EUR/GBP: bulls carried by ECB, but techncially…

EUR/GBP is up on the day due to the ECB's attempt to revive lending and thereby investment rather and the rebound of the euro exchange rate came after the comments by Draghi that the ECB could not cut rates as low as it wanted to. Carsten Brzeski, anal... [...]

USD/CHF tumbles after ECB and Draghi

USD/CHF reversed sharply and dropped from 1-month highs to 2-week lows in a few hours and remains near the lows, holding bearish momentum. ECB triggers volatilityAfter the ECB announced a rate cut in all rates, the Swiss franc tumbled in the market and... [...]

NZD/USD eyes 0.6550 near-term – Westpac

The Kiwi dollar could slip towards the mid-0.6500 in the next sessions, according to Imre Speizer, Strategist at Westpac.

Key Quotes

NZD/USD remains torn between the forces of easier RBNZ monetary policy and a reluctance to price much Fed tightening into the US dollar”.

“Today’s OCR cut and signal that it should fall to 2.0% was helpful for our view that NZD/USD will fall to 0.62 by mid-year, but we really need a repricing of Fed Funds rate expectations to give us a high degree of conviction”.

“Near term, momentum should take the pair lower to 0.6550 during the week ahead”.

The Kiwi dollar could slip towards the mid-0.6500 in the next sessions, according to Imre Speizer, Strategist at Westpac...

(Market News Provided by FXstreet) [...]

US equities calm post ECB bazooka

The stock markets in the US are clam as opposed to wild swings in Euro after the ECB fired on all fronts.

At the time of writing, the Dow Jones Industrial Average (DJIA) was up 0.40% or 63 points. The S&P 500 index was up 0.40% or 8 points. The tech heavy Nasdaq was up 0.50%.

Among the DJIA stocks, Goldman Sachs was up 1.87%, followed by a 1.2% rise in UnitedHealth shares. The losing side included names like United Technologies. , Exonn Mobil, Microsoft.

Stock futures are ripped higher following ECB’s announcement. However, EUR recovered after Draghi played down the need to cut rates further. Hence, indices had a calmer start.

The stock markets in the US are clam as opposed to wild swings in Euro after the ECB fired on all fronts.

(Market News Provided by FXstreet) [...]

US Dollar tanks to 96.50 post-ECB

Unusual and abrupt swings have taken the US Dollar Index from session highs near 98.40 to as low as the mid-96.00s, or multi-day troughs.

US Dollar turns negative despite ECB easing

The greenback is now testing fresh 3-week lows in the 96.60 area, managing to regains some pips after a brief visit to lows near 96.40 following Draghi’s press conference.

USD briefly tested daily highs around 98.40 soon after the European Central Bank has surprised markets lowering its benchmark rates and announcing additional stimulus at its meeting today. However, Draghi’s hint at the likeliness of no further rate cuts at his press conference has sparked a violent correction in EUR, boosting it to fresh 3-week highs vs. the dollar.

Not as relevant and back to the US docket, Initial Claims rose to 259K in the week ended on March 4, taking the 4-Week Average to 267K from 270K.

US Dollar relevant levels

The index is retreating 0.65% at 96.57 facing the next support at 96.00 (psychological level) followed by 95.28 (2016 low Feb.11). On the upside, a break above 97.12 (200-day sma) would aim for 97.61 (50% Fibo of 99.95-95.28) and finally 97.96 (55-day sma).

Unusual and abrupt swings have taken the US Dollar Index from session highs near 98.40 to as low as the mid-96.00s, or multi-day troughs...

(Market News Provided by FXstreet) [...]

Brent oil prints low below $40 on falling prospects of production freeze

Brent prices fell to $39.78 levels after reports hit the wires that the planned OPEC and non-OPEC meeting may be cancelled due Iran’s reluctance to agree to production freeze.

Back above 5-DMA

Prices are back above 5-DMA located at 40.04 levels. Oil rose to fresh 2016 high this week on optimism major producers may reach a production freeze accord at Jan 20 meeting. In fact, traders ignored the data released in the US, which showed stocks at record highs.

However, the latest report is a reality check to the markets. Moreover, Iran has repeatedly said that it is no mood to freeze production and actually called the strategy ridiculous a few weeks back.

Brent Technical Levels

Futures currently trade around $40.15/barrel. The immediate hurdle is seen at 40.73 (50% of Aug 31 high-Jan low), above which prices could re-test 41.14 (previous day’s high). On the other hand, a break below 5-DMA at 40.04 would shift risk in favor of a drop to 39.29 (Mar 29 low).

Brent prices fell to $39.78 levels after reports hit the wires that the planned OPEC and non-OPEC meeting may be cancelled due Iran’s reluctance to agree to production freeze.

(Market News Provided by FXstreet) [...]