Free Forex Signals for 11.26.2015
The GBP has come under pressure; the pound has underperformed against the majors after a dovish BoE speech is helping to drag the GBP lower. BoE governor, Carney said that the low interest rate environment is likely to remain for some time, while his colleague, Haldane said that inflation risks were “skewed materially to the downside.”
The USD trades mostly higher; the economic numbers for the US have continued to be positive and are assumed to be supporting USD buyer interest. Home sales are up, consumer confidence is up and durable and durable goods orders don’t look bad.
The JPY has performed better than other G10 currencies. The USDJPY pair post a 9 day low at 122.25, The course of BoJ policy is somewhat unclear, but there is a good chance that it will make a further monetary expansion. The BoJ next meets on policy on Dec-18, after the December meetings of the ECB and Fed.
The AUDUSD is lower across the board, after a drop off in Private Capital Expenditure q/q at -9.2% vs -2.8% expected and -4.4% previously, pointing to a slowdown in economic conditions as businesses are not expanding their capital base.
Price made a downward penetration of the upwards sloping trend line, starting on 2nd of October. However, Stochastic found below 20 levels indicates that price may move further upward. Current price is holding above it’s current daily 50 SMA with price seen as consolidating around the 185 area, the failure to build a new base near the 185 levels may signal that recent highs at 188.80 may have been the daily top of the market leaving open the possibility for a return towards 183.88.
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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