Forex News – Buy Forex Signals

The dollar started the week close to a six-year peak against the yen and touched a fresh four-year high against a basket of currencies, getting a tailwind from data showing higher U.S. growth in the second quarter.

The Commerce Department on Friday raised its estimate of gross domestic product to show the economy expanded at a 4.6 percent annual rate – its fastest pace in 2-1/2 years.  The pick up in the economy was broad-based and highlighted a faster pace of business spending and sturdier export growth than previously estimated.

Speculators raised their bullish bets on the U.S. dollar in the week ended Sept. 23, as the greenback extended its winning weekly streak against a basket of currencies, according to the latest data from the Commodity Futures Trading Commission released on Friday. The value of the dollar’s net long position rose to $35.81 billion from $31.42 billion the previous week.

 

 

Norwegian conglomerate Orkla plans to list its Swedish aluminium subsidiary Granges on the Stockholm bourse next month in an initial public offering valuing the firm at between 3.1 billion and 3.7 billion Swedish crowns ($426-508 million). Orkla will offer up to 60 percent of the total number of shares in the company, or 44.8 million shares, it said on Monday. Orkla expects the final price of the offering within the range of 45-50 Swedish crowns. The company is expected to be listed on Oct. 10.

US Dollar Aims to Extend Advance, Gold and Crude Oil Range-Bound. Prices are trying to clear the way for continued gains after touching the strongest level in over four years. A daily close above the 38.2% Fibonacci expansion at 11033 exposes the 50% level at 11074. Alternatively, a reversal below the intersection of a rising trend line and the 23.6% Fib at 10983 clears the way for a test of the 14.6% expansion at 10953.

Prices are testing downward-sloping resistance at 1987.90, with a break above that on a daily closing basis exposes the 23.6% Fibonacci expansion at 1994.60. Near-term support is at 1964.40, the September 26 swing low.

Gold Technical Analysis – Prices put in a bullish Morning Star candlestick pattern, hinting a move higher may be ahead. A break above the 14.6% Fibonacci retracement at 1226.73 on a daily closing basis exposes the 23.6% level at 1239.20. Near-term support is at 1206.49, the September 25 low.

Crude Oil Technical Analysis – Prices are testing support at 96.73, the April 2013 low, with a break below that on a daily closing basis exposing the 23.6% Fibonacci expansion at 95.11. Near-term resistance is at 99.59, the September 17 high.

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Dollar strength is notably concentrated on pairs like EURUSD, GBPUSD and USDJPY which have active counterparts. Given the scope of the dollar’s move over the few months, there is certainly an innate quality to its strength. Though not universal, we have seen FX-based volatility readings rise markedly from record lows set through July and August. That in turn bolsters the dollar’s liquidity appeal. Through the ‘return’ element of the currency’s ‘risk-reward’ bearing, Treasury yields and swaps have climbed as the Fed’s return to rate hikes draws nearer. Despite these general developments, there is a material discrepancy between the progress made on the fundamental outlook and the dollar’s performance.

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