Month: July 2013

By CountingPips.com

The US dollar gained across the board last week against the other major currencies in the foreign exchange trading markets. The US dollar was helped out by better than expected employment data for June that was released out of the United States as well as dovish central bank comments out of the euro zone and United Kingdom. The better than expected jobs data fit right in with the general market theme of the better the US data, the more likely (and sooner) the Federal Reserve is to slow down its quantitative easing program. This theme is seen as leading to higher interest rates and supportive of US dollar strength going forward against the other major currencies.

Juxtaposition the stronger US economy with more quantitative easing from Japan to reach their higher inflation target, a possible rate cut from their European central bank in the near future and a slowdown in the Chinese economy that is sapping the Australian dollar’s strength and  it is easy to see why the US dollar has become a market favorite at the moment.

See our major currency pair commentary for this week at our forex blog.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

NZDUSD: The New Zealand dollar was virtually unchanged against the US dollar last week for a second consecutive week and possibly making a consolidation base around the 0.7700 price level. The NZD/USD currency pair currently trades right above that level at the 0.7702 level. Looking out further for this week’s trading, the pair will likely find overhead resistance at the 0.7750 level while support may be found near the key price level of 0.7700 before the 0.7635 — 0.7650 potential support level comes into play.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

By CountingPips.com

AUDUSD: The Aussie continued to decline last week for a third straight week and for the eighth out of the last nine weeks. Further decline will bring the pair to the 0.9000 major price level which could provide near-term support for the AUD/USD. Overhead resistance looks to be sitting at the 0.9150 — 0.9165 area before the 0.9250 resistance comes into play.

Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis

Thirty-year-old Rajkumar Dangi, who has leveled sodomy charges against former Madhya Pradesh finance minister Raghavji on Sunday alleged that he was being sexually assaulted for the past three and half years years and that his family was threatened.

Former Standard Chartered chief executive Mervyn Davies is forming a consortium of sovereign wealth funds and financial institutions to buy as much as half of Britain’s 20 billion pound ($29.77 billion) stake in Lloyds Banking Group , Sky News reported. Davies approached Britain’s Treasury several months ago about his plan to buy as much as half of the British taxpayer’s 39 percent share in Lloyds, Sky said on Saturday citing insiders. U.S.

Strengthening regulation of financial markets is necessary to reduce risks, ECB policymaker Christian Noyer said on Saturday, in a speech entitled “The end of the dictatorship of finance”. Noyer, who has in the past turned up the heat on London’s role as Europe’s finance hub, criticized accounting rules which he said fuelled “short-termism” and said the opaque nature of some parts of the markets had fuelled the financial crisis.

Investment research firm Morningstar Inc said personal information, including credit card details, of about 2,300 users of its Morningstar Document Research service may have been compromised due to a security breach last year.

Investment research firm Morningstar Inc said personal information, including credit card details, of about 2,300 users of its Morningstar Document Research service may have been compromised due to a security breach last year.

The Federal Communications Commission on Friday announced its official approval of two related deals by Sprint Nextel Corp, SoftBank Corp and Clearwire Corp. The regulatory approval was the last hurdle for SoftBank’s $21.6 billion bid to buy 78 percent of Sprint, the No. 3 U.S. wireless provider. Sprint’s bid to buy out the portion of wireless company Clearwire that it doesn’t already own faces a vote by minority shareholders on July 8.

By CountingPips.com

The weekly Commitment of Traders report, usually released every Friday, is on a delayed schedule by the CFTC this week due to holiday schedule. The COT report will be released on Monday 3:30 p.m. Eastern time.

The CountingPips weekly currencies report that analyzes and charts the changes in large speculators positions will be published early next week.

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