Tags Posts tagged with "Forecasts"

Forecasts

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It was another tepid session for the euro despite the ongoing Greek crisis apparently drawing to a close. Greek banks are set to open on Monday following emergency aid from the European Central Bank.

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The dollar gained today after unemployment figures showed a fall in the expected number of new claims. The data helped to confirm that the US labor market remains in good standing.

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Cable experienced a choppy session but overall was little changed on the day. GBP/USD dropped to support at 1.5557 early on but later recovered to its previous level.

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The Australian dollar rebounded after yesterday’s sharp falls. The bearish sentiment was prompted by a surprise rate by the Canadian central bank.

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The Bank of Canada surprised markets for a second time this year by cutting their target “overnight” rate of interest to 0.5% from 0.75%. The Canadian dollar fell sharply on the news as did other high yields.

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Fed Chair Janet Yellen gave some support to the dollar today after hinting that interest rates are likely to rise before the end of the year. But she also warned that the US economy faces potential risks from the turmoil in Greece and China.

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GBP/USD resumed its upward trend today even though there was some disappointing data on the UK economy. Unemployment levels increased unexpectedly in June by rising to 5.6% up from 5.5%.

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After a strong start EUR/USD broke upwards to 1.1083 but was unable to sustain the momentum. A mixed set of data from the Eurozone and uncertainty hanging over approval of a bailout deal in the Greek parliament was enough to turn fragile sentiment bearish.

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Cable jumped as high as 1.5634 before falling back below 1.56 but the move placed the market firmly within an upwards channel again. Disappointing retail sales data from the US also acted as a tailwind by dampening sentient towards the dollar.

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The Bank of Canada will meet tomorrow to decide interest rates. Rates are expected to be held at 0.75%. However following January’s surprise interest rate cut markets have been positioning cautiously.