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Gold falls to 1-week lows, pressured by stronger USD Haresh Menghani

   •  Strong follow-through USD buying continues to weigh.
   •  Overnight fall in US equities fails to lend any support.
   •  FOMC minutes to provide fresh directional impetus.Gold traded with a mild negative bias through the early European session and is currently placed at one-week lows, around the $1326-25 region. The

11:00 21 February /2018 Forex

EUR: Any corrective move to 1.23 still viewed as temporary - ING Sandeep Kanihama

Viraj Patel, Foreign Exchange Strategist at ING, suggests that the preliminary Feb Eurozone PMI releases will be of particular relevance for the data-sensitive EUR.Key Quotes“Our economists are looking for a partial easing in both the manufacturing (59.1) and services (57.6) readings after having hit cyclical highs in recent months. Still, at these elevated levels, any confirmatio...

11:00 21 February /2018 Forex

NZD/USD: double top on sight? – UOB Pablo Piovano

According to FX Strategists at UOB Group, the pair could be attempting to chart a ‘double top’.Key Quotes“We highlighted on Monday (19 Feb, spot at 0.7385) that while upward momentum has improved considerably, only a “NY closing above 0.7435/40” would indicate the start of a bullish phase”.“10:46 21 February /2018 Forex

EUR/USD rallies seen faltering around 1.2385 – Commerzbank Pablo Piovano

Karen Jones, Head of FICC Technical Analysis at Commerzbank, believes occasional bullish attempts should meet resistance around 1.2385.Key QuotesEUR/USD as we suspected the erosion of the 20 day ma triggered another sell off. Last week the market saw a minor break to a new high, whic...

10:46 21 February /2018 Forex

EUR/GBP further rangebound expected – Danske Bank Pablo Piovano

Chief Analyst at Danske Bank Jens Sorensen suggested the European cross could face further consolidation in the near term.Key Quotes“For GBP,  today’s labour market report will attract some attention. The market is already pricing in 19bp for a rate hike in May, and our call for unchanged wage growth and unemployment (in line with consensus) is not likely to change BoE pricing”.“M...

10:46 21 February /2018 Forex

EUR/USD in red near 1.2330 ahead of PMIs, FOMC Pablo Piovano

The selling pressure around the shared currency remains unabated so far this week, with EUR/USD meandering the lower bound of the recent range around 1.2330 ahead of the opening bell in Euroland.EUR/USD all eyes upon the FOMCSpot is down for the fourth consecutive session on Wednesday, shedding more than two...

10:23 21 February /2018 Forex

USD/JPY retreats from one-week tops, still comfortable above mid-107.00s Haresh Menghani

   •  USD rebound gains strong traction on surging US bond yields.
   •  Slide in the US equities fails to revive JPY’s safe-haven appeal.
   •  Today’s key focus would be on the latest FOMC meeting minutes.The USD/JPY pair continued gaining traction for the fourth consecutive session on Tuesday and jumped to one-week tops, closer to the 10...

10:23 21 February /2018 Forex

NZD/USD: Dollar recovery sending Kiwi lower ahead of FOMC Joshua Gibson

The NZD/USD is still sliding, breaking passed yesterday's low and currently testing into 0.7330 ahead of European markets.It's a data-light week for the Kiwi except for low-tier Retail Sales figures on Thursday, the focus will be on the US Markit PMI Composite due today at 14:45 GMT, followed by the FOMC Minutes at 19:00.The pair is losing ground as rising ...

09:29 21 February /2018 Forex

Crude oil continues to slide, yields spikes driving WTI, Brent lower Joshua Gibson

Crude oil is faltering, with WTI nearing 61.00/barrel and Brent back below 65.00/barrel, last seen trading near 64.60.The slip in crude is being driven by the Dollar recovery on the back of rising bond yields, and the continued surge in U...

08:46 21 February /2018 Forex

Forex Today: Aussie, Yen – Main laggards in Asia, EZ PMIs, UK jobs – Up next Dhwani Mehta

The USD-buying theme remains the main driver across the fx space in Asia this Wednesday, as Treasury yields continued their run higher, awaiting the key FOMC minutes release. Among the Asia-pace currencies, the Aussie and Yen were the main losers, with the Antipodeans tumbling on the back of a bigger-than-expected drop in the Aus construction work done data while the latter lost ...

