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USD/CAD neutral-bullish short-term – Scotiabank Pablo Piovano

FX Strategists at Scotiabank gave their views on the pair, expecting at the same time a potential test of the 1.2600 handle.Key Quotes“Bearish momentum signals have faded to neutral and DMI’s are confirming a shift in the balance of risk”.“Both the 9 and 21 day MA’s have been broken, the latter for the first time since late December”.“We look to near-term gains toward 1.2480 and 1...

17:46 05 February /2018 Forex

WTI depressed below $65.00, US production weighs Pablo Piovano

Crude oil prices are extending the bearish note at the beginning of the week, with the barrel of West Texas Intermediate posting moderate losses in the proximity of the $65.00 mark.WTI looks to data for directionPrices of the barrel of the American b...

17:23 05 February /2018 Forex

EUR/USD stuck in a range, around mid-1.2400s ahead of Draghi’s speech Haresh Menghani

   •  Surrenders upbeat EZ PMI led early gains. 
   •  Reviving USD demand seemed to cap up-move. 
   •  US ISM PMI and Draghi eyed for fresh impetus.The EUR/USD pair struggled to build on early up-move and has now retreated around 25-30 pips from session tops. The pair did attempt to build on its post-NFP rebound from the 1.2400 neighbor...

17:00 05 February /2018 Forex

Gold clings to minor recovery gains, reviving USD demand capping gains Haresh Menghani

   •  A modest USD uptick negated by sliding US bond yields. 
   •  Risk-off environment underpinning safe-haven demand.Gold held on to its modest recovery gains through the mid-European session but now seems struggling to gain any strong follow-through traction further beyond $1340 level.Reviving US D...

16:23 05 February /2018 Forex

EUR longs gained ground, USD positions continued to push into negative ground - Rabobank Sandeep Kanihama

According to IMM net speculators’ positioning as at January 30, 2018, net USD positions continued to push into negative ground last week, though net shorts remain below the levels achieved at the end of November. Key Quotes“The impact of higher Fed rates in the FX market has been diluted by talk of l...

16:23 05 February /2018 Forex

USD/CAD rises back closer to session tops, around mid-1.2400s Haresh Menghani

   •  USD manages to recover early lost ground.
   •  Weaker oil prices lending additional support.
   •  US ISM PMI eyed for fresh trading impetus.The USD/CAD pair caught some fresh bids near the 1.2400 handle and is now headed back towards the top end of its daily trading range. The latest leg of up-move of over 40-pips since the early Eu...

16:00 05 February /2018 Forex

EUR/JPY in 2-day lows near 136.50 Pablo Piovano

The softer tone around the European currency is motivating EUR/JPY to drop to the area of daily lows in the mid-136.00s.EUR/JPY gains capped near 137.50The cross is correcting lower after three consecutive sessions with gains, including Friday’s peak around 137.50, levels last traded in late August 2015.The shared currency is ext...

16:00 05 February /2018 Forex

AUD/USD bearish on a close below 0.7860 – UOB Pablo Piovano

The outlook on the Aussie Dollar should shift to bearish from neutral on a daily close below 0.7860, suggested FX Strategists at UOB Group.Key Quotes24-hour view: “The outsized drop in AUD last Friday came as big surprise. The sharp decline appears to be running ahead of itself even though a test of 0.7860 w...

15:23 05 February /2018 Forex

GBP/JPY tumbles to fresh lows, risks breaking below 154.00 mark Haresh Menghani

   •  GBP weighed down by incoming softer UK data.
   •  Risk aversion trade boosts JPY’s safe-haven demand. 
   •  Technically seems vulnerable to slide further. The GBP/JPY cross remained heavily offered for the second consecutive session and dropped to the 154.00 neighborhood during the mid-European session on Monday. The cross extende...

15:23 05 February /2018 Forex

EUR/USD sidelined around 1.2450, US data Pablo Piovano

The consolidative theme around the greenback is leaving EUR/USD to navigate the area around 1.2450 for the time being, fading the initial spike to daily highs around 1.2475.EUR/USD now focused on Draghi, US dataThe pair clings to its daily gains as the greenback is extendin...

