|Day's Range||112.58 - 112.86|
|52 Week Range||104.6670 - 114.5110|
Investing.com - The Yuan slipped while the dollar edged up on Monday as US-China relations soured over the weekend.
The US dollar fell significantly against the Japanese yen during the week, as we continue to struggle with the ¥114.50 level above. That’s an area that shows resistance all the way to the 115 young level, so it makes sense that we would struggle to break above there.
The British pound initially tried to rally during the week but found enough resistance at the previous downtrend line to roll over again. It looks as if we are starting to trace out a descending channel, which of course is negative.
The US dollar fell during the trading session on Friday against the Japanese yen, breaking the back of a hammer from the Thursday session, which of course is a negative sign. However, there is plenty of support underneath.
The British pound bounced a bit from the ¥145 level during the trading session on Friday as perhaps a bit of short covering was going on. Quite frankly, this is a small reprieve and what has been extraordinarily volatile market.
The dollar fell on Friday after Richard Clarida, vice chairman of the Federal Reserve, said that interest rates were near neutral, but indicated that a December rate hike is still possible. Clarida told CNBC on Friday that the Fed hasn’t raised rates too far or fast but that it’s too early to know if they should increase rates too far to hold back growth. The 2.5% to 3.5% range is considered a neutral level that doesn’t stimulate or hinder the economy, he said.
Investing.com - Sterling rallied on Friday, despite concerns over Brexit and the resignation of key officials in Prime Minister Theresa May’s government.GBP/USD rose 0.34% to 1.2818 as of 5:37 AM ET (10:37 GMT), after slumping to 1.2739 on Thursday after Brexit minister Dominic Raab resigned.Raad said he could not support the prime minister’s support terms of the the draft.Meanwhile at least 16 members of the Conservative Party have called for a vote of no confidence in May, increasing the chance of the country leaving the European Union in March without a deal. ...
The pair initially rallied during the Thursday’s session but found enough resistance around the 1.1350 level to roll back and break below the 1.13 level. The market is thrown off the track by recent Brexit headlines, Italian debt crisis situation and Fed raising the interest rates. If the market breaks below the 1.12 level, then it could break further possibly towards the 1.10 level. The 1.1350 is massively resistive, that extends up to the 1.14 level. …Read MoreGBP/USD
Investing.com - The British pound rose on Thursday despite concerns that political turmoil in the U.K. could see it leave the EU on March 29 without a safety net.
With economic data on the lighter side, we can expect geo-politics to continue to take center stage, the Pound in desperate need of good news.
Investing.com – The dollar rose against its rivals Thursday as mostly bullish economic data reaffirmed investor expectations that the U.S. economy remains on solid footing, while a slump in the pound also lifted sentiment.
Investing.com - The U.S. dollar was higher on Thursday as jobless claims data remained in line with a strong economy, supporting a Federal Reserve rate increase.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.32% to 96.97 as of 10:40 AM ET (15:40 GMT).The number of people who filed for unemployment assistance in the U.S. rose by 2,000 to a seasonally adjusted 216,000 from the previous week’s total of 214,000. The numbers give support to the Federal Reserve gradually increasing interest rates. ...
The US dollar fell against the Japanese yen during trading on Thursday, as we continue to have a bit of a “risk off” attitude. This is a market that had gotten a bit overextended, and I think this pullback is probably necessary.
Continue to see a lot of resignations in the cabinet of Teresa May due to the Brexit deal, so it looks as if the British pound will continue to deal with a lot of political negativity. At this point, it’s just more of the same.
Amid a new flurry of resignations on Thursday, Prime Minister Theresa May and her Brexit plans are vulnerable, throwing the British pound into a spiral lower as uncertainty looms.
The Brexit news had a negative impact on the pound, the US futures market was indicating a positive open for equity indices in the early hours of the morning.
Investing.com - The dollar held steady against a currency basket on Thursday, while the British pound dipped amid uncertainty over whether Prime Minister Theresa May's draft Brexit plan will win parliamentary approval.
The pair continued to witness extreme volatility, initially pulling back a bit in the Wednesday’s session but then turned around to break above the 1.13 level, showing resiliency around the major levels. The market has not fully recovered from the bearish trend, and short-term rallies will offer a great selling opportunity. The 1.1350 level above is extremely resistive and will be difficult for the market to break above. …Read MoreGBP/USD
Investing.com - The British Pound rose on Thursday following reports that U.K. Prime Minister Theresa May secured support from her Cabinet for a draft Brexit deal.
The main focus will be on the direction of the U.S Dollar, which is being dominated by the Euro and optimism over a Brexit deal. Safe-haven buying due to the weaker stock market could also drive investors into the Japanese Yen.
Investing.com – The dollar continued to give up gains against its rivals Wednesday following subdued inflation data and a rise in sterling after UK Prime Minister Theresa May secured support from her Cabinet for a draft Brexit deal.
The British pound traded higher Wednesday after Prime Minister Theresa May said her cabinet had approved a draft EU withdrawal agreement.
Investing.com - The dollar pared back earlier gains on Wednesday after inflation data supported the Federal Reserve increasing rates at a gradual pace.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.27% to 96.88 as of 11:15 AM ET (16:15 GMT).Data on Wednesday showed that the annual core consumer price index (CPI) rose 2.1%, which was less than expected.Core prices are viewed by the Federal Reserve as a better gauge of longer-term inflationary pressure because they exclude the volatile food and energy categories. ...
The US dollar rallied a bit during the trading session on Wednesday, reaching towards the top of the couple previous candles during the week, showing signs of exhaustion near the ¥114 level, that extends to at least the ¥114.50 level, if not the ¥115 level.