be expected to to increase since the majority of market players will be saving their energies for the release of the NFP report this Friday.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdjpy04-png 
    Andrea ForexMart, Official Representative

  2. #252

    Default EUR/USD Fundamental Analysis: May 11, 2017

    The EUR/USD pair continues to exhibit an intermittent trading action, which has been the pairís dominant price trend ever since the beginning of this week. The market had initially expected the currency pair to start off this week with a bang and consistently exhibit a positive trading stance throughout the week due to Macronís recent victory in the French polls, but as of now the currency pair is on the backfoot as its bulls have decided to retreat and take out profits in order for them to purchase the EUR/USD pair lower as it continues its correction.

    In addition to the EUR/USD pairís weakness, the greenback has also been strengthening across the board as traders are now about to conclude their June rate hike pricing. All of these factors has caused the EUR/USD pair to exhibit corrections at under 1.0900 points. However, during the past two days, the currency pair has been either ranging and consolidating or exhibiting a choppy price action, which is an indication that the market is attempting to create its own base. The currency pair is expected to create a base for another bullish attempt as the after-effects of the most recent rate hike is now losing its relevance and the improvements in the EU economy is now starting to become more evident in the market.

    For todayís session, there are no major news releases from the EU although the US economy will be releasing its unemployment claims and PPI data, although these are not expected to make a significant dent in the current status of the currency pair. The EUR/USD pair can be safely expected to remain its choppy action at the 1.0850 trading range throughout the day.
    Andrea ForexMart, Official Representative

  3. #253

    Default USD/JPY Fundamental Analysis: May 16, 2017

    The USD/JPY pair experienced a turnaround during yesterdayís trading session after a sudden high demand for high-risk assets manifested during the earlier parts of the Monday session. The JPY was initially boosted by flight-to-safety buys but immediately disappeared as market investors chose to shift their focus to the surge in US equity markets. The USD/JPY pair closed down yesterdayís session at 113.787 points after increasing by +0.41% or 0.464 points.

    Investors were generally worried with regards to Trumpís unexpected firing of FBI Director James Comey, the cyber-attack which made headlines last Friday, and the ballistic missile launch from the DPRK. The currency pair then began to hit rock-bottom after traders were practically unresponsive to these recent developments. This price action from the USD/JPY shows that investors might have become somewhat oblivious to these said developments. In fact, the cyber-attack was able to benefit the market after tech giants such as Cisco posted gains following the said online attacks.

    For todayís trading session, investors will be waiting for the release of industrial production data, mortgage delinquencies data, building permits, capacity utilization data, and housing starts data from the US economy. If this specific set of data comes out as a market disappointment, then the chance of the Fed implementing more rate hikes in the future might be lessened, although the June rate hike has been pretty much priced in by the market already. In any case, this could also cause the US dollar to drop further in value.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdjpy16-png 
    Andrea ForexMart, Official Representative

  4. #254

    Default GBP/USD Fundamental Analysis: May 17, 2017

    The sterling poundís bulls experienced a very harrowing trading day yesterday after the GBP/USD pair was unable to make any significant progress even after all the other major currency pairs were able to take advantage of the greenback going on backfoot. The cable pair remained within a very limited trading range and was unable to even advance towards its range highs, much less surpass this particular range. Several geopolitical issues has caused the dollar to drop, however, the GBP/USD pair did not have enough fuel for it to actually gain from the dollar losses.

    The US housing data fell short of initial market expectations, and this proved to be somewhat damaging for the interest rate bulls who had already priced in the possibility of a June rate hike from the Fed. However, the market was more affected by news that Trump had apparently leaked top-secret information to the Russian government straight from the Oval Office, in addition to reports that Trump has apparently been caught dipping his fingers into a certain continuing investigation. These series of events triggered a massive dollar selloff, and while other major currencies such as the EUR were able to make use of this particular development, the sterling pound barely moved from its original position. The GBP/USD pair only slightly advanced from 1.2900 points and is now placed at just under 1.2950 points and does not look like it could induce a rally anytime soon. This is an indicator of just how weak the currency pair as of the moment and it could only be a matter of time before things take a turn for the worse.

