Dollar slips as weak data shift Fed rate-hike expectations

The dollar slumped Friday, locking in a slight weekly decline against its main rivals, as a raft of disappointing U.S. economic data led investors to dial back their expectations for the timing and pace of Federal Reserve interest-rate hikes.

The greenback USDJPY, -0.65% weakened to ¥101.09 late Friday after a raft of U.S. economic data, compared with ¥101.86 late Thursday in New York. The euroEURUSD, +0.2155% strengthened to $1.1163 late Friday, compared with $1.1138 late Thursday.

Meanwhile, the pound GBPUSD, -0.2779% weakened to $1.2917, compared with $1.2957 late Thursday. Against the euro, the British currency EURGBP, +0.5234% fell to a new post-Brexit low.


The ICE U.S. Dollar index DXY, -0.24% a measure of the buck’s strength against a basket of half a dozen rivals, finished the week down 0.5% at 95.7260.

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SINGAPORE IFOREX UPDATE BY EPIC RESEARCH

EUR/USD is currently trading with a bearish bias. Yesterday, instead of going long as previously

forecasted, the pair rallied to the lower side and ended up closing below a key support

level 1.1159. Although we expect further movements to the lower side, we are waiting

for minor retracements to the upper side to give us low risk sell opportunities. This

view remains valid as long as the pair trades below 1.1159, a clear breakout above this

level may invalidated the anticipated upward rally. Trade Euro alongside EUR/HKD, GBP/

USD and AUD/USD. These pairs have a strong positive correlation of up to +0.96 and will

The pound slipped lower against the U.S. dollar on Thursday, as investors remained cautious
ahead of the Bank of England’s policy decision, due later in the day, amid mounting
expectations for a rate cut.GBP/USD hit 1.3279 during European morning trade, the session
low; the pair subsequently consolidated at 1.3301, shedding 0.18%.Cable was likely
to find support at 1.3169, the low of August 2 and resistance at 1.3480, the high of July
15.The BoE was expected to lower interest rates by 25 basis points later Thursday, as a
string of downbeat economic reports from the U.K. recently sparked concerns over the
outlook for growth.Meanwhile, the dollar remained mildly supported after payroll processor
ADP said on Wednesday that the U.S. private sector added 179,000 jobs last month,
surpassing expectations for an increase of 170,000.

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SINGAPORE I-FOREX UPDATE BY EPIC RESEARCH

EUR/USD is currently trading with a bullish bias. Yesterday, the pair traded perfectly long as

previously forecasted but is yet to reach our set target resistance level at 1.1239. The daily

candle is still pretty much bullish and will likely push the price further to the upper side.

Thus, during this intraday, we expect a possible bullish price rally towards 1.1239 or even

higher to 1.1264. This pair should be traded alongside EUR/JPY, AUD/USD, NZD/USD and

GBP/USD. These pairs have a strong positive correlation of up to +0.96 and will have a similar

price action during this intraday.




The pound slipped lower against the U.S. dollar on Wednesday, after data showed that

U.K. service sector activity contracted for the first time in more than three years and as investors

eyed the Bank of England’s policy meeting on Thursday.GBP/USD hit 1.3287 during

European morning trade, the session low; the pair subsequently consolidated at 1.3334,

edging down 0.17%.Cable was likely to find support at 1.3169, the low of August 2 and resistance

at 1.3480, the high of July 15.Research group Markit said its U.K. services purchasing

managers’ index dropped to 47.4 last month from a reading of 52.3 in June. It was

the lowest level since December 2012.The weak data added to expectations for a rate cut



by the BoE at its policy meeting on Thursday.
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Epic Research Singapore : Forex Market Update

The dollar rose against the yen Tuesday, as investors appeared to be reassured by news that the Russian troops taking part in combat exercises near Ukraine’s border would be returning back to their bases.

The dollar USDJPY -0.01%  jumped to ¥102.27 from ¥101.39 late Monday. 

The euro EURUSD -0.06%  moved up to $1.3743 from $1.3732 late Monday, while the British pound GBPUSD +0.02%  edged higher to $1.6666 from $1.6660
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Epic Research Singapore : Forex Market Update

The dollar pushed higher against major rivals Monday after a round of better-than-expected U.S. data, but remained at a one-month low against the yen as tensions continued to flare up between Ukraine and Russia.

