InvestMacro Forex News

AUD/CAD has been in a very strong uptrend all year, but in recent weeks the uptrend accelerated visibly after price crossed the 1.0000 level.

Technical Analysis

After breaking above the upper trendline of a very steep channel for the last two months and the 61.8% fibonacci retracement on the long term 1.0713 – 0.9168 downtrend, AUD/CAD eyed the major pivot zone at 1.0270. The resistance of the bullish channel formed in the last 10 months also backed up this level.

At the end of the European session there were no bearish reactions whatsoever to this level, as the bullish move seemed to further accentuate when it shot up as high as 1.0315. Once the US session began buyers finally backed down and AUD/CAD retraced most of it’s gains from today.

With Stochastics in overbought territory on all major timeframes and facing such a strong resistance, it remains to be seen if the pair will manage to remain below the resistance. A short break from the uptrend could lead AUD/CAD to pull back towards 1.0100 or even parity level, so that the support levels can be tested again.

Above 1.0270 – 1.0300 the trend will continue in similar fashion. The first resistance level is 1.0421, followed by 1.0550 and eventually 1.0700 – 100% retracement of the bearish trend.

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Prepared by Alexandru Z., Chief Technical Strategist at Capital Trust Markets

GOLD: With GOLD reversing its intra-day gains to weak further today, further downside pressure is now envisaged. Key support lies at its big psycho level at the 1,300 .00. We expect bulls to come in here and push it higher but if broken further downside is likely towards the 1,280.00 level followed by the 1,250 level. Its daily RSI bearish and pointing lower supporting this view. On the upside, for GOLD to annul its correction it will have to recapture the 1,367.40 level, a tough call based on its present price action. Further out, resistance resides at the 1,388.95 level, its Mat 17 2014 high followed by the 1,400.00 level, its psycho level. A break will trigger further upside pressure towards the 1,450.00 level, its psycho level. All in all, GOLD remains biased to the downside in the short term despite recovery attempts.

Article by www.fxtechstrategy.com

UNIVERSITY OF TECHNOLOGY, MAURITIUS AND BOURSE AFRICA LAUNCH A VIRTUAL TRADING SIMULATION LABORATORY

The Bourse Africa Trading Simulation Laboratory will allow students of University of Technology, Mauritius (UTM) to enhance their practical financial market knowledge and develop trading skills in commodity and currency derivatives.

Mauritius, March 13, 2014: With the objective of fostering financial talent and further development of Mauritian financial markets, Bourse Africa launched a virtual trading simulation laboratory in collaboration with The University of Technology, Mauritius. The virtual laboratory, situated at the university premises, was inaugurated by Mr. Rinsy Ansalam, Managing Director & CEO of Bourse Africa Limited in the presence of Dr. Hemant B. Chittoo (CMILT), Ag. Director General of University of Technology, Mauritius.

The setting up of this laboratory will allow UTM students to trade on a virtual simulated environment that would replicate the actual market. Bourse Africa will be conducting periodic workshops to train the students on the technology, trade execution and various other aspects pertaining to financial markets. The tech centric trading simulation laboratory hosts world class trading technology that will allow participants to understand the role of technology in democratizing markets by creating awareness and enhancing market access.

“As a university committed towards providing students with an innovation driven learning environment that matches global standards, we are glad to invite Bourse Africa for setting up this state of the art laboratory. Our students will get a practical understanding of trading and will also understand the dynamics of global financial markets – which I strongly believe will enhance their competitiveness.” said Dr. Hemant B. Chittoo, CMILT, Ag. Director General, University of Technology, Mauritius.

Mr. Rinsy Ansalam, MD & CEO of Bourse Africa said, “We highly appreciate University of Technology, Mauritius for its approach towards capacity building and bridging the gap between theory and practice for its students. Mauritius is geared towards becoming the Investment Banking hub for Africa and we need to foster capable leaders in the financial market domain to take the growth story forward. With the trading simulation laboratory, we reiterate our commitment towards the development of financial market talent in Mauritius and Africa. The lab will allow students to get a real time experience of the markets and gain the ability to understand the role of trading, investing and risk management.”

Collaboration between UTM and Bourse Africa

The collaboration between UTM and Bourse Africa started with an academic workshop on the “Art of Trading” which was held at the Bourse Africa office in Ebene. The workshop was attended by full time academicians from the different schools. Thereafter, a series of workshops on financial markets were organized for UTM’s students having a background in accounting, banking, economics and finance with the objective of exposing students to the functioning of exchange markets and initiate them to trading.

