USD again gives up key levels to its rivals

By GG Analyst in Reviews 0 Comment

EUR/USD

As befits a central banker, Bernanke made it clear that his previous remarks were understood wrongly , which immediately put USD under pressure. What started as small profit taking after hitting three-year highs by the dollar index took a turn for full-fledged selling of the US currency. Yesterday the Fed’s head noted that the US economy needed the soft and stimulating policy to be preserved in the foreseeable future. These words gave rise to a rally. Soon it got additional support on triggering of short positions. The move was so violent that EURUSD hit 1.32 after the daily low of 1.2762 more…

America is spending. Again

By GG Analyst in Reviews 0 Comment

EUR/USD

Yesterday trading in the currency market was going on under the flag of measured consolidation after recent fluctuations. The dollar index (DXY) has rolled back from the three-year highs, reached on Friday. Anyway, commentators are almost all unanimous in predicting the further dynamics of USD. The continuous stream of favourable news releases each time reminds of the upcoming end of bond purchases by the Fed. In addition to Friday’s data yesterday we got Consumer Credit statistics from the Federal Reserve. It was reported that the consumer debt growth in May made 19.6bln against the expected 12, having become twice as quick more…

USA: good, but could be better

By GG Analyst in Reviews 0 Comment

EUR/USD

The upward revision of Manufacturing PMI in the European countries, which happened on Monday, raised the expectations connected with the services sector. For this reason, the disappointment with the downward revision for Germany and the euro zone in general was particularly strong. The Spanish and Italian Services PMIs (there were no preliminary data for these countries) didn’t surprise either. The Italian indicator (45.8 in June) has been declining for two months in a row, pointing at a speedier recession in the sector, and the recession itself (figures < 50) has been lasting already for two years. In Spain the situation is more…

The EU periphery livens up

By GG Analyst in Reviews 0 Comment

EUR/USD

Yesterday was marked with the release of manufacturing statistics. For the most part, the data were quite optimistic. With regard to Europe, the encouraging news was growth of Spanish and Italian Manufacturing PMIs in June. More so, the former totaled 50, which is the highest level since April 2011 and indicates that last month manufacture was not declining. For the last three months this country’s index has grown pretty much, which is also true for Italy. Yet the Italian manufacture is still in recession, but the level of 49.1 is the highest since July 2011. The periphery can boast of their more…

Too big to grow

By GG Analyst in Reviews 0 Comment

EUR/USD

Forex’s reaction to Bernanke’s commentary was the strongest, yet the market was the first to come to senses after the violent movement. Yesterday since the end of the US trading session and all through the Asian one the dollar index was retracing. Friday is expected to be quiet as no important news is scheduled for today. Among yesterday’s releases the German Flash Manufacturing PMI, which reflected the continuing weakening, deserves attention. Now the euro zone and Germany, a former locomotive, show roughly the same performance. Though, Germany’s Services PMI proved to exceed expectations, returning to the growth zone after two months more…