07 / 12 / 2015 | Weekly Report

Greenback Higher Amid Strong U.S. Jobs Report

The greenback gained ground against the single currency on Friday, 4th of December 2015, in the wake of the upbeat U.S. non-farm payrolls report that enhanced expectations that the Fed will raise interest rates later in December.

The findings from the Labor Department’s report revealed that the U.S. economy added 211,000 new jobs in November, following an upwardly revised figure of 298,000 jobs in the month before. The unemployment rate in the country remained unchanged at 5% in November. The median estimate called for an increase of 200,000 jobs and no change in the unemployment rate. 

The jobs report reinforced expectations that the Federal Reserve will raise interest rates for the first time in 9 years at its much-awaited meeting on the 15th - 16th of December 2015. Higher interest rates would render the greenback more appealing to investors seeking higher yields. 

The dollar edged up against the single currency, with EUR/USD losing 0.56% to trade at 1.0880 in late session. However, the pair finished the week with 2.81% gains.

The euro weakened, following the comments of the ECB President Mario Draghi stating last Friday that the European Central Bank would intensify measures if necessary to direct inflation back to the target zone. In addition, the central bank trimmed the deposit rate to -0.3% and extended the duration of its bond-buying programme, disappointing expectations for a more decisive move. 

The statements were made one day after the euro recorded its largest one-day increase against the greenback in more than six years, advancing 3%, following the announcement of easing measures that were not in line with market expectations. 

The U.S. dollar edged higher against the sterling and the Swiss franc, with the GBP/USD pair falling 0.21% to trade at 1.5112 and with USD/CHF gaining 0.33% at 0.9966. The greenback was also stronger against the Japanese yen, with USD/JPY up 0.44 to 123.1 in late trade.

The U.S. dollar index, which tracks the performance of the greenback against six other major rivals, rose 0.46% to 98.27, below the seven-and-a-half month high of 100.6 reached on Thursday. The index finished the week down 1.73%.  

The highlights of this week will be Friday’s U.S. reports on retail sales and inflation for new signals of the economy’s health. Investors will also be looking at central bank meetings in the U.K., Switzerland and New Zealand.
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07 / 12 / 2015 | Technical Analysis

GBP/USD: Consolidation Noticed Around 1.5071

North American Session
The GBP/USD pair has been trading higher since the 2nd of December 2015. The buyers managed to lead the price from as low as 1.4897 to as high as 1.5155.
On Friday, the pair fell slightly, ranging between the levels of 1.5155 and 1.5077, as the strong employment report from the U.S. weighed on the pair. Today, the market continued moving on the sidelines at around 1.5098 initially to then move lower between the levels of 1.5082 and 1.5054.
In the event that the sellers keep exerting strong selling pressures, the pair could be forced lower. In case that the price manages to break below 1.5054, the pair could decelerate down to 1.5003 and 1.4977 in extension.
Alternatively, in the scenario where the buyers manage to resume their previous activity and the price breaks above 1.5114, the pair could escalate up to 1.5155 and 1.5225 respectively.



Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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07 / 12 / 2015 | General

SuperTradingOnline Announces the Beginning of the Dashing Through the Globe Competition

SuperTradingOnline (STO) is thrilled to announce the beginning of the festive Dashing Through the Globe live trading competition. 

Traders are invited to demonstrate their skills and compete with other participants from around the world for a chance to win three holiday gift vouchers of up to €3,000 to whatever destination they like, with no expiration date.

The competition trading period will begin on the 7th of December 2015 and end on the 7th of January 2016. The top three traders who will manage to get the higher score, will receive a gift voucher worth of €3,000, €2,000 and €1,000 respectively to travel anywhere in the world, whenever they want and as many times as they like. 

The traders who will rank 4th to 10th will get a free upgrade to an STO Pro account, while the rest of the participants will enjoy a swap-free account for one month.

SuperTradingOnline invites everyone to get into the festive mood and participate in the exciting Dashing Through the Globe competition for a chance to win their dream holiday.
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07 / 12 / 2015 | Technical Analysis

USD/JPY: Bullish Pressures Noticed at 123.29

European Session
The USD/JPY pair has been trending upwards since the 3rd of December 2015, with the bulls leading the price from as low as 122.29 to as high as 123.37.

