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      Session Recap: EUR/USD lacking conviction

      The dollar trades weaker versus most competitors on Wednesday, with the main exception of the pound which suffered in the wake of BoE King comments, saying the UK faces a further bout of inflation and a muted economic recovery. Aside from a few economic indicators – including US retail sales - headlines flow has been light and pairs were confined to narrow ranges. Meanwhile, Wall Street indexes opened higher with the S&P500 reachings its its highest intraday level since Nov. 1, 2007.

      Main Headlines in Europe (in chronological order):

      Swedish Central Bank leaves repo rate unchanged

      EMU: Annual Industrial Production contraction slows down in December

      Pound getting kicked on BOE comments

      BoE sees inflation above 2% until 2016

      European markets cheer US-EU bilateral trade deal negotiations

      Lively session again. Pound Slammed

      US: Retail Sales rose 0.1% MoM in January

      American equity markets edge higher Wednesday

      US: Business Inventories rose +0.1% in December

      Forex: EUR/USD breaks down in US session

      After the profit taking drop from 1.3520 peak being supported by the 1.3465/80 area, the EUR/USD finally broke down and retraced all of its daily gains, easing below the opening price of 1.3454. The market is currently trading next to its daily low (1.3438), quoting at 1.3442 as of writing.
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      Forex Flash: USD/JPY correction on the horizon – Westpac

      According to FX Strategist Robert Rennie at Westpac, “While the USD/JPY volatility is expensive at the moment, it is expensive for a good reason – the two-week realized daily volatility is currently at 15%. The recent aggressive swings in sentiment mean it is all but impossible to sell spot without a very wide stop. The two-week time horizon looks optimal for us as it takes into account a number of key events including tomorrow’s Japanese GDP release and the BoJ meeting, this weekend’s G20 meeting, the Italian elections (February 24/25) and Bernanke’s semi-annual testimony on monetary policy to the Senate Banking Committee (February 26). We see a move back towards the 88/89.5 area as a reasonable target on a USD/JPY correction in the coming weeks.”
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