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Day: October 2, 2019
October 22019
Last Call for the Bulls on USD/JPY from 106.92
The US dollar versus the Japanese yen currency pair dropped after a very nice rally, putting in danger the possibility of further appreciation. Long-term perspective After the apparent false break that printed the high of 108.47, the price rallied from 106.92 to the now double resistance materialized by the lower line of the angled rectangle and the 108.12 level, the confirmation of which occurred. After this confirmation, the price made a drop that brought the price — at the time of writing — […]
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October 22019
Japanese Yen Rebounds Amid Sales Tax Hike, Renewed Safe-Haven Status
The Japanese yen is rallying against most major currency rivals midweek as the worldâs third-largest economy implemented a long-awaited sales tax hike. This comes as Wall Street is forecasting the yen will enjoy a monumental rally to finish off the year amid the chaos unfolding in global markets. Are investors dismissing the weak data this week? On Tuesday, Tokyo raised the national sales tax from 8% to 10%, the first hike […]
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October 22019
Pound Falls on Weak UK Construction PMI, Rallies on New Brexit Proposals
The British pound today recovered from its daily lows and rallied higher in the late London session as details emerged of a new Brexit proposal by the British government. The European Union’s positive response to the proposals boosted investor confidence in the pound, causing it to rally higher despite the weak UK PMI released earlier today. The GBP/USD currency pair today fell to a low of 1.2228 in the early London session before recovering and rallying to a daily high […]
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October 22019
EUR/USD Rebounds Despite Employment Growth Matching Expectations
EUR/USD was falling earlier today but has bounced by now, rising above the opening level. The bounce happened despite decent US employment data that matched expectations. ADP employment rose by 135k in September, close the to the median forecast of 140k but less than in August — 157k (the reading which itself got a negative revision from 195k). (Event A on the chart.) US crude oil inventories climbed by 3.1 million last […]
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