    For todayís trading session, there are no expected releases coming from the UK economy although international geopolitical events could possibly dominate the market for today. However, the GBP/USD pair is not expected to exhibit that much volatility given its recent weakness, and the pair should start a rally soon in order to placate any risk of the pairís current standing taking a turn for the worse.
    Andrea ForexMart, Official Representative

  5. #255

    Default USD/CAD Fundamental Analysis: May 19, 2017

    The USD/CAD pair continues to exhibit a very steady trading manner during the previous session and seems to be largely unaffected by the currently very high volatility levels in the market. In spite of the recent turmoil affecting the US government and a spike in oil prices, the loonie seems to be unaffected by this and remains trading on both sides of 1.3600 points in a very choppy price action with no indications of a possible change in direction.

    The recent surge in oil prices has kept the USD/CAD pair buoyant, and this is why the currency pair has stayed within the reach of 1.3550 points. The pairís consolidation is expected to continue until the next few days since oil prices have already increased in the short-term. Meanwhile, the greenback could possibly backfoot across the board since the possibility of a June Fed rate hike has dimmed somewhat. If this indeed happens, then the 1.3550 range will become a very critical region to surpass and until the USD/CAD pair goes past this range, then it can be safe to say that the pairís uptick is most likely to remain in the short-term. Otherwise, the currency pair could possibly revert to its previous range and could resort to a bearish consolidating price action.

    For todayís session, the Canadian economy will be releasing its CPI data and retail sales data, both of which are expected to induce volatility in the pairís price action.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdcad19-png 
    Andrea ForexMart, Official Representative

  6. #256

    Default USD/CAD Fundamental Analysis: May 23, 2017

    The USD/CAD pair has been exhibiting a very disappointing price action ever since it was able to test its range highs at 1.3800 points during the start of this month. The currency pair has been suffering from the repercussions brought about by the greenbackís weakness and the strength of the loonie which was mostly due to an oil price surge. This oil price increase was able to cover up the actual occurrences within the Canadian economy and has provided enough leverage for the loonie to advance, and this is why the USD/CAD pair has been consistently dropping value during the last two weeks.

    As of the moment, the currency pair is now within a very critical region of 1.3500 points, where it continues to look very weak. The weakness of the greenback has been the dominant market trend as of the moment, with the dollar getting adversely affected by Trumpís political woes, which in turn has affected the US economy as well as its monetary policy. The market had initially priced in a rate hike this coming June, but with the recent slew of dismal events, it looks like the marketís players might have to put off this interest rate hike at least for now. In addition, the rising oil prices has helped the loonie to retain its positive image amidst Canadian banking concerns, wherein the majority of Canadian banks have been given the thumbs-down by ratings agencies. The loonie strength has also helped to offset the concerns surrounding the HCG and the housing sector.

    For todayís session, there are no major news releases coming from both the US and the Canadian economy, although some Fed officials will be making statements today with regards to the US monetary policy. All these are expected to add downward pressure on the USD/CAD pair and cause the pair to test its support levels.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdcad23-png 
    Andrea ForexMart, Official Representative

  7. #257

    Default GBP/USD Fundamental Analysis: May 23, 2017

    The GBP/USD pair has still refused to join the tumult caused by other major currencies rallying against the greenback. In addition, the market was wrecked by news of a bombing at Manchester, which killed a total of 19 people and has injured over 50 people in its wake, in what has been confirmed as an all-out terrorist attack. Although the reaction of the sterling pound to this particular news has been somewhat muted, it has certainly caused the GBP/USD pair to drop in value, wherein it is not expected to become bullish since the Manchester bombings has made headlines today.

    The GBP/USD pair started off yesterdayís session a weak note following reports that the UK government might cancel the Brexit negotiations if the EU officials would implement a lot of harsh conditions. These developments are all expected to maintain the downward pressure on the cable pair as the UK economy enters a very critical period next month due to the oncoming snap elections and the Brexit talks immediately after the elections. However, the cable pair did manage to make a slight recovery during the European session, with the pair reverting to 1.3000 and even managed to test 1.3030 points before being met with a lot of selling and correcting towards 1.3000 points following the news of the bombings. The GBP/USD pair is then expected to remain under downward pressure for the duration of todayís sessions.

    For today, there are no major releases coming from the UK economy, while a couple of Fed officials will be making speaking engagements later in the day. Since the recent bombings at Manchester would most likely dominate the international headlines, the GBP/USD pair is expected to remain safely consolidating on both sides of 1.3000 points with bearish undertones.
    Attached Images Attached Images Daily Market Analysis from ForexMart-usdcad23-png 
    Andrea ForexMart, Official Representative

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