The dollar USDJPY +0.37%  fell to ¥101.39 from ¥101.85 late Friday, trading at its lowest level in one month. U.S. and European stocks dropped, Treasurys gained and gold futures rose more than 2%.

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Epic Research Singapore : Forex Market Update

The dollar USDJPY -0.36%  fell to ¥101.85 from ¥102.17 late Thursday. The dollar fell 0.1% against the yen in February.

The Australian dollar AUDUSD -0.38%  declined to 89.31 U.S. cents from 89.66 U.S. cents late Thursday. For the month, the Aussie gained 2% against the greenback. Australia’s private capital expenditure, a key measure of investment, shrank 5.2% in the fourth quarter from the previous three months, according to the government’s statistics bureau on Thursday.

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Epic Research Singapore : Forex Market Update

The dollar fell against Japanese yen on Friday, after the release of a set of stronger-than-expected economic data.

The dollar USDJPY -0.38%   slid to ¥101.81 from ¥102.17 late Thursday.

the Australian dollar AUDUSD -0.07%   declined 89.49 U.S. cents from 89.66 U.S. cents late Thursday. Australia’s private capital expenditure, a key measure of investment, shrank 5.2% in the fourth quarter from the previous three months, according to the government’s statistics bureau on Thursday. 


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Epic Research Singapore : Forex Market Update

The euro EURUSD -0.25%  fell versus the dollar to $1.3661 from Wednesday’s level of $1.3680, as escalating tensions in Ukraine amid Russian military drills have spooked investors and put pressure on the euro.

The British pound GBPUSD -0.17%   also weakened against the greenback, trading at $1.6641 from $1.6658.

The dollar USDJPY -0.22%  dropped against the Japanese yen, down to ¥102.22 from ¥102.44 late Wednesday. 
 
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Epic Research Singapore : Nikkei 225 Index Update

Japan stocks declined today — or maybe better to say they “reclined,” given the lazy, meandering path shares took.

The Nikkei Average is ending with a 0.3% loss, better than a 0.6% deficit early in the session, but down nonetheless after the index briefly turned positive at midday. The Topix fared worse, losing 0.7%.

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Epic Research Singapore : Forex Market Update

The dollar rose Wednesday against the yen and euro, as investors await more data to give better clues about the U.S. economic outlook.

The dollar USDJPY +0.08%   moved higher against the Japanese yen to ¥102.365, from ¥102.18 late Tuesday, while the euro EURUSD +0.03%  edged up to $1.3745, from $1.3740.

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Epic Research Singapore : Forex Market Update

The dollar extended losses on Tuesday against most major currencies, ahead of the release of U.S. consumer-confidence and home-price data later in the day.

The ICE dollar index DXY -0.12% , which tracks the greenback against six rival currencies, fell to 80.12, from 80.212 late Monday. The WSJ Dollar index XX:BUXX -0.06%  , an alternate measure of the U.S. unit’s strength against a broader basket of comparison currencies, remained unchanged at 73.55, from Monday’s level of 73.59.

The Japanese yen, the dollar USDJPY -0.15%  dropped to ¥102.31, from ¥102.44 late Monday.

The British pound GBPUSD +0.23%  also rose, to $1.6679 from Monday’s $1.6656.

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Epic Research Singapore : Forex Market Update

The U.S. dollar fell against the Australian dollar and British pound Monday as investors continued to weigh the potential weather drag on recent economic data, and wether or not it could sway monetary policy.  
he British pound GBPUSD +0.06% rose to $1.6656 from $1.6629 late Friday, while the Australian dollar AUDUSD -0.08%  rose to 90.32 U.S. cents from 89.68 U.S. cents

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Epic Research Singapore : U.S Market Update

President Barack Obama plans to ask Congress in early March, as part of his fiscal 2015 budget, to reduce some of the tax advantages for employer-sponsored retirement plans for higher-income earners, according to published reports.

The president wants to limit the value of all tax deductions, defined contribution exclusions and IRA deductions to 28% of income — and include an overall cap on all retirement accounts, including pensions, that could bring in $1 billion a year in new tax revenue, according to a Pensions & Investments report. Read Companies bracing for 1-2 retirement punch.
 
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Epic Research Singapore : S&P Market News Update

Standard & Poor's on Friday cut its long-term foreign currency rating on Ukraine by one notch to CCC, saying the country's worsening political situation is putting the government's capability to service its debt at increasing risk. An eruption of violent clashes between anti-government protestors and police have left nearly 70 people dead and more than 560 wounded, and has led S&P "to conclude that a conciliatory end to the political stand-off is now out of reach.
 