08:46 21 February /2018 Forex

EUR/JPY fails to hold 133.00, pulling back ahead of Eurozone PMIs Joshua Gibson

EUR/JPY has pulled back after climbing to reach an Asia session high of 133.06 and is now trading into the 132.80 region ahead of European markets.Today brings the European Markit PMIs, beginning with France at 08:00 GMT, Germany at 08:30, and the broad Eurozone at 09:00. Swiss Industrial Production will also be released today, but the time has not been set. Market forecasts have broadly anticipat...

08:00 21 February /2018 Forex

BoJ: Kuroda has a task in his hand already - Nomura Sandeep Kanihama

In view of Takahide Kiuchi, Executive Economist at Nomura, the biggest challenge facing BOJ Governor Haruhiko Kuroda in his second term will be to avoid a sudden emergence of the various side effects that have been created by the unprecedentedly loose monetary policies implemented by the BOJ during his first term, while also gradually reducing those ...

07:46 21 February /2018 Forex

RBA to hike gradually but likely to keep patience for now - TDS Sandeep Kanihama

Annette Beacher, Chief Asia-Pacific Macro Strategist at TDS, suggests that they are updating their RBA call in the wake of today's Dec qtr Wage Cost Index report and while wages growth did not disappoint, ticking higher to 2.1%/y, the sluggish pickup combined with lower-than-they-expected underlying inflation and a patient RBA has spurred us to drop ...

07:46 21 February /2018 Forex

Gold risk reversals retrace bullish bias as prices Omkar Godbole

The XAU/USD one month 25 delta risk reversals are being paid today at XAU 0.225 calls vs. XAU 0.40 calls last Thursday (recent high). The decline indicates the premium claimed by XAU calls over XAU puts has dropped, i.e the demand for bullish bets (calls) has weakened. That said, the risk reversals are still holding well above the monthly low of -0.475 (or XAU 0.475 puts). As of writing, the metal...

07:23 21 February /2018 Forex

GBP/USD staying afloat ahead of unemployment, earnings data Joshua Gibson

GBP/USD traded sideways on Tuesday with the Sterling staunchly refusing to give up further ground to the US Dollar. The pair is down slightly ahead of the European market session, currently trading into the sub-1.3990 region.It's a data-loaded Wednesday for the GBP/USD today with Average Earnings growth, ILO 3-month Unemployment Rate, Claim...

07:23 21 February /2018 Forex

EUR/USD - Short-term bear reversal sighted ahead of EZ PMIs Omkar Godbole

EUR/USD fell below 1-hour 200-MA yesterday and was last seen trading in a sideways manner around 1.2335. Friday's bearish outside day candle and weak follow through this week indicates a short-term bullish-to-bearish trend change. So, doors seem to have opened for a decline to 1.2206 (Feb. 9 low and also double top neckline support). That said, the EUR/USD could...

06:23 21 February /2018 Forex

AUD/USD Joshua Gibson

AUD/USD has dropped lower again following a pick up in early Tokyo trading, and the pair is currently back down below 0.7880.The Aussie slipped against the Greenback after a disappointment in the Construction Work Done figures for the 4th quarter of 2017, coming in at a 19.4 contraction, widely missing the median market forecast of a 10% de...

05:46 21 February /2018 Forex

USD/JPY rally gathers traction on higher yields Omkar Godbole

The USD/JPY pair is extending the three-day winning streak, tracking the rise in short duration borrowing costs in the US. As of writing, the pair is trading at 107.75 - above the downward sloping 10-day moving average (MA) of 107.49. The greenback is well bid possibly due to the rise in the treasury yields. For instance, the two-year Treasury yield, which mimics...

05:46 21 February /2018 Forex

AUD/USD risk reversals continue to retrace bearish bias Omkar Godbole

The AUD/USD pair left a lower high of 0.7989 on the daily chart on Feb. 16 and was last seen attempting a break below the ascending 50-day moving average level of 0.7871. However, the decline from 0.7989 to 0.7871 has not revived interest in AUD puts (bearish bets), the AUD/USD risk reversals indicate. The one-month 25 delta risk...

05:23 21 February /2018 Forex

NZD/JPY claims the 79.00 handle in Tokyo trading Joshua Gibson

NZD/JPY is climbing in Tokyo trading, testing into the 79.00 major level as of writing.The Kiwi is climbing following comments by the incoming head of the Reserve Bank of New Zealand (RBNZ), Adrian Orr. Orr is returni...

05:00 21 February /2018 Forex