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Forex market reviews

29 June 2017

Market sessions

Tomasz Wisniewski

Daily analytical report (29/06/17)

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Cable, EURGBP, USDCAD
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Media reviews

Tina Pham

U.S. first quarter GDP growth revised higher on consumer spending uptick (News: 29/06/17)

The U.S. economy slowed less sharply in the first quarter than initially estimated due to unexpectedly higher consumer spending and a jump in exports, beating expectations and providing a slightly more encouraging outlook for growth this year.
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Market sessions

Gabriel Ojimadu

Euro-bulls consider opening new positions

During Thursday’s European session, the US dollar index (DXY) hit the lows of November last year. On the 11th of November, 2016, at the time of the US presidential election, the dollar collapsed against all other currencies. The UD dollar index fell to 95.88. Once the election results had become clear, traders moved to close their short positions on the dollar, which led to large-scale consolidation across the market.
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Market sessions

Natalia Milchakova

Overview of emerging market currencies: tenge leading in terms of growth

For the period from the 26th to 28th of June, currency markets were again trading rather peacefully, with optimism prevailing over pessimism. Brent oil has risen by 3% in this time. The aftermath of the hurricane in the Gulf of Mexico as well as the optimism surrounding the G20 summit to take place on the 7th and 8th of July will stop the currencies of developing countries from sliding too far.
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Market sessions

Gabriel Ojimadu

EURUSD: buyers have tested 1.14

Trading on the euro/dollar pair closed up on Wednesday. As the dollar weakened across the market, the euro came closer to 1.14 level, which has been tested in Asia.
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28 June 2017

Media reviews

Tina Pham

Forex - Euro off 1-year highs as ECB says market misjudged Draghi (News: 28/06/17)

Investing.com - The euro reversed gains on Wednesday, retreating from one-year highs after the European Central Bank said the market misinterpreted remarks by President Mario Draghi a day earlier.
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Market sessions

Gabriel Ojimadu

Euro has stabilised around 1.1325

Since the beginning of the year, the single currency has risen against the greenback by 9.96% (1030 pips). Since trading opened in Europe, the euro/dollar has risen to 1.1388. ECB president Mario Draghi’s optimistic comments have led to sellers closing their short positions on the euro. Having hit a new yearly high, the euro subsequently fell from 1.1388 to 1.1298 (-90 pips). This sharp drop has occurred within the last hour. The ECB has since stated that markets misinterpreted Draghi’s words in terms of the stimulus program.
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Market sessions

Tomasz Wisniewski

Daily analytical report (28/06/17)

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Draghi, EURUSD, USDCAD, Gold
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Market sessions

Gabriel Ojimadu

Forget about parity between the euro and dollar

The last week on financial markets has been marked by the weakening of the dollar against a basket of other currencies. The dollar’s slide gathered pace yesterday, with the EURUSD pair rising by 1.2% to 1.1363, hitting a new one-year high while the DXY (US dollar index) fell by 1% to 96.3 against the other currencies in the index. The driving force behind this was ECB president Mario Draghi’s speech. Draghi pointed to the Eurozone’s economic recovery and the effectiveness of the central bank’s current monetary policy. Market participants took this as a sign that the bank’s stimulus programs are going to be gradually curtailed.
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Market sessions

Gabriel Ojimadu

EURUSD: the rally continues in Asia

On Tuesday, the EURUSD instrument closed 156 pips up. Firstly, the euro rose across the market after Mario Draghi’s speech at the ECB forum in Portugal. He painted the recovery of the European economy in a relatively positive light. He talked about the need to adjust some of the parameters of the bank’s monetary policy, but clarified that this wouldn’t amount to it being tightened.
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