Wednesday has clearly been an important trading day due to presence of many US events concerning the Federal Reserve. Two FOMC members, James Bullard of St. Louis and Loretta Mester of Cleveland spoke yesterday and provided the market with influential remarks on the matter of rate increases.
The EUR/AUD cross is now poised for more weakness, as that is the direction, where the rising wedge usually breaks out. Moreover, market sentiment is bolstering this possibility, as 54% of all open positions are short. However, the 55-hour SMA has been reinforcing the wedge's lower border since it first emerged, making it difficult for a breakout to occur just
Since the beginning of March the Aussie has been appreciating against the US Dollar, eventually forming a double top pattern. Since double tops arise at the end of the upward trends, a bearish trend is soon likely to take over. Technical studies also imply a decline, but in longer timeframes a recovery is possible, suggesting that the pattern might turn
Although the Buck appreciated against most major peers on Tuesday, a rather serious loss was registered against the Japanese Yen.
'Brexit' fears continued to weigh on the British currency, causing it to decline against most major peers on Tuesday.
Finally, it was a positive day for many commodities on April 5. Given the weakening US Dollar in the run up to the FOMC meeting minutes' release later on Wednesday, precious metals posted a very healthy price spike of more than one full percentage point.
Services sector activity in the Euro zone failed to impress markets on the positive side, but it was unable to derail the Euro's performance either.
The US Dollar advanced against most major peers, with the largest gains registered against the commodity currencies.
The British currency appreciated against most major peers on Monday, with the only exception against the Yen.
Futures for natural gas spiked the most among main commodities on Monday, by rallying about 2.15% over the past 24 hours.
Commodity currencies were clear losers on the first day of this week amid tanking oil prices. New Zealand, Canadian and Australian dollars took the whole pedestal of TOP-3 sharpest-declining components against the Euro.
Even though the US NFP data surprised to the upside last Friday, the US currency was unable to post gains against all other major currencies.
Poor UK Manufacturing PMI on Friday caused the Sterling to weaken across the board even over the weekend.
All but one commodity were down in price on the first day of April, as only corn appreciated by about seven tenths of one percent. General direction of the market is clearly reflected in the benchmark S&P GSCI Index, which was pushed down by 2.17% over 24 hours through Friday evening.
The British currency took the strongest bearish hit to its value on Friday, after the US Labor Department released its monthly employment and wage figures.
The Greenback managed to outperform most major peers on Thursday, while sustaining losses only against the Swissie and the Euro.
Weak UK Current Account and Net Lending to Individuals data caused the British Pound to suffer losses against some major peers, but Final GDP figures triggered a rally in the Sterling against commodity currencies.
Commodities have been clearly divided into the gainers and losers on Thursday. Among the latter, natural gas fell for the first time in several working days and capped the winning streak that took place due to colder US weather forecasts.
The Euro got off on the right foot on Thursday, because this currency posted gains against all of its main counterparts across the FX market.
The US Dollar remained weak after Yellen's dovish statement and, as a result, declined against most major peers on Wednesday.
Momentum has changed for the British Pound, as it suffered losses against all other major currencies on Wednesday.
Natural gas prolonged its gaining streak to three consecutive days, as yesterday it managed to add 0.76% to its value.
Market session in the Euro area was quiet on Wednesday, with only Germany's inflation data released throughout the morning.
The US currency weakened against all other major peers, amid the Fed Chair's dovish speech on Tuesday.