Forex News

UK Claimant Count Better than Expected

The UK’s Claimant Count Change for January was +5,500 vs an expectation of +22,600 and a lower revised December reading of +2,600.   For those keeping track at home, the claimant count measures the change in the number of unemployed over a given month.  This is different than in most countries, where the change in the …

Gold Not Taking Any Chances

Gold has moved above $1600 for the first time since the spike up to 1611 on January 8th as trepidation may be beginning to enter equity markets, which are already at lofty levels.  Many major equity indices are near all-time highs, so a pullback of a few percent isn’t out of the question.   Last night …

USD/JPY Unaffected by Terrible GDP

Yikes!!!  The GDP data out of Japan earlier during Asian hours was nothing short of awful.  The Annualized Preliminary GDP Growth Rate for Q4 was -6.3% vs an expectation of -3.7% and 0.5% in Q3.  Granted, Japan did introduce a new sales tax AND they had a devastating typhoon.  However, those were already factored into …

OIL WEEK AHEAD: Will Russia, or won’t it?

A week has already passed since the OPEC technical committee recommended that the cartel and Russia deepen the production cuts to balance out the demand reduction that will come from the coronavirus. And yet, Russia has yet to make a decision, stalling for time to see if the news flow from China will disprove OPEC’s …

Week Ahead: More Downside for the Euro?

This past week, markets seemingly have pushed past the number of new “adjusted” number Coronavirus cases.  Although the number increased dramatically, these were cases that were under suspicion already, but could not be verified due to lack of testing equipment.  Once the WHO arrived, they were able to verify these cases.  Now that most of …

GBP/USD in Rally Mode as BoJo Replaces His Finance Minister – 1.32 In Sight?

Risk assets are taking a hit this morning after China announced a 15k surge in COVID-19 (coronavirus) cases following a new diagnostic protocol, reviving fears that the outbreak may be less contained than previously assumed. That said, current data suggests that COVID-19 is less deadly than previous epidemics and generally contained to China for the …

EUR/GBP Testing 2019 Lows

EUR/USD has been down 8 of the last 9 trading days, and the 1 day it closed higher, it was only up 4 pips!  Once the pair broke the neckline of the head and shoulders pattern last week, if was off to the races.  Price has traded from 1.1094 down to today’s lows near 1.0834, …

FTSE lower on RBS, NMC and AstraZeneca

Negative company news is dragging down the FTSE even as the Chinese virus outbreak is showing signs of containment. Royal Bank of Scotland lost 5.4% in early trading after the majority state-owned banking group reported an increased profit for the fourth quarter but reduced its medium-term returns target. Shares in the embattled health operator NMC …

Sweden’s Riksbank Leaves Rates Unchanged

The Riksbank met earlier today and left rates unchanged at 0%, as expected.  Sweden’s central bank was the one of the first to exit from negative rates at their last meeting on December 19th, 2019.  Members said that inflation and growth are in line with previous expectations, however they did note that inflation may be …

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