|Day's Range||0.009 - 0.009|
|52 Week Range||0.0087 - 0.0095|
Jonathan Corpina of Meridian Equity Partners joins Yahoo Finance's Seana Smith from the floor of the New York Stock Exchange to discuss the latest market moves.
The Dollar/Yen was pressured last week by political uncertainty in U.S. President Donald Trump’s cabinet and renewed worries about trade wars.
The US dollar initially tried to rally against the Japanese yen during the week but found the 107.50 level to be resistive. We turned around from there, and then fell towards the uptrend line yet again. At this point, the uptrend line is holding, but there is a lot to pay attention to in this pair.
The pair drifted a little lower during the Thursday’s session reaching the 1.23 level which is a strong support level. If the pair breaks below further from here, then it will reach further lower towards the 100 level.
Based on the current price at 105.924 and the earlier price action, the direction of the USD/JPY the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 106.023.
Forex produces a rather choppy trading on Wednesday, but the U.S Dollar was fractionally stronger against the Euro and Pound. Gold produced a consolidated session yesterday.
The pair was bit choppy during the Wednesday’s session as the 1.24 level continues to be resistive. But in the longer term, the market is likely to rally higher once it breaks above its psychological level of 1.25 level and is also a structural standpoint. The market is very well supported at the 1.23 level and 1.21 level underneath on the short-term and because of that buyers will keep getting attracted towards this market. …Read MoreGBP/USD
The U.S Dollar turned weaker when U.S inflation data via the Consumer Price Index was only able to meet its rather unimpressive estimates.
The pair exploded higher during the Tuesday’s session reaching towards the $1.2380 level, ultimately which will send this market towards the 1.24 and 1.25 level eventually. On the weekly chart, the pair has formed a bullish pattern and should continue to move higher towards the 1.32 level in long-term. Short-term pullback offers good buying opportunity to this market and going forward, this market will continue to see a lot of noise and volatility. …Read MoreGBP/USD
US dollar will probably continue its downtrend on the fear of a potential trade war caused by the US tariffs annulment on imported steel and aluminum. Despite the fact that the fear of a trade war starts fading away, some elements on the technical side are still there and could support the continuation of the downtrend. At the moment, the dollar index is not showing pullback elements, as the US dollar continued going downwards during the past days.
With major US economic data coming out in next couple of days the market should trade in a tight range around the 1.23 level. Now the market is expected to continue towards the 1.40 level which is massively resistive but given the major economic numbers coming out of US in next couple of days, the market will remain choppy. The key economic data from the US should be looked after as it will chart the next direction of the market.
Forex was extremely quiet on Monday as investors anticipate critical Consumer Price Index results from the States today.
This week’s U.S. inflation data could generate more uncertainty for investors. Weaker-than-expected consumer inflation data on Tuesday and producer inflation data on Wednesday could give stocks a boost while putting further pressure on the struggling U.S. Dollar.
The Dollar/Yen posted a gain on Monday as investors kept an eye on a suspected cover-up of a cronyism scandal involving Japanese Prime Minister Shinzo Abe and his close ally, Finance Minister Taro Aso.
Trade wars will yet again be the topic of conversation for many as we move into the new week, with the President finding it hard to accept any criticism when his tone with the US’ main trading partners, and with North Korea has brought them all to the table ready to negotiate deals.
The U.S Dollar has been moderately weaker against many of the major currencies early this morning.
The pair initially went slightly higher during the Friday’s session but market collapsed as the US reported better than expected non-farm payroll data. The market looked bit shaky in the Friday’s session as the strong non-farm payroll data affected the dollar to gain some strength.
While the jobs report may have been good news about the economy, some feel that wages weren’t strong enough to warrant any major changes from the Fed. This likely means that most traders still believe the Fed will stay the course with a forecast for three rate hikes.
The US dollar rallied during the week, testing a trend line, and then bouncing again. The market looks as if it is going to go to the 107.50 level above and facing resistance there. If we can break above that level, it could get interesting.
Even after bouncing off the 105.50-45 support-zone, the USDJPY still struggles with two-month old descending trend-line, at 106.85 now, before the crucial US NFP. Should the employment details please USD buyers, the pair may surpass 106.85 and can rise towards 107.20 and the 107.60 but its following recovery has to conquer the 107.90-95 horizontal-line in order to visit the 108.40 and the 109.00 resistance-levels. In case if the Jobs report disappoint greenback Bulls and trigger the pair’s pullback, the 106.50, the 106.20 and the 105.80 are likely consecutive supports to appear on the chart. ...
The pair experienced a lot of volatility in the Thursday’s session due to a press conference by ECB in which it suggested of stimulus easing was necessary to stoke inflation which led to a lot of noise in the market. In general, the market is still in the uptrend, but short-term pullback will offer value. The 1.23 level offers a strong support where buyers are likely to get involved in. …Read MoreGBP/USD