ForexTribe is a french website mainly created to share graphic analysis and trade ideas on the Forex Forum.
Asian Trade To StandTitle:
Dukascopy Afternoon Forex Overview : 22/05/2012
Fundamental Analysis
EUR
Gold extended previous gains in Asian session on Tuesday as concerns over Greek exit from the single currency union eased. At G8 summit leaders of eighth largest economies stated that they would do everything possible to retain Greece in the Euro Zone. COMEX gold June contract traded at 1,592.35 US Dollars per troy ounce on the New York Mercantile Exchange, advancing by 0.23%.
USD
The US Senate has passed a bill aimed at tightening sanctions imposed on Iran to force the country to cease its nuclear program. The new sanctions imply investigation of role of Iran's Revolutionary Guard in oil exports as well as obliging the US companies to disclose any business activities with Iranian partners. The move came ahead of negotiations between Iran and six major ...
Title:
The Endgame of the Greek Crisis
Forex News and Events:
It has taken two-and-a-half years, and nearly USD 300bn of IMF/EU funds for markets to finally weigh in a more probable than not exit of the debt-laden country. Greece’s EMU exit is imminent for the second time in the last six months. Surprisingly though, the trigger for the recent gloomy expectations for Greece was not exclusively of an economic nature but also politics. During May 6 elections, the Greeks expressed their unwillingness to abide by the agreed-upon austerity measures. It wouldn’t have been a very dangerous position had Greece been solvent, but regardless of EU officials’ reassurance of continued help for Greece throughout the process, the country would run out of funds for the next installments due end of June and early July. In addition to markets ...
Title:
Euro rebound stalls, focus shifts to EU summit
(Reuters) - The euro's rebound from four-month lows stalled on Tuesday, failing to break above technical resistance, though traders said selling could be limited at least until an informal meeting of European leaders this week.
Traders have been reducing their massive bets against the common currency in the past couple of days, taking note of prospects - however slender - that EU leaders may agree measures to bolster investor confidence in the euro zone on Wednesday.
With speculators' short positions on the euro at a record high, traders were wary of the potential for short-squeeze, despite worries about stability of the banking system in Spain and political gridlock in Greece.
"If someone is selling the euro now, I would rather use that as a chance to take profits (from euro short ...
Title:
Holiday in Europe Keeps Trading Subdued
Forex News and Events:
While the news flow emanating from Europe has slowed, proving a temporary respite from risky assets, the pressure on Greek banks is growing. After market chatter and media reports, the ECB confirmed that some Greek banks had turned to the Bank of Greece for Emergency Liquidity Assistance (ELA) pending recapitalization. The recapitalization that was to be finalized 'soon', and in theory would allow troubled Greek banks to return to normal ECB funding channels. However, with the other story that massive deposits are being withdrawn from Greek banks (€700bn ins May 6th election) circulating, the erosion of core capital means the prospects of these institution quickly returning to ECB seem unlikely. The recent ECB 3 year LTRO operation was an attempt to build a firewall ...
Title:
Euro Sell-Off Accelerates As Greece Will Hold Now Elections
Sunrise Market Commentary
- Fixed Income: Fresh elections in Greece further support core bonds
- German bund came off the contract highs at the start of the session on better German Q1 GDP data. The move didn't last long however and the announcement of fresh Greek elections marked an intraday U-turn. This morning, the German Bund future and US Note future once again reach new contract highs.
- Currencies: euro sell-off accelerates as Greece will hold now elections.
- On Tuesday morning it looked temporary that the euro might enjoy some breathing space as the German Q1 growth was much stronger than expected. However, the rebound had no momentum at all. The euro was again hammered as talks on the formation of the Greek government collapsed. Is the euro heading for a free fall? ...
Title:
Weak Outlook for Australia
Forex News and Events:
The S&P GSCI Index reversed its 2011 gains in the last six consecutive trading sessions. As a matter of fact, the index tracking 24 commodities broke down 7.6% from a high of 684.15 on April 30th to a more than four-month low low of 634.25 during yesterday’s trade session. This downturn in commodity prices can be explained on the one hand by headlines from the Euro area, as markets seem to be pricing in a second round of elections in Greece as well as a probable EU exit. On the other hand, the marked slowdown of commodity-intensive economies such as China -see Newsletter May 14- pushed prices lower in light of atrophied demand and lower infrastructure investments. From the foreign exchange perspective, the Australian dollar having experienced a 34% appreciation ...
Title:
Greece’s situation continues to drive markets; most asset class closed in negative territory
What’s new:
Forex: RBA opened the door for an additional rate-cut in the near future, AUD higher
Global Markets: Asian stocks down on Greece Exit Fears
Italy: Moody’s downgrades 26 banks, including UniCredit and Intesa SanPaolo
Commodities: Gold hits a 5-month low at $1’548
Comment:
Overnight, the Reserve Bank of Australia released its Monetary Policy Meeting Minutes which showed the possibility of an additional 50 basis point Official Cash Rate cut based on weaker economic growth, high inflation data and global uncertainties.
Back in Europe, the euro trimmed away around 15 pips against dollar following Moody’s decision to downgrade 26 Italian banks due to deteriorating conditions in the country’s economy, in its financial sector, and a limited access to market financing. Growing ...
Title:
Ongoing Greek Drama
Forex News and Events:
In light of the current political turmoil in Greece, the EUR has gradually slipped to a three-month low at 1.2905 after a period of trading in a highly volatile range. The move coincides with the election on May 6th of anti-austerity Greek fringe parties, instead of the mainstream PASOK or New Democracy Party who helped secure the bailout package much needed to avoid disorderly default. After multiple attempts at forming a coalition government, the task has been handed to Mr Venizelos who reckoned having a slim chance of succeeding where others have failed. After a meeting with Venizelos yesterday evening, Democratic Left Party’s Kouvelis suggested a “formation of an ecumenical government that will respect the people’s mandate”. These statements coincide with weak ...
Title:
Global shares pressured by weak China data, Europe jitters
(Reuters) - Asian shares struggled on Thursday, as a weak Chinese trade data stoked fears of a growth slowdown and further undermined risk appetite already reduced by worries about the health of Spanish banks and deepening political chaos in Greece.
European shares will likely open mixed, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open between a 0.3 percent rise and a 0.4 percent fall. U.S. stock futures were up 0.2 percent. .EU .L .N
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS, which has declined for the past five days, last stood nearly flat after bouncing between positive and negative territory. During the session it fell as much as 0.3 percent to its lowest in nearly four months and briefly rose as much as ...
|