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Europe Ahead: Summit communiqué eyed for united stance amid faltering confidence
Another shaky end of the week it is for the markets today. The volatility remains evident and the fears were persistent yesterday as they dominated the market and broadly provided the dollar with strong momentum.
There are no good news anymore, just the bad and the ugly. The euro continued to trend in the shadows of a debt crisis in the making, and sterling suffered the blues of a bleak monetary outlook and global markets pondered upon a faltering recovery and a bumpy ride hitting a brick wall, which so far seems a dollar comeback with a vengeance.
Thursday was again a trading day in the aftermath, yet what an aftermath! Markets are trying hard to search for the silver lining, which is nowhere to be found. After Papandreou won a no-confidence vote in Parliament his cabinet started the ...
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Forex-Euro stalls after bounce on Greece austerity deal
(Reuters) - The euro held steady against the dollar on Friday as a short-covering bounce stalled on lingering uncertainty about the fate of Greece's austerity plan, with signs of money market strains also seen as a potential downside risk for the single currency.
The euro bounced off the previous day's low following news that Greece had reached a deal with international lenders on an austerity plan that would bring it one step closer to securing much-needed financial aid.
But the euro later lost steam, with the single currency last standing at $1.4255, little changed from late U.S. trading on Thursday, its earlier bounce having stalled just below resistance near $1.4286.
That coincides with the conversion line on the daily Ichimoku chart, a popular technical analysis tool, and the euro ...
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Asia moves to tap oil reserves
(Reuters) - Asian nations moved to release emergency oil stockpiles on Friday as part of a rare global coordinated action by consumer countries to prevent high energy prices from stunting a stuttering economic recovery.
The move, led by Washington and criticized by the oil industry as an unnecessary distortion of markets, suggests a fundamental shift on the part of industrialized nations toward intervention in commodity markets as an economic policy tool.
Brent oil prices edged back up on Friday after tumbling to a four-month closing low on Thursday, reflecting doubts that the unexpected decision by the International Energy Agency to release 60 million barrels over the next month would have a long-term impact.
Japanese Economics Minister Kaoru Yosano said the move was a warning to ...
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China leads Asian stocks higher, euro steadies
(Reuters) - Chinese stocks led Asian equity markets higher on Friday on hopes inflation will ease soon, though the euro's overnight rally fizzled, with Greece's deal with international lenders seen as only a short-term fix for a long-term crisis.
Asian stocks were broadly heading to their first weekly gains in nine weeks, and European shares were set to rise between 1 to 1.3 percent, according to financial bookmakers.
A jump in Chinese banking stocks on solid volume after Chinese Premier Wen Jiabao was quoted in a report saying inflation is being tamed made some analysts suspect that emerging Asian equities, which have been haunted by fears of lingering price pressures, might post a sustained rally.
"The market has been waiting for this for a long time," said Todd Martin, head of Asia ...
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Eurozone managed to make a recovery late into the US session
USD
Trading during the Asia session was subdued after a volatile Thursday. Asian equity markets are up and there are no fresh signs of risk aversion. The Eurozone managed to make a recovery late into the US session as Greece, the EU and the IMF announced that a new deal had been reached regarding further austerity. The news was welcome respite for risk appetite, which had a very difficult today post-Fed and further softening in US data. Even though there is still significant implementation risk for Athens – beginning with the austerity vote next week, markets are now relatively confident that the worst has passed for now.
Nonetheless, this does not mean that crisis resolution is back on track as the new deal is spread over five years and questions will be asked at every single quarterly ...
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Economic Growth in the Internet Age
Are you keeping up with our theme this week, dear reader?
We’re having a hard time ourselves…
First the news, then we’ll come back to… The Lost Century.
Yesterday, the stock market retreated – 80 points on the Dow. Still no clear direction… So let’s return to our story for the week.
So far, this 21st century has been a delightful flop. A washout. At least, for Americans. At least, from an economic point of view.
Here’s the evidence in a nutshell:
There are no more full time jobs in the US today than there were when the century began.
In terms of per capita wealth, Americans are now worse off than they were when the century began.
The value of US houses, for example, is about back where it was when the century began.
And household earnings, adjusted for inflation, are lower.
And ...
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Economy fears take shine off global stock outlook: Reuters poll
(Reuters) - Clear signs the global economy is cooling prompted analysts to trim their outlook for most of the world's major stock markets compared with three months ago, according to a Reuters poll that still pointed to meaty gains from here.
Thursday's quarterly survey of 350 equity strategists from all over the world showed only the U.S., Taiwanese and Russian stock markets escaping downgrades, with Moscow again expected to lead the way with double-digit gains.
While the latest poll lacked the sheer exuberance seen in the March survey, perpetually optimistic equity bulls were again out in force.
They shrugged off the fact that 11 out of the 17 markets covered by the poll are so far deep in the red for 2011, and instead projected strong gains from here for every one of them.
In ...
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Dollar strength across the board on prevailing pessimism
The market continues to ponder upon the prevailing negativity and rising uncertainty which is inflicting nothing but agony on global markets. Fears of the deepening debt crisis and slowing global recovery dominate the scene today with the dollar the sole winner so far!
Investors are growing more cautious and more pessimistic about the outlook for the global recovery. Bernanke’s downbeat comments on the economy and the downside revision to growth projections affirmed the lingering sluggish status of the recovery that is only worsening by the debt woes in Europe.
Risk aversion and haven demand remain evident with the dollar the last standing winner. The market continued to trade the downbeat aftermath of the FOMC decision and press conference, while Trichet’s “red” alert on the debt crisis ...
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G20 agree farm deal, soft on regulation
(Reuters) - G20 farm ministers settled a deal on Thursday to tackle high food prices, agreeing to a watered-down declaration that fell short of France's ambitious proposals to tighten regulation of commodity markets.
"The member states of the G20 concluded an agreement this morning on an action plan on volatility of food prices and global agriculture," French Farm Minister Bruno Le Maire told journalists after chairing the meeting.
A communique was not immediately available, but a G20 source said it urged finance ministers of the Group of 20 major economies to improve rules and supervision of commodity markets.
The deal appeared to lack, however, a commitment for a tough crackdown on speculators that French President Nicolas Sarkozy had campaigned for in the run-up to the summit, the ...
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