The pair bounced during the course of the day on Friday, with a strong movement registered from 122.42 up to 123.37, amid upbeat U.S. non-farm payrolls that pushed the pair higher. Today, the market rose up to 123.32 to consolidate at 123.38 at the time of writing. In the event that the bulls keep exerting heavy pressures and the price breaks above 123.37, profit targets could be set at 123.49 and 123.66 in extension.

Alternatively, in the scenario where the price encounters resistance at 123.32, strong enough to force the pair below 122.93, the price could decelerate down to 122.81 and 122.68 respectively.
 



Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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04 / 12 / 2015 | Market News

Dollar reduces gains, but the U.S. rate hike hopes continue to support

The dollar reduced gains against the other major currencies on Friday, but continued broadly support after data indicating that the U.S. economy added last month more jobs than expected, boosting anticipations of the upcoming rate hike by the Federal Reserve.
 
The Labor Department said the U.S. economy added 211.000 jobs in November, beating expectations for an increase of 200.000. The U.S. created 298.000 jobs in October, whose figure was revised from a previously estimated 271.000.
 
The U.S. unemployment rate continued unaltered at 5.0% last month and average hourly earnings rose 0.2% in November, in line with expectations. 
 
A separate report evidenced that the U.S. trade deficit widened to $43.89 billion in October from a revised deficit of $42.46 billion the previous month. Analysts had expected the trade deficit to narrow to $40.50 billion in October.
 
Elsewhere, the single currency slipped 0.19% against the dollar, with EUR/USD at 1.0920, off lows of 1.0856 hit earlier in the day. The euro had rallied after European Central Bank President, Mario Draghi reported on Thursday that the pace of the quantitative easing program is to remain unchanged at €60 billion, disappointing expectations that the central bank would speed up its bond-buying scheme.
 
The comments came after the ECB's governing council lowered the deposit facility rate to -0.3% from -0.20%, in line with market expectations. The ECB's main refinancing rate was left unchanged at a record-low 0.05%, in line with market expectations.
 
The dollar was higher against the pound and the Swiss franc, with GBP/USD down 0.13% at 1.5125 and with USD/CHF gaining 0.44% to 0.9980.
 
USD/JPY was up 0.39% at 123.04.
 
The Australian and New Zealand dollars were stronger, with AUD/USD up 0.26% to 0.7363 and with NZD/USD rallying 0.99% to 0.6754.
 
Meanwhile, the US dollar slipped 0.13% against its Canadian counterpart, with USD/CAD at 1.3338.
 
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.29% at 98.10, after hitting session highs of 98.49.
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04 / 12 / 2015 | Technical Analysis

USD/JPY: Major Levels 122.48 and 122.85

European Session
The USD/JPY has been oscillating since 2nd of November 2015, with the pair falling on Thursday and consolidating today.

On Thursday, the pair tried to rally, reaching 123.55 to subsequently plunge   down to 122.29. Today, the pair consolidated below 122.85, having found enough support near 122.48. In the event that the buyers manage to exert heavier pressures and the price attempts another run towards the 123 handle, breaking above 122.93, the pair could escalate up to 123.07 and 123.21.

Conversely, in the event that the sellers manage to force the price to break below 122.48, the pair could decelerate down to 122.25.
 



Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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03 / 12 / 2015 | Market News

Dollar remained broadly lower against rivals after Draghi remarks

The dollar remained on the downside against the rest of the major currencies on Thursday, after measures revealed by the European Central Bank President, Mario Draghi, forcing the euro strongly higher and as downbeat U.S. data softened demand for the greenback. 

The single currency rallied 2.21% against the dollar, with EUR/USD  to trade at 1.0846, after dropping to a seven-month trough of 1.0526 earlier in the day.

Mario Draghi reported that ECB bank will extend its bond-buying purchase scheme beyond the current cut-off point of September 2016 until the end of March 2017, or beyond if is considered essential.

The ECB lengthened the range of assets that are eligible for purchase and will now also buy regional and local government debt and will reinvest the proceeds from quantitative easing as bonds mature.

The pace of the QE program is to continue unaltered at €60 billion, unsatisfying expectations that the central bank would race up its bond-buying scheme.

In line with market expectations, the ECB's governing council lowered the deposit facility rate to -0.3% from -0.20%, earlier on Thursday. 