The following major activities have already been successfully conducted in 2013: Bourse Africa conducted a Training for UTM academics on ‘art of trading’; Series of workshop for undergraduate students on Trading and Investing that proved to be a grand success as it was a real insertion for the around 200 students into the world of financial markets; A more specialised workshop on derivatives was organised in October 2013 for MBA finance students

About BOURSE AFRICA (www.bourseafrica.com)

BOURSE AFRICA LIMITED (Bourse Africa) is the first international multi-asset class exchange from Mauritius that currently offers trading on three market segments viz., commodities, currencies and equities.
The exchange offers participants, from across the globe, access to a tech centric market that is regulated, liquid and transparent with efficient clearing and settlement systems. Bourse Africa’s state of the art infrastructure provides a world class platform for risk management, trading and investment on global and African products. The exchange is licensed and regulated by Financial Services Commission (FSC), Mauritius to offer trading in commodity derivatives, currency derivatives, equity cash and equity derivatives.

BOURSE AFRICA CLEAR LTD is the designated Clearing House of Bourse Africa and acts as the counterparty to its Clearing Members. The clearing house is an independent entity which is licensed by the Financial Services Commission (FSC) of Mauritius.

Bourse Africa is promoted by the Financial Technologies Group (www.ftindia.com), a global leader in setting up and operating tech-centric next generation exchanges in the emerging but fast growing economies from Africa to Asia and Middle East to South-East Asia. For all the Press Releases and Media Coverage on Bourse Africa, please visit www.bourseafrica.com/media

About University of Technology, Mauritius (UTM)

The University of Technology, Mauritius (UTM) was created in year 2000 by Act of Parliament as the Government implemented its plan to have a second University which would focus towards development of oriented sectors in particular. Two state institutions namely the Mauritius Institute of Public Administration and Management (MIPAM) and the State Information Training Centre (SITRAC Ltd) were merged to form the University of Technology, Mauritius. This historic step in the field of higher education was prompted mainly by the need to cater more vigorously for the increasing demand for ICT and Management professionals in a country which is seriously committed to accelerate, by all means, the realization of its ambition to become a major service provider in the field of Information Technology, Management and Finance, Sustainable Development and allied areas. The University started operation by the end of year 2000.

About The School of Accounting, Finance and Economics (SAFE)

The School of Accounting, Finance and Economics is a new School and it aims at better preparing its students to face the realities of the job market. The School is dedicated to delivering highest level of training teaching, and learning, Research & Development and consultancy services in broad spheres of accounting, banking, finance, economics, procurement, and policy analysis at national and regional levels as well as internationally. The School presently offers a good range of industry recognised undergraduate and postgraduate programs in the specialized field of accounting, finance (or more precisely banking and financial services), and economics. The integration of the above areas of study under the School has been thought wise marked by the rapidly expanding student population coupled with increasing job prospects in the advent a service-driven economy.

Please Contact

Bourse Africa UTM
Mr. Sandeep Chagger
Manager – Business Development & Communications
TEL: +230 4040000
Email: [email protected]
Dr D K Padachi,
Head of School – School of Accounting, Finance
and Economics (SAFE )
TEL: +230 2075250
Email: [email protected]

Safe Harbour statement Certain statements with reference to the company’s future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The Company from time to time, make additional written and oral forward-looking statements, and the company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.

By CentralBankNews.info
    Rwanda’s central bank maintained its accommodative policy stance by maintaining the repo rate at 7.0 percent “to sustain current positive trend in credit to the private sector thus supporting the expected economic growth recovery.”
    The National Bank of Rwanda (BNR), which last cut its rate by 50 basis points in June 2013, said the expansion of credit is not expected to jeopardize price stability in the near term but added that it would closely monitor all underlying inflation factors so it could take timely and appropriate responses.
    Rwanda’s inflation rate accelerated to 3.45 percent in February from 2.43 percent in January and the BNR said the financial sector was performing well and stable due to adequate capitalization.
    Growth in Rwanda’s economy was moderate in 2013 due to the lagged impact of mid-2012 cuts in donor support that was reflected in reduced government spending.
    “Nevertheless, the economic performance is expected to progressively recovery, increasing to around 6.0% in real terms in 2014, on account of improved aggregate demand,” the bank said.

    http://ift.tt/1iP0FNb
 

On Wednesday evening, just after US close, Statistics New Zealand will report the nation’s latest trade balance data. The report comes off the back of considerable strength in the NZDUSD, fueled by the interest rate hike earlier on in the month. Better than expected data could compound the bullish bias in the pair and carve out highs not seen since 2011, but this scenario is from a certainty; here’s why.

