Dollar Regained Buyers As Market Wakes Up

Dollar Regained Buyers As Market Wakes Up

By: Oliver Miller | Where To Trade | On:31-10-2014 11:25
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Key Highlights

  • US dollar was seen gaining bids once more as it looks like that the FX market woke up again after a short-term correction.
  • We pointed out recently in our analysis section that the recent move in the US dollar can be seen as a correction only.
  • Japanese yen collapsed earlier during the Asian session as the Bank of Japan added to the existing QE and increased their asset purchase program.
  • German retail sales managed to register a better than expected yearly change, as it gained by 2.3% compared with the forecast of 0.8%.
  • Euro Zone CPI released by the Eurostat increased by 0.4% as expected by the Forex market. However, the core CPI missed the mark and declined from 0.8% to 0.7%.
  • EURUSD once again was seen trading lower during the London session, as it traded close to the yesterday’s low.

 

Canadian GDP

Earlier during the NY session the Canadian Gross Domestic Product Annualized was released by the Statistics Canada. The market was expecting the Canadian GDP to remain flat at 0%, as in the case of the previous month. However, the outcome was a disappointment, as the Canadian real gross domestic product declined 0.1% in August 2014, compared with no growth in the last month.

 

Where To Trade - US IJC

 

The outcome was very disappointing and could weigh a lot on the Canadian dollar in the short to medium term. The report added that the Canadian Goods production fell 1.0%, Mining, quarrying, and oil and gas extraction fell 1.7% in August as the most major subsectors registered declines.

The USDCAD pair rocketed higher after the release and traded towards the 1.1280 level. There is a lot of selling pressure on the Canadian dollar, which might impact the USDCAD pair to a great extent in the short term. There is a high probability that the pair might head towards the 1.1300 area in the coming days and even settle above it.

 

Euro Zone CPI

There was an important release during the London session, as the Euro zone consumer price index was released by Eurostat. The market was expecting the Euro zone CPI to increase by 0.4% in October 2014. The outcome was in line with the forecast, as the Euro area CPI is expected to be 0.4% in October 2014, which is 0.1% higher than the September’s reading. The main point to note from the report was the fact that the Euro area services sector is expected to have the highest annual rate in October. It is expected to register an increase of 1.2% in October 2014, compared with 1.1% in September 2014. The outcome was not that bad, but was not good as well. The EURUSD pair fell lower after the release and lost all of its yesterday’s gain.

The EURUSD pair created a new low below the 1.2520 level and as of writing looks set to test the 1.2500 support area. There is even a chance that the pair might break the mentioned level in the coming days.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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