Monday 2nd November 2015
THE EURO closed higher due to short covering on Friday as it consolidates some of this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. The U.S. National Association of Realtors said its pending home sales index dropped 2.3% last month, disappointing expectations for a gain of 1.0%. Pending home sales in August fell by 1.4%, whose figure was revised from a previously reported drop of 1.4%. The data came after the Commerce Department said U.S. gross domestic product grew at an annual rate of 1.5% in the three months to September, missing expectations for growth of 1.6%.
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Tuesday 3rd November 2015
HE EURO closed higher today. Data on Monday showed that growth in the euro zone’s manufacturing sector ticked higher in October. The final reading of the euro zone manufacturing PMI rose to 52.3 from 52.0 in September. The French factory sector posted modest growth with the manufacturing PMI coming in at 50.6 but growth in Germany’s factory sector slid to a threemonth low, with the factory PMI dipping to 52.1 from 52.3 in September.
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Wednesday 4th November 2015
THE EURO closed lower today. Earlier Tuesday, data showed that the number of unemployed people in Spain increased by 82.300 in October, more than the expected 70.300 rise and after an increase of 26.100 the previous month. The Federal Reserve left rates on hold last week but indicated that it could still raise interest rates for the first time since 2006 at its December meeting.
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Thursday 5th November 2015
THE YEN The dollar extended gains against the other major currencies on Wednesday, as the release of strong U.S. data boosted optimism over the strength of the economy. The dollar was higher against the yen, with USD/JPY up 0.29%. Payroll processing firm ADP reported on Wednesday that U.S. nonfarm private employment rose by 182,000 last month, above expectations for an increase of 180,000. The economy created 190,000 jobs in September, whose figure was downwardly revised from a previously reported increase of 200,000.
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Friday 6th November 2015
THE EURO closed lower today. Earlier Thursday, official data showed that German factory orders dropped 1.7% in September, confounding expectations for an increase of 1.0%, after a 1.8% decline the previous month. Investors were turning their attention to Friday’s U.S. nonfarm payrolls report for further indications on the strength of the job market. But the greenback remained supported after Federal Reserve Chair Janet Yellen said on Wednesday that a December rate hike is a “live possibility,” depending on the data.
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Monday 9th November 2015
THE EURO closed lower on Friday as it extends this month’s decline. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. The lowrange close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. If it extends this month’s decline, April’s low crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.
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Wednesday 11th November 2015
THE EURO closed down yesterday. Prices closed near midrange and hit a sevenmonth low today. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this month’s decline, April’s low crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.
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Thursday 12th November 2015
THE EURO closed higher due to short covering on Wednesday as it consolidates some of the decline off October’s high. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible nearterm. The highrange close sets the stage for a steady to lower opening when Thursday’s night session begins trading. If it extends the aforementioned decline, March’s low crossing is the next downside target. Closes above the 20day moving average crossing would confirm that a shortterm low has been posted.
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Friday 13th November 2015
STERLING closed higher on Thursday. The highrange close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted. If it renews this month’s decline, the 75% retracement level of the AprilJunerally crossing is the next downside target
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Monday 16th November 2015
THE YEN closed higher on Friday. The midrange close sets the stage for a steady opening when Monday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish singalling that a high might be in or is near. Closes below the 20day moving average crossing are needed to confirm that a high has been posted. If it renews this month’s rally, the 87% retracement level of August’s decline crossing is the next upside target.
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Tuesday 17th November 2015
STERLING closed lower on Monday. The lowrange close sets the stage for a steady opening when Tuesday’s night session begins trading. Stochastics and the RSI are neutral to bullish signalling that sideways to higher prices are possible nearterm. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted. If it renews this month’s decline, the 75% retracement level of the AprilJunerally crossing is the next downside target.
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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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