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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Tuesday 15th December 2015
STERLING closed lower today. The lowrange close sets the stage for a steady to lower 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. If it extends this month’s rally, the reaction high crossing is the next upside target. Closes below last Tuesday’s low crossing would confirm that a shortterm top has been posted.
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Wednesday 16th December 2015
THE EURO posted a key reversal down on Tuesday. Stochastics and the RSI are overbought but remain neutral to bullish signalling that sideways to higher prices are possible nearterm. The lowrange close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Closes below the 20day moving average crossing at 108.02 would confirm that a shortterm top has been posted. If it extends this month’s rally, the 50% retracement level of the AugustDecemberdecline crossing is the next upside target.
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Thursday 17th December 2015
THE EURO closed higher on Wednesday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. The midrange close sets the stage for a steady opening when Thursday’s night session begins trading. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted. If it renews this month’s rally, the 50% retracement level of the AugustDecemberdecline crossing is the next upside target.
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Friday 18th December 2015
THE EURO closed lower on Thursday as it extends this week’s decline. Stochastics and the RSI have turned 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 Friday’s night session begins trading. Closes below the 20day moving average crossing would confirm that a shortterm top has been posted while opening the door for additional weakness nearterm. If it renews this month’s rally, the 50% retracement level of the AugustDecemberdecline crossing is the next upside target.
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Friday 18th December 2015
THE SWISS FRANC 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 oversought but are turning neutral to bullish hinting that a shortterm bottom might be in or is near. Closes above the 20day moving average crossing would confirm that a shortterm bottom has been posted. If it renews this month’s decline, the 25% retracement level of the JanuaryNovemberrally crossing is the next downside target.
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Monday 21st December 2015
THE YEN closed lower on Friday. The lowrange close sets the stage for a steady to higher opening when Friday’s night session begins trading. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends today’s decline, December’s low crossing is the next downside target. If it renews the rally off October’s low, weekly support crossing is the next upside target.
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Wednesday 23rd December 2015
STERLING closed lower on Tuesday as it extends this year’s decline. The lowrange close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends the aforementioned decline, the 87% retracement level of the AprilJunerally crossing, closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
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Monday 28th December 2015
THE EURO closed higher on Thursday. Stochastics and the RSI are turning neutral to bearish signalling that sideways to lower prices are possible nearterm. The highrange close sets the stage for a steady to higher opening when Monday’s night session begins trading. Closes below the 20day moving average crossing are needed to confirm that a shortterm top has been posted. If it renews this month’s rally, the 50% retracement level of the AugustDecemberdecline crossing is the next upside target.
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Wednesday 6th January 2016
STERLING closed lower on Tuesday falling just short of testing last April’s low crossing. The lowrange close sets the stage for a steady to lower opening when Wednesday’s night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this winter’s decline, last April’s low crossing is the next downside target. Closes above the 20day moving average crossing are needed to confirm that a shortterm low has been posted.
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