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Hi folks, there will be no update today as I have had IT issues on this site. If you wish to read today’s report it is available on my new site at www.fxchartsdaily.com which is not actually due to go live until Monday, but in the circumstances I have pu...

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The Euro has run into decent bids at around 1.3370 and has bounced well following Friday’s NFP/Jobs data. While the overall bullish trend for the dollar remains intact, as can be seen on the daily chart below, the 4 hour charts have turned, and momentum ...

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FX Charts Daily Report

  • 28 Aug: Apologies for the lack of update. IT issues.
    August 28, 2014 12:40PM
    Hi folks, there will be no update today as I have had IT issues on this site. If you wish to read today’s report it is available on my new site at www.fxchartsdaily.com which is not actually due to go live until Monday, but in the circumstances I have published it there today. Apologies for [...]
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  • 27 Aug: US$, Equities firm after positive US data.
    August 27, 2014 07:56AM
    Stronger US data once again underpinned the dollar and equities today, with both the S+P and the Dow making new highs, while the Euro hit new trend lows. The US$ uptrend remains intact and further gains would seem to lie ahead, although today there is very little global data due for release and it could be a session of consolidation, allowing the short term technical indicators to unwind. Focus will now begin to turn to the US GDP (Thursday) and then to the EU CPI (Friday). A weak reading here could prompt a reaction from the ECB, who may finally pull the trigger on further easing, in the EU, at next week's meeting (Sept 4).
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  • 26 Aug: US$ the winner, while Eur, Jpy remain under pressure following Jackson Hole.
    August 26, 2014 08:37AM
    After the opening gap lower for most of the majors against the dollar - particularly the Euro and the Yen, following on from Jackson Hole, the currency markets have had a reasonably steady session, with the dollar hanging on to most of its gains. There is little data out in the first half of today so we could be in for more of the same, and it will be the US Durable Goods and Consumer Confidence that will be the market's focus. Overall the medium term positive trend for the dollar looks set to continue but in the short term it is becoming overbought and a bit of a correction, allowing the shorter term charts to unwind, would do no harm.
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  • 25 Aug: US$ opening the week on a firm note following Jackson Hole.
    August 25, 2014 07:34AM
    After all the hype, Jackson Hole produced little new and the currencies generally chopped around without going anywhere too far from previous levels. The US$ did manage to make minor new highs against the majors, before backing off into the weekend close, although I suspect that the firm dollar trend looks set to continue in coming weeks. This week may start with some consolidation, before tomorrow's US Durable Goods and Consumer Confidence and then Thursdays US GDP provide some direction. A firm reading from each of these should help the dollar on its way, although one eye will remain on the political/military manoeuvres in the Ukraine, which would cause some jitters. Today's focus will be on the German IFO and US New Home Sales, Provisional Services/Composite PMI and Dallas Fed Mfg Activity Index. The UK August Bank holiday should mean a quiet European session.
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  • 22 Aug: US$ eases back ahead of Jackson Hole speeches from Yellen & Draghi, later today.
    August 22, 2014 08:56AM
    USD/JPY: 103.85 The dollar did pretty much as expected in consolidating below 104.00, dipping to 103.60, but coming back to remain unchanged on the day while the overbought conditions unwind themselves ahead of the Jackson Hole summit later on.. More of the same looks likely for much of the coming session, with the 4 hour [...]
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  • 21 Aug: FOMC minutes underpin both the US$ and equities ahead of Jackson Hole.
    August 21, 2014 08:08AM
    The dollar is stronger today following the slightly hawkish stance of the FOMC Minutes, which hinted at the potential for an earlier-than-expected hike in interest rates. Nothing is likely to happen any time soon though, and equities liked that idea in continuing their positive trend, with the S+P regaining its all time high. Markets will now most likely sit on their hands until Fridays economic summit at Jackson Hole, where both Janet Yellen and Mario Draghi will be speaking on Friday. Ahead of that, the main focus will be on today's global manufacturing and services data, and the UK Retail Sales
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  • 20 Aug: US$ back in favour ahead of today’s FOMC Minutes.
    August 20, 2014 10:00AM
    Strong US housing starts underpinned the dollar today, with more gains looking possible in the days to come, at least from a technical perspective. A dovish outlook from the FOMC minutes, later today, backed up by an equally cautious Janet Yellen at Jackson Hole,on Friday, may change that view, but Mario Draghi will also be speaking and he could well signal a further easing in the EU- as well as potentially outlining a case for QE, which could send the Euro lower. The FOMC aside, today also sees the Japanese Trade Balance for July,the German PPI and from the UK, the BOE Minutes. The RBA's Glen Stevens will be testifying to the Australian senate, so it should turn into a busy session. Let's hope so!
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