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US dollar index rallies further to highest since February Matías Salord

The US dollar ended the week mostly higher across the board. In the currency market, the worst performers during the week were the loonie (CAD) and the euro (EUR). The US Dollar index, which gauges the US dollar against its main competitors, is about to end the week 0.70% higher. The index extended gains on Friday supported particularly be the decline of...

22:46 21 October /2016 Forex

Fed's Williams: Makes sense to hike rates gradually, sooner than later

Fed San Francisco President John Williams was on the wires last minutes, saying that makes sense to raise rates gradually, "sooner than later".Key headlines (via Reuters):

21:46 21 October /2016 Forex

Oil hovers near $51 a barrel, on track for a weekly gain Ani Salama

US oil advanced modestly on Friday and hovered near $51.00 a barrel during the New York session after Baker Hughes reported that the number of active US oil rigs rose lin the latest week.US oil rig count rose by 11 to 443 rigs this week, marking an eighth-straight weekly rise for the oil-rig count. Crude oil was trading at $50.90 a barrel, up 0.45% on the day, and still on track for a mild weekly ...

21:46 21 October /2016 Forex

GBP to weaken further against EUR and USD - Danske Bank Matías Salord

According to analysts from Danske Bank, the British Pound will weaken further against the US dollar and also versus the Euro. Key Quotes: “On FX the British pound (GBP) has plunged. The UK runs one of the largest current account (CA) deficits and the funding of that will be pressured if the UK opts out of the single market. Still, markets may to a significant extent already be pri...

21:46 21 October /2016 Forex

US: Key reports for next week - Danske Bank Matías Salord

According to analysts from Danske Bank, next week in the US, the most important event will the first GDP reading of the third quarter. Key Quotes: “The first estimate of Q3 GDP growth is due on Friday. Overall, we estimate GDP growth was around 2.0% q/q AR in Q3, which is not strong taking into account the disappointing growth rates in the three previous quarters. Also, it is much...

21:23 21 October /2016 Forex

GBP/USD near-term risks are tipping more obviously lower again - Scotiabank Ani Salama

  Sterling’s recent consolidation may be ending, said Shaun Osborne, Strategist at Scotiabank, and added that weakness below support in the low/mid 1.22 area suggests that near-term risks are tipping more obviously lower again.Key Quotes“UK government borrowing data for September revealed a l...

21:00 21 October /2016 Forex

Correction potential in crude oil - Commerzbank Ani Salama

The oil price rise since end-September is to a large extent speculatively driven, said Carsten Fritsch, analyst at Commerzbank. In response to the higher oil prices, the number of oil rigs has increased in the US. Oil prices therefore have correction potential.Key quotes“The oil price rise of 20% since the end of September is to a large extent speculatively driven. Over the last t...

20:46 21 October /2016 Forex

USD/JPY erases daily losses, approaches 104.00

The greenback is among the best performers of the day, posting gains across the board, main exception made by the yen. However, USD/JPY managed to bounce from daily lows and trimmed losses over the last hours. USD/JPY was rejected from a peak of 104.19 earlier on the day and slipped to a low of 103.51 before finding support. At time of writing, U...

19:46 21 October /2016 Forex

Eurozone: Consumers still wary of current economic conditions - ING

Bert Colijn, Senior Economist at ING explained that the weak upward trend in consumer confidence is unlikely to push consumption much higher with weak job growth and higher oil prices.Key Quotes: “Consumer confidence increased from -8.2 to -8 in October, which was the second month of improving confidence in a row after declines in summer.”“Confidence is still below June’s pre-EU r...

19:00 21 October /2016 Forex

ECB Nowotny: Future of the purchase program to be discussed in December

Ewald Nowotny, President of the National Bank of Austria and member of the European Central Bank ’s governing council said today at an event in Vienna that the central bank will discussed what to do with the QE program at the next meeting in December. The comments were in line with what Mario Draghi said yesterday after the ECB decided to leave rates...

