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Gold rebounds; seen to face headwinds in short-term
(Reuters) - Gold regained some lost territory from the previous session on Monday supported by a weaker dollar, but easing concern about Greece's debt crisis has diminished gold's appeal as a safe haven in the short term.
Euro zone finance ministers have approved a 12 billion euro installment of Greece's bailout, sending the euro to a one-month high against the dollar in Asia on Monday. The dollar .DXY edged down around 0.7 percent against a basket of currencies.
Gold dipped below the key support level of $1,500 in the last session, and faces strong headwinds in the short term, traders and analysts said.
"After Greece passed the austerity measures, market participants will need to find another reason to buy into gold," said Ong Yi Ling, an analyst at Phillip Futures.
"But right now it' ...
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SunBirdFX Daily Market Analysis : 04/07/2011
www.sunbirdfx.com
Wall Street gained more than 5% last week and completed an amazing rally since it reached the bottom on the week before. Sunbird's chief analyst kept talking about the strong support that the S&P had at 1250 and the high possibility for aggressive short squeeze that eventually occurred. If you look at the volumes, you will see that they were average and below average. That indicates that there is still plenty of money that might be pushed into the markets, so the rally might not be over yet.
All indices are obviously overbought and a correction is likely to occur, but do not count on sharp declines unless bad news will flood the markets again. The S&P easily broke through the resistance at 1320 and it is now close to another strong resistance at 1340. A successful ...
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Risk is Back from the Brink
The Week Ahead
Highlights
Risk is back from the brink
US debt debate hits an impasse
The ECB to stick to its hawkish path
Sovereign debt concerns far from over
Sterling losing its luster
Gold looks down and out, but may offer a buying opportunity longer-term
Key data and events to watch next week
Risk is back from the brink
At the end of the prior week many key markets were sitting just above major breakdown levels and the risk was for a severe move lower. But just one week later, risky assets have rebounded and show a potential resumption of trends higher. Is all suddenly well in the world? Far from it in our opinion, and so we view the past week's rebound with a fair dose of skepticism. The sharp rebound in risk appetite was in large part a relief rally as ...
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Weekly Economic and Financial Commentary : 01/07/2011
Weekly Economic and Financial Commentary
U.S. Review
Second Quarter Ends Poorly - Better Times Ahead
Weaker-than-expected consumer spending and income growth for May are causing many economists to further scale back their consumer spending and GDP growth forