November 17, 2013

Weekly Forex Market Rhythm: November 15, 2013

Weekly Forex Market Rhythm: November 15, 2013

weekly forex market review
Weekly Market Change | Nov 8 - 15, 2013

GBPUSD - Sterling Boosted, Growth Prospects

LONDON, Nov 15 (Reuters) - Sterling extended gains against the euro and the dollar for a third straight day on Friday, drawing support from hawkish comments by Bank of England policymaker Martin Weale.

Weale said in a speech the central bank could not ignore an increase in inflation expectations and may need to tighten monetary policy before all the spare capacity in the economy is used up.

"The positive tone from the inflation report as well as the upgraded forecasts are helping sterling," said Alex Edwards, head of corporate sales at UKForex. "We could see some profit taking into the weekend as volumes dwindle, but overall the trend looks higher."

Traders expect sterling's gains to be more pronounced against the euro, given growing expectations that the European Central Bank may have to loosen policy further to beat falling inflation.

gbpusd november 15 2013
GBPUSD Daily Market Rhythm | November 15, 2013

Safe Havens Weaken After Yellen Testimony

NEW YORK, Nov 15 (Reuters) - The safe-haven dollar and yen fell on Friday after Federal Reserve Vice Chair Janet Yellen lifted investor appetite for riskier assets by defending the U.S. central bank's current stimulus measures.

Yellen, speaking at her confirmation hearing before the Senate Banking committee on Thursday to take over from Fed Chairman Ben Bernanke, said the Fed will keep its stimulus program intact until the U.S. economy shows more strength and stability

"The moderate pace of growth in the U.S. economy no doubt exacerbated by the budget impasse and lack of progress in the job market may explain why the Fed will continue with the monthly purchases," said Sean Cotton, vice president and senior trader at Bank of the West in San Ramon, California.

"As a result, the dollar is extending its decline and expectation is for weakness until the Fed indicates otherwise. This may be the trend until March."
eurusd market rhythm november 15 2013
EURUSD Daily Market Rhythm | November 15, 2013
Despite Friday's gains, analysts said the euro's overall prospects looked less upbeat than the dollar's given the disparity between the U.S. and European economies. Weak euro zone GDP numbers on Thursday have kept alive the possibility of more central bank action to stimulate growth.

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About ArrowFX

Technically analyze the forex market mainly on USDJPY, EURUSD and GBPUSD by using market rhythm method started by Philip Nel on Forex Factory. The thread started on 2007 and still alive.
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