Waiting for Bernanke with bated breath

By GG Analyst in Reviews 0 Comment

EUR/USD

The market has again come to a standstill and to be on the safe side locked in profits after 8 days of growth. Today Bernanke gives another speech and expectations of this event are given extensive coverage in the press. First of all, it is caused by broad market movements in the opposite directions after the previous two speeches (the press-conference after the FOMC’s decision and the speech given in Cambridge on the occasion of the Fed’s centenary). But that is not all – it turned out that Bernanke’s speeches to the lawmakers usually provoke stronger fluctuations in the market than more…

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…

USD corrects to the downside

By GG Analyst in Reviews 0 Comment

EUR/USD

The single currency came under pressure yesterday evening on the words of  Jörg Asmussen that the ECB’s intention to “keep the rates at or below the current levels for an extended period of time”  goes beyond  a 12-month horizon. Officially the CB has announced that these words shouldn’t be treated as precise directions. However, we, like the majority of market players, have become firm in our suppositions. For example, when the Fed started to use the same phrase, the period of time to keep the rates low went beyond a 12-month limit (actually, by now it’s been already more than two more…

The US labour market extends the dollar rally

By GG Analyst in Reviews 0 Comment

EUR/USD

Employment growth in the USA went beyond expectations in June and, as a result, caused a new tide of USD purchases. According to the released data, it grew by 195K, moreover, the growth rate in the previous month was revised up to the same figure (from 175K). April’s rate was raised even higher – to 199K. Thus, the report and accompanying revision painted a picture of a bit more vigorous growth in the labour market. It was enough for the attack on the dollar to continue and bring EURUSD to 1.28, where the trade stabilized. Now the trading range is still more…

Dollar bulls attack key levels

By GG Analyst in Reviews 0 Comment

EUR/USD

Turning back to Monday’s opposition of technical and fundamental signals, we can see that the former is winning (at least now). The US dollar continues the attack. EURUSD again dipped below 1.30 yesterday. Now it is trading at 1.2970, which is close to the lows of early June. The bears showed an impressive performance yesterday near the 200-day MA (1.3070). This was provoked by an article in Reuters, which said that the troika was again displeased with Greece’s progress on the way to budget consolidation and that the country got an ultimatum within three days to agree to the afore-discussed terms more…