The ECB's main refinancing rate was left unchanged at a record-low 0.05%, matching market expectations.

In the U.S., the Institute of Supply Management said its non-manufacturing purchasing manager's index drop to six-month low of 55.9 last month from 59.1 in October, missing forecasts for a reading of 58.0.

The data came shortly after the Department of Labor said the number of individuals filing for initial jobless benefits in the week ending November 28 increased by 9,000 to 269,000 from the previous week’s total of 260,000, missing expectation of a rise of 8,000 last week.

Data also showed that U.S. factory orders increased by 1.5% in October, beating forecasts for a gain of 1.4%.

In the meantime, the greenback ticked down against the sterling, with GBP/USD advancing 0.63% to trade at 1.5043. The cable found support, following the release of the Markit index that showed that the services PMI in the UK increased up to 55.9 in November, compared to October’s 54.9 figure.  The median estimate anticipated the index to rise up to 55.0. 

The U.S. dollar also weakened against the yen and the Swiss franc, with USD/JPY losing 0.13% to 123.08 and with the USD/CHF pair easing 1.57% to 1.0022.

Elsewhere, the Aussie and Kiwi dollars lost ground, with AUD/USD trimming 0.23% to trade at 0.7294 and with NZD/USD falling 0.31% at 0.6620. On the other hand, the U.S. dollar strengthened against its Canadian counterpart with USD/CAD rising 0.31% at 1.3383. 

The U.S. dollar index, which tracks the performance of the greenback against a basket of six other major rivals, tumbled 1.50% at 98.55, easing from Wednesday’s eight-month high of 100.54. 
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03 / 12 / 2015 | Technical Analysis

EUR/GBP: Today’s Major Levels 0.7045 and 0.7237

North American Session
The EUR/GBP pair has been moving upwards since the 1st of December 2015, with the bulls leading the price from as low as 0.7008 to as high as 0.7237.

During the course of the day on Wednesday, the pair advanced from 0.7045 up to 0.7110. Today, the pair initially fell down to 0.7045 to subsequently rally up to 0.7237 - the highest since the 28th of October 2015 - following ECB’s hawkish policy announcement. Currently the price trades at 0.7205. 

With that being the case and taking into consideration that there is significant resistance above the 0.72 level, the price will probably correct back to the 0.71 handle. In the event that the sellers push the price to break below 0.7149, the market could reach 0.7123 and 0.7094 in extension.

Conversely, in the scenario where the buyers keep pushing the price higher and the pair manages to eventually break above 0.7237, the price could escalate up to 0.7309.
 



Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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03 / 12 / 2015 | Technical Analysis

EUR/JPY: Stabilisation Noticed Below 130.80

European Session
The EUR/JPY pair has been under bullish pressures since the 27th of November 2015, with the upward movement being noticed from as low as 129.66 to as high as 130.96.

During the course of the day on Wednesday, the cross went back and forth, advancing initially up to 130.92 to subsequently fall down to 130.30, and then climb again to test the boundaries of 131.00. Today, the pair stabilised below 130.80, reaching 130.55 at the time of writing, pending today’s outcome of the ECB meeting.

In the event that the sellers manage to gain momentum and force the price to break below 130.32, the pair could reach 130.61 and 129.66 respectively.  
 
On the other hand, in the scenario where the buyers resume their previous activity and push the pair to break above 130.85, the price could escalate up to 131.12 and 132.04 in extension. 
 



Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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02 / 12 / 2015 | Technical Analysis

AUD/USD: Today’s Major Levels 0.7341 and 1.7304

North American Session
The AUD/USD pair has been moving upwards since the 30th of November 2015, with the bulls leading the price from as low as 0.7170 to as high as 0.7341.

Yesterday, the pair rallied from 0.7221 up to 0.7334. Today, the market went back and forth, reaching the high of 0.7334 to retrace and trade at 0.7314 at the time of writing. Taking into consideration that there is significant resistance above the level of 0.7341, the price could be forced to correct to the downside. In the event that the price breaks below 0.7270, the pair could decelerate down to 0.7251 and 0.7232 in extension.

Conversely, in the scenario where the buyers resume their upward pressures and the price breaks above 0.7352, the pair could escalate up to 0.7462. 
 



Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.
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