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Day: April 21, 2016
April 212016
EUR/USD Erases Gains After ECB Meeting
EUR/USD had started a strong rally after 9:00 GMT but has lost it after the monetary policy meeting of the European Central Bank. (Event A on the chart.) Now, market participants focus on the next week’s meeting of the Federal Reserve, and some of analysts say that the Fed may be more bullish than traders are anticipating. US data was not that great today (with the exception of jobless claims), but […]
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April 212016
Great Britain Pound Unable to Keep Bullish Momentum
The Great Britain pound erased its earlier rally against the US dollar and actually fell versus the Japanese yen. While poor retail sales data might have some negative impact on the currency, the main perpetrator in the sterling’s fall was the meeting of the European Central Bank. UK retail sales dropped sharply by 1.3% in March from February. Analysts had expected just a negligible fall by 0.1%. Yet the pound was rising […]
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April 212016
Euro Fails to Rally as European Central Bank Remains Dovish
The euro was attempting to rally today but failed and went back down after the monetary policy meeting of the European Central Bank showed that the bank’s outlook remained dovish. As was widely expected, the ECB did not change its monetary policy during today’s meeting. As for the future, ECB President Mario Draghi said that he expects interest rates “to remain at present or lower levels for an extended period of time.” He […]
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April 212016
Yen Mostly Rangebound as Traders Await Data
Japanese yen is mostly rangebound today as Forex traders wait for the latest data out of the United States. Yen has been reasonably strong recently and remains relatively strong as uncertainty continues in the market. Yen has been showing strength lately, gaining close to 10 per cent against the US dollar since the beginning of February. There have been a few hiccups hear and there, but for the most part, the yen has […]
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April 212016
Greenback Pulls Back After Earlier Gains
US dollar saw some earlier gains, holding over from yesterday’s rally. However, by now they are mostly gone as the greenback pulls back. Forex traders are consolidating their positions and preparing for the next move. Yesterday, the US dollar saw some gains as upbeat housing data helped bolster the story of a continuing recovery for the economy. Existing home sales rose 5.1 per cent in March, beating the forecast of a rise […]
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