To start with, let’s take a look at the interest rate hike. The RBNZ boosted rates from 2.50% to 2.75%. The accompanying statement hinted at a sustained policy of hikes throughout the year, saying, “In this environment it is important that inflation expectations remain contained. To achieve this it is necessary to raise interest rates towards a level at which they are no longer adding to demand. The Bank is commencing this adjustment today.”

The word commencing makes the NZD hot property. In effect, the RBNZ has beaten the Fed to the punch, and in doing so, offered up a medium term bullish bias in the pair.

However, Wednesday’s trade balance data could draw attention to a potential tripping point in the aggressive tightening policy – China. A recent spate of Chinese data has highlighted the potential a Chinese economic slowdown, a scenario that could have long-term repercussions for New Zealand.

The NZ government has taken steps towards reducing the nations dependency on China, with the latest being a potential free trade deal with the EU, but two way trade between the economies continues to swell. Targets set by NZ Prime Minister John Key and China’s President Xi Jinping suggest two way trade at $30B by 2020, versus just $18B last year. With these figures in mind, it is easy to see how combination of higher interest rates, increased dependence and a dip in import demand from China could override the short to medium term bullish sentiment in the NZDUSD.

This is a long-term situation however, and the market will likely overlook the overarching fundamentals as we head into the release. Consensus suggests a trade surplus of 600M, almost double the previous release at 306M. A better than expected release would validate a retest of 0.8630 resistance, and could catalyze fresh NZDUSD highs. Such a situation would put 2011 highs just shy of 0.8839 on the radar as a potential upside target.

Conversely, a downside miss might draw attention to the above scenario, and could potentially reverse sentiment. In this situation, look to in-term resistance at 0.8513 as an initial target. A close below this level would hint at further downside, with a secondary target at 0.8469 and, beyond that, January resistance at 0.8390.

Written by Samuel Rae – Chief Currency Strategist at Capital Trust Markets

Capital Trust Markets is a fully regulated and compliant online Forex Brokerage, offering a flawless trading environment to traders of all types. The world class trading infrastructure – backed up by advanced trading tools and cutting edge trading software and technology – is combined with award winning customer support to provide a highly successful blend of customized trading solutions.

By CentralBankNews.info
   Georgia’s central bank held its policy rate steady at 4.0 percent, saying it still believes there is a need for a gradual withdrawal of monetary stimulus but the policy rate was maintained due to the increased geopolitical risks and uncertainty.
    The National Bank of Georgia, which raised its rate by 25 basis points in February after cutting by 150 basis points in 2013, said it still expects inflation to be between 5 and 6 percent in the second half of this year with aggregate demand expected to recover further.
    Georgia’s inflation rate rose to 3.46 percent in February, the fifth consecutive month of accelerating inflation after deflation in most of 2012 and 2013. The central bank targets inflation of 6.0 percent and said last month that there was no need to maintain an easy policy stance as economic growth was improving and it should continue to improve in the first half of this year.
    The central bank’s forecast is based on a balance of risks but it cautioned that the recent escalation of geopolitical factors and economic uncertainty pose a threat.
    “In particular, the deterioration in the economic environment could affect the economy through several channels, including reduced demand for exports, investors’ mood and lower remittances,” the bank said.

    Georgia, which gained independence from the Soviet Union in 1991, is located in the Caucasus region, bordering the Black Sea on the west, Turkey on the south and Russia on the north. The Crimean peninsula, which has been annexed by Russia from Ukraine, also lies is in the Black Sea.
    Georgia’s Gross Domestic Product grew by an annual 7.1 percent in the fourth quarter of 2013 and the bank said annual growth in January was estimated at 7.8 percent due to growing exports.
    Exports from Georgia eased to US$ 216.15 million in February from $223.61 in January.
    Georgia’s lari currency depreciated by 4.6 percent against the U.S. dollar last year, raising the inflation rate by an estimated 1 percentage point. It continued to decline until late January when it started to rise. Earlier today it was trading at 1.74 to the U.S. dollar, steady since the end of 2013.

    http://ift.tt/1iP0FNb

The range that was forming on GBP/JPY last week started getting smaller in size, with lower swing highs and higher swing lows, eventually forming a triangle pattern. During the European session the pair flirted solely around the resistance of the triangle, and ahead of the US session a 4H bar formed completely outside the boundaries of triangle. Stochastics haven’t reached oversold territory yet, so the pair is making a push towards the resistance levels.