18:46 21 October /2016 Forex

EUR/JPY drops to 112.60, 3-week low Matías Salord

EUR/JPY continued to decline, extending the sell-off that started yesterday after the European Central Bank decision. Recently a stronger Japanese yen pushed the pair further to the downside amid risk aversion. It bottomed at 112.59, the lowest level since September 30 and is was trading at 112.90, down 0.61% for t...

18:23 21 October /2016 Forex

GBP/USD recovers back above 1.2200 handle Haresh Menghani

Having posted a session through near 1.2170 level, the GBP/USD pair recovered over 40-pips from lows and has now moved back above 1.2200 handle.Currently trading around 1.2220 region, the pair's current pull-back could be categorized as profit taking bounce ahead of a weekend. In absence of any market-moving economic releases from the US, traders...

17:46 21 October /2016 Forex

EUR/USD finds some respite near 1.0870 Pablo Piovano

The weekly decline in the European currency seems to have found some support around 1.0870 vs. the dollar, with EUR/USD now bouncing to the 1.0880/85 band.EUR/USD in 7-month lowsSpot is closing its third consecutive week with losses, shedding more than 4 cents since tops around 1.1280 seen in mid-September.The solid...

17:46 21 October /2016 Forex

USD/TRY advances to peaks near 3.09

The greenback is advancing across the board at the end of the week, this time sending USD/TRY to fresh daily tops near 3.09 the figure.USD/TRY up on USD gains, steady oilIncreasing demand for the buck is prompting the pair to advance for the second session in a row on Friday, looking to revert the deep pullback seen...

17:23 21 October /2016 Forex

USD/CAD extends strong momentum further beyond 1.3300 handle Haresh Menghani

The USD/CAD pair was seen digesting the strong gains to the highest level since mid-March led by disappointing Canadian economic data.Currently trading around 1.3330 region, the pair caught fresh bids during early NA session after build on Thursday's strong up-move after both Canadian monthly 17:23 21 October /2016 Forex

US stocks open lower for second straight session Haresh Menghani

On the last trading day of the week, major US equity indices opened sharply lower for the second straight session, partly driven by renewed weakness in crude oil prices. WTI crude oil extended the corrective slide and is now inching back closer to the $50.00 psychological mark.During opening trade, the Dow Jones Industrial Average...

17:00 21 October /2016 Forex

AUD/USD finds support ahead of 0.7600 Ani Salama

Following a sideways phase, AUD/USD resumed its corrective move to the downside, amid dollar strength, while the Aussie continues to feel the pressure from disappointing domestic employment data.AUD/USD made a recovery attempt but was capped by the 0.7650 area, and turned lower, falling to a low of 0.7603 in recent dealings. The 50-day SMA acted ...

16:46 21 October /2016 Forex

EUR/USD paving the way for a test of 1.0820? Pablo Piovano

The selling mood around the shared currency is picking up extra pace at the end of the week, relegating EUR/USD to trade as low as the 1.0870 region.EUR/USD in multi-month lowsThe solid buying pressure surrounding the buck is fuelling the downside in the pair to levels last seen in early March, opening at the same t...

16:46 21 October /2016 Forex

Canada: Retail sales fall 0.1% in August

Canadian retail sales fell 0.1% to a seasonally adjusted CAD 44.0 billion in August, Statistics Canada said Friday. Expectations were for retail sales to rise 0.3%.This represents the third decline in a row, mainly driven by lower sales at motor vehicle and parts dealers.After removing the effects of price changes, retail sales in volume terms decreased 0.3%.Excluding autos, sales were flat in Aug...

16:23 21 October /2016 Forex

US Dollar pushes higher, 99.00 on the radar

The US Dollar Index – which tracks the buck vs. its main rivals – continues its march north unabated today, now advancing to fresh peaks near 98.80.US Dollar in fresh 8-month topsThe index is adding gains to October’s needle-like upside, currently clinching new 7-month highs in the vicinity of 98.80, levels...

16:23 21 October /2016 Forex