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Epic Research Singapore : Forex Market Update

The euro fell for a second straight day against the dollar yesterday, pulling away from seven-week highs, after eurozone business surveys pointed to a sluggish recovery and underlined a fragile outlook for the currency bloc.
The euro fell to a session low of US$1.3685, pulling further away from a seven-week high of US$1.37735 struck this week, and down 0.3 per cent on the day. The euro's weakness was broad- based, losing ground against the British pound, the Swiss franc 

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Epic Research Singapore : Forex Market Update

The U.S. dollar gained against many of its rivals Thursday, despite mixed data that raised questions about economic growth, as investors took on more risk and ditched safer assets.

After the data, the ICE dollar index DXY +0.05% , which tracks the U.S. unit against six other currencies, was at 80.280, up from 80.191 late Wednesday. The WSJ Dollar index XX:BUXX +0.08% , an alternate gauge of the greenback’s strength against a broader basket of rival currencies, inched higher to 73.65 from 73.62.

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Epic Research Singapore : Forex Market Update

The euro EURJPY +0.76%  also jumped against the yen, buying ¥140.55 from around ¥139.50.

The Australian dollar AUDUSD +0.07%   pulled back against the greenback following the minutes, trading at 90.59 U.S. cents compared with 90.71 U.S. cents before the minutes were released. The Aussie late Monday fetched 90.52 U.S. cents.
Elsewhere in the market, the British pound GBPUSD +0.08%   was at $1.6732, down from $1.6790 ahead of U.K. inflation data. The euro EURUSD -0.02%   was largely unchanged at $1.3714 from $1.3710.

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Epic Research Singapore : Forex Market Update

The U.S. dollar popped higher against the yen Tuesday after Japan’s central bank expanded its lending support to the country’s financial institutions.  
After briefly dipping, the U.S. dollar USDJPY +0.77% climbed to ¥102.57 — and traded as high as ¥102.61 — from around ¥101.98 just before the bank released its statement. The dollar bought ¥101.56 late Monday. 

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Epic Research Singapore : U.S Market Update

Hong Kong stocks opened lower Tuesday, after China's central bank reportedly drained 48 billion yuan ($7.9 billion) from the money market on Tuesday through bond-repurchase agreements. The Hang Seng Index HK:HSI +0.01% moved lower by 0.3%. Banks retreated, as China Merchants Bank Co., HK:3968 -1.09% CIHHF +9.30% declined 2.2%, Bank of Communications Co. HK:3328 -0.58% BKFCF -0.74% fell 1.6%, China Minsheng Banking Corp. HK:1988 -0.63% CMAKY +0.29% lost 1.4%, and China Citic Bank Corporation HK:998 -0.48% CHCJY -5.19% dropped 1.2%. China's Dongfeng Motor Group Co. HK:489 -1.79% , currently in negotiations to buy a stake in PSA Peugeot Citroen, suspended trading of its H-shares in Hong Kong markets. The state-owned car maker didn't clarify the reason in the announcement. On Monday, the company said in a filing that its commercial-vehicle unit has been served with a request for arbitration by a Brazilian firm, which is seeking damages of approximately 1.67 billion Brazilian reals ($700 million) for Dongfeng's failure to establish a joint venture with the firm. On the mainland, the Shanghai Composite Index CN:SHCOMP -0.49% gave up 0.5% to 2,125.54.

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Epic Research Singapore : U.S Market Update

The Bank of Japan kept its broad monetary policy and assessment of the economy unchanged Tuesday but also extended two soon-to-expire special lending programs, doubling their size. At the end of their two-day policy meeting, the central bank said its board voted unanimously to keep the pace of its monetary easing unchanged, as widely expected. It also retained language from the previous policy statement that the economy continued "to recover moderately." However, it also said it would "double the scale" of its programs lending to banks in order to stimulate loans and support the economy. The Japanese yen USDJPY +0.63% momentarily rose after the statement's release but then quickly took a sharp turn lower, with the U.S. dollar rising to ¥102.36 from ¥101.98 before the announcement. Likewise, the Nikkei Stock Average JP:NIK +2.22% climbed to intraday highs, trading up 1.7%, compared to an earlier gain of about 0.9%.
 
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