While prices remain below 169.70, the swing high from last week, price will continue to move slowly. Reversals around key resistance levels are possible while sentiment remains mixed and news announcements don’t favor any sides in particular.

Above 169.70, and later above 169.97 – the  resistance confluence formed by the 200 simple moving average on the 4H timeframe and the 38.2% fibonacci resistance – sentiment will be bullish, opening the way higher towards 171.34.

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Prepared by Alexandru Z., Chief Technical Strategist at Capital Trust Markets

USDJPY: The pair remains trapped in a range as it looks to create directional moves. This development leaves it vulnerable to the downside possibly towards the 101.27 level. Below here will expose the 100.75 level with a violation aiming at the 100.00 level and subsequently the 99.50 level. Its daily RSI is bearish and pointing lower suggesting further decline. On the upside, resistance resides at the 102.62 level. A cut through here will aim at the 103.00 level and then the 103.50 level, its psycho level. On the whole, USDJPY faces downside pressure on correction.

Article by www.fxtechstrategy.com

By HY Markets Forex Blog

Gold prices were seen trading higher on Wednesday, picking up from previous losses, while traders increase demand for a safe haven as the tension between Russian and Ukraine continues. Meanwhile, the upbeat US consumer confidence capped bigger gains.

Gold futures for June delivery gained 0.22% to $1.314.40 an ounce at the time of writing on New York’s Comex. At the same time, silver futures for immediate delivery climbed 0.31% to $20.045 an ounce.

On Tuesday, the precious metal was seen falling to $1,305.02 on Tuesday, the lowest since February 14.

Earlier in the month, the Federal Reserve (Fed) Chair Janet Yellen suggested the US central bank may increase its interest rates in the next six months.

As Philadelphia’s Fed President Charles Plosser spoke on the US monetary policy on Tuesday and predicted short-term interest rates at 3% by the end of next year and rising to 4% by the end of 2016.

The latest Confidence Board consumer sentiment index released on Tuesday revealed that the US consumer confidence climbed to the highest in six years in March.

The US Conference Board’s consumer confidence climbed to 82.3, compared to the previous reading of 78.3 in February and analysts’ estimates of a reading of 78.6.

Gold – Ukraine Ongoing Tensions

The ongoing tensions between Ukraine and Russia continues to be in focus as the Western nations including the US warned Russia that it could face harsher economic sanctions if it imposed further action to the country following the annexation of Crimea.

Hong Kong’s net gold exports to China climbed 25% higher in February, following the drop recorded in the previous month. While demand in March is forecasted to be dragged lower by the weaker yuan and the lower prices on the mainland.

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Article provided by HY Markets Forex Blog

By HY Markets Forex Blog

Oil prices climbed on Wednesday as the market await US inventories data and the ongoing tension in Ukraine remains in the spotlight.

As traders continue to wait for fresh data about US oil inventories, all eyes have also been on Russian as sanctions against the country may boost commodity prices.

The North American West Texas Intermediate (WTI) climbed 0.18% higher to $99.38 at the time of writing, while the European benchmark Brent crude traded 0.15% higher at $107.16 per barrel at the same time.

Yesterday, the WTI crude was dragged lower by the upbeat US consumer confidence as the greenback strengthened, before correcting losses later in the day. Oil prices was holding around the $100 level as the tensions in Ukraine boosted crude prices.

Oil  – US Stockpiles Report

According to the American Petroleum Institute reports released on Tuesday, crude stockpiles in the US added 6.3 million barrels in the previous week, while gasoline stocks dropped by 2.8 million barrels.

A separate report on crude oil inventories, are expected to be released by the US Department of Energy later in the day. As analysts’ predicts a rise in stockpiles in the week ending March 21, adding 2,500,000 barrels.

Inventories in Cushing, Oklahoma fell by 989,000 barrels in the week ending March 14. The Houston Ship Channel was reopened after a closure due to the oil-spill caused by a collision.

Tensions in Ukraine

The ongoing tensions between Ukraine and Russia continues to be in focus as the Western nations including the Russia that it could face tougher economic sanctions if it imposed further action to the country following the annexation of Crimea.

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The post Oil Prices Trades Higher Before US Crude Stockpiles Report appeared first on | HY Markets Official blog.

Article provided by HY Markets Forex Blog