14:46 05 February /2018 Forex

GBP/USD hits fresh session lows, retreats farther below 1.41 handle Haresh Menghani

   •  Extend post-UK PMI downslide despite subdued USD demand.
   •  Traders look forward to the US ISM PMI for some fresh impetus. The GBP/USD pair extended its UK PMI-led downslide and has now dropped to the lower end of its daily trading range, retreating over 60-pips from session highs. After an early Asian session dip to the 1.4080 region, the pair gaine...

14:46 05 February /2018 Forex

AUD/USD stalls modest recovery move near 0.7955, US ISM PMI ahead Haresh Menghani

   •  USD lacks any follow-through traction.
   •  Subdued US bond yields supportive.
   •  US ISM PMI eyed ahead of Aussie data and RBA.The AUD/USD pair built on its steady recovery move from over 3-week lows and refreshed session tops in the last hour, albeit quickly retreated few pips thereafter.The US Doll...

14:23 05 February /2018 Forex

AUD/USD rallies seen fading near 0.7985 – Commerzbank Pablo Piovano

In light of the recent price action around AUD/USD, occasional bullish attempts could fail around 0.7985, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.Key QuotesAUD/USD last week eroded its accelerated uptrend and sold off s...

13:46 05 February /2018 Forex

CAD: 1.25 level may be more significant - BBH Sandeep Kanihama

In the second half of last week, the US dollar forged a shelf around CAD1.2250 and an outside up day was recorded before the weekend and the close was strong at CAD1.2400, points out the research team at BBH. Key Quotes“It tested the 20-day moving average (~CAD1.2410) but did not close above it. It has not done so since December 20.  The CAD1.2420-CAD1.2460 area offers a nearby ca...

13:46 05 February /2018 Forex

Bundesbank’s Dombret: public budgets in many EZ countries remain vulnerable to shocks Haresh Menghani

Andreas Dombret, Member of the Board of the Deutsche Bundesbank, is out on the wires, saying that public budgets in many EZ countries remain vulnerable to shocks and giving the currency union a robust overall architecture remains the greatest challenge. Meanwhile, the EUR/USD pair held on to its daily gains near session tops as investors looked forward the

13:46 05 February /2018 Forex

GBP/USD gives away gains near 1.4120 post-PMI Pablo Piovano

The Sterling is clinging to its early gains on Monday, with GBP/USD managing to gyrate around the 1.4120/30 band for the time being.GBP/USD supported near 1.4080After bottoming out in the 1.4080 region earlier in the Asian session, Cable seemed to have found dip-buyers alon...

13:00 05 February /2018 Forex

Russia’s oil output steadies in January Dhwani Mehta

According to data released by Russia’s Energy Ministry, the country’s oil production in January was 46.31 million metric tonnes, or 10.95 million barrels per day (bpd), almost unchanged from 46.34 million tonnes in December 2017, reports.In the month of December, Russia’s output levels had risen at foreign firm-led project...

12:46 05 February /2018 Forex

NZ: Commodity Price Index rose 0.7% m/m in January - ANZ Sandeep Kanihama

The ANZ Commodity Price Index for NZ economy rose 0.7% m/m in January, a welcome change in direction following a 3-month slide, according to Con Williams Agri Economist at ANZ.Key Quotes“The lift was broad-based with meat, dairy, forestry and aluminium prices all lifting; the only fall was seen in milkfat products. The NZD continued to squeeze higher against major trading partners...

12:46 05 February /2018 Forex

EUR/USD hits fresh session tops post-EZ PMIs, Draghi’s speech in focus Haresh Menghani

   •  Subdued USD demand helps regain some positive traction.
   •  EUR further benefits from upbeat EZ final PMI figures. 
   •  US ISM PMI awaited ahead of Draghi’s testimony. The EUR/USD pair held on to its modest daily gains and refreshed session tops, around the 1.2470-75 region, post-EZ PMIs. With investors looking past Friday's upbeat US monthly jo...

12:46 05 February /2018 Forex

UK services PMI dips to 53.0 in January, at 16-month lows Dhwani Mehta

The services sector activity in the UK economy rebounded sharply and surprised markets to the upside in January, a fresh report from Markit Economics showed on Monday.The services PMI jumped to 53.0 in January versus a 54.2 reading booked in December. Markets predicted an expansion to 54.3 last month.Key Points:Services output rises at the slowest pace since Septe...

12:46 05 February /2018 Forex