Wednesday 18th November 2015
THE EURO slided 0.32% to fresh sixmonth lows. Markets shrugged off a report by the ZEW Centre for Economic Research showing that its index of German economic sentiment rose by 8.5 points to 10.4 this month from October’s reading of 1.9, which was a 12month low. Analysts had expected the index to rise by 4.1 points to 6.0 in November. However, the index of euro zone economic sentiment declined to a 12month low of 28.3 in November from 30.1 a month earlier, missing forecasts for 35.2.
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Thursday 19th November 2015
THE YEN closed higher today. The U.S. Commerce Department reported that housing starts dropped 11% to 1.060 million units last month from September’s total of 1.191 million units. Analysts had expected a decline of 3.9% to 1.160 million. Meanwhile, the number of U.S. building permits issued rose 4.1% to 1.150 million units from September’s total of 1.105 million, broadly in line with market expectations. Demand for the dollar continued to be underpinned by expectations that the Fed will hike rates before the years end.
Friday 20th November 2015
THE EURO climbed 0.53%, off the previous session’s sixmonth. The euro came under pressure earlier, after the minutes of the European Central Bank’s October meeting said the risk that it would miss its inflation target again has increased. Most members of the Governing Council shared the view that inflation risks have increased and anticipated the timing of inflation getting back to target is likely to be pushed back again. The central bank reiterated that it is ready to act and would reexamine its policies at its upcoming meeting on December 3.
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Monday 23rd November 2015
STERLING closed lower on Friday as it consolidates some of the rally off November’s low. The lowrange close sets the stage for a steady to lower opening when Monday’s night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. If it extends the rally off November’s low, November’s high crossing is the next upside target. Closes below Tuesday’s low crossing would temper the nearterm friendly outlook.
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Tuesday 24th November 2015
THE EURO slipped 0.20% to sevenmonth lows. The euro found some support after research group Markit said that its euro zone composite purchasing managers’ index, which measures the combined output of both the manufacturing and service sectors, rose from 53.9 in October to 54.4 in November.It was the index’s highest level in more than four years. Markit also said the German manufacturing PMI ticked up to 52.6 this month from 52.1 in October, while the services PMI rose to 55.6 in November from 54.5 in October.
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Tuesday 24th November 2015
THE EURO slipped 0.20% to sevenmonth lows. The euro found some support after research group Markit said that its euro zone composite purchasing managers’ index, which measures the combined output of both the manufacturing and service sectors, rose from 53.9 in October to 54.4 in November.It was the index’s highest level in more than four years. Markit also said the German manufacturing PMI ticked up to 52.6 this month from 52.1 in October, while the services PMI rose to 55.6 in November from 54.5 in October.
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Thursday 26th November 2015
Crude Oil inched up on Wednesday after reversing territory late in the session, as global oversupply and the wideranging geopolitical ramifications of the downing of a Russian jet by Turkey remained in focus. On Wednesday morning, the U.S. Energy Information Administration (EIA) said that U.S. commercial crude inventories rose by 1.0 million barrels for the week ending on Nov. 20, slightly below expectations of a 1.1 million barrel build. It came one day after the American Petroleum Institute reported an increase of 2.6 million barrel in crude stockpiles last week.
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Friday 27th November 2015
THE SWISS FRANC closed higher today. The greenback remained broadly supported after a string of upbeat U.S. data on Wednesday added to expectations that the Federal Reserve will raise interest rates next month. The U.S. dollar index, which measures the greenback’s strength against a tradeweighted basket of six major currencies, was steady at 99.88, just below Wednesday’s eightmonth peak of 100.21.
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Monday 30th November 2015
THE EURO slumped 0.17% in late trade on Friday, not far from Wednesday’s sevenmonth trough. The pair ended the week down 0.5%. The single currency could fall even further next week if the ECB’s Governing Council institutes further easing measures to stimulate the economy and bolster inflation at its meeting in Frankfurt. Over the last few weeks, ECB president Mario Draghi has sent strong indications that the central bank could increase the scope of its €60 billion a month quantitative easing program at the December meeting.
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Monday 30th November 2015
THE YEN edged up on Friday. Trading volumes were thin on Friday due to the Thanksgiving holiday in the United States. The U.S. stock market closed at 1:00PM Friday after being closed Thursday for Thanksgiving. The U.S. dollar index, which measures the greenback’s strength against a tradeweighted basket of six major currencies, ended Friday’s session up 0.19% at 100.05. It earlier rose to 100.26, a level not seen since March 16.
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Wednesday 2nd December 2015
SPOT GOLD rose on Tuesday, after data showed that manufacturing activity in the U.S. contracted at the fastest pace since July 2009 in November. The Institute for Supply Management said its index of purchasing managers fell to 48.6 last month from a reading of 50.1 in October. Analysts had expected the manufacturing PMI to inch up to 50.5 in November. The downbeat data dampened optimism over the strength of the economy and fanned hopes the Federal Reserve could delay raising interest rates until next year.
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Wednesday 2nd December 2015
SPOT GOLD rose on Tuesday, after data showed that manufacturing activity in the U.S. contracted at the fastest pace since July 2009 in November. The Institute for Supply Management said its index of purchasing managers fell to 48.6 last month from a reading of 50.1 in October. Analysts had expected the manufacturing PMI to inch up to 50.5 in November. The downbeat data dampened optimism over the strength of the economy and fanned hopes the Federal Reserve could delay raising interest rates until next year.
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Wednesday 2nd December 2015
SPOT GOLD rose on Tuesday, after data showed that manufacturing activity in the U.S. contracted at the fastest pace since July 2009 in November. The Institute for Supply Management said its index of purchasing managers fell to 48.6 last month from a reading of 50.1 in October. Analysts had expected the manufacturing PMI to inch up to 50.5 in November. The downbeat data dampened optimism over the strength of the economy and fanned hopes the Federal Reserve could delay raising interest rates until next year.
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Thursday 3rd December 2015
THE EURO dropped 0.64% today, reapproaching Monday’s sevenmonth trough. Eurostat said on Wednesday that the euro zone’s consumer price inflation increased by 0.1% last month, missing expectations for a gain of 0.2% and following a 0.1% increase in October. The rate has now been below 1% for 26 straight months, well under the European Central Bank’s target of near but just under 2%. Sentiment on the euro also remained vulnerable amid signals by the ECB over the past weeks that it is ready to implement additional easing measures in order to boost inflation in the euro zone and support growth.
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Friday 4th December 2015
THE EURO rallied 2.21% today, after falling to a sevenmonth trough earlier in the day. ECB President Mario Draghi said the bank will expand its bondbuying purchase scheme beyond the current cutoff point of September 2016 until the end of March 2017, or beyond if necessary. The ECB extended the range of assets that are eligible for purchase and will now also buy regional and local government debt and will reinvest the proceeds from quantitative easing as bonds mature. The pace of the QE program is to remain unchanged at €60 billion, disappointing expectations that the central bank would speed up its bondbuying scheme.
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Monday 7th December 2015
THE EURO The dollar strengthened against the euro and the yen on Friday after a robust U.S. jobs report for November bolstered expectations that the Federal Reserve will hike interest rates later this month. The single currency was also pressured lower after European Central Bank President Mario Draghi said Friday the ECB would step up stimulus measures if necessary to bring inflation back to target. The remarks came one day after the euro posted its largest oneday gain against the dollar in more than six years, jumping 3% after the latest easing measures announced by the ECB fell short of market expectations.
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Wednesday 9th December 2015
THE EURO gained 0.45%. The dollar remained broadly supported after Friday’s strong U.S. employment data fuelled further expectations that the Federal Reserve will hike interest rates for the first time since 2006 at its upcoming meeting on December 1516. Separately, market sentiment weakened after data on Tuesday showing that Chinese exports fell for the fifth consecutive month added to fears over a slowdown in the world’s secondlargest economy.
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Thursday 10th December 2015
THE EURO gained 0.59% today. Trade in the euro remained subdued after last Thursday’s rally when the latest round of European Central Bank easing measures fell short of market expectations. The dollar remained broadly supported after Friday’s strong U.S. employment data fuelled further expectations that the Federal Reserve will hike interest rates for the first time since 2006 at its upcoming meeting on December 1516.
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Friday 11th December 2015
THE EURO slid 0.61% today. The euro remained supported however, after the latest round of easing announced by the European Central Bank fell well short of market expectations. The U.S. Department of Labor reported that the number of individuals filing for initial jobless benefits in the week ending December 4 increased by 13,000 to 282,000 from the previous week’s total of 269,000. Analysts expected jobless claims to hold steady at 269,000 last week.
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Monday 14th December 2015
THE EURO rose 0.62% on Friday. The euro still remained supported after the latest round of easing announced by the European Central Bank fell well short of market expectations. The U.S. Department of Labor reported that the number of individuals filing for initial jobless benefits in the week ending December 4 increased by 13,000 to 282,000 from the previous week’s total of 269,000. Analysts expected jobless claims to hold steady at 269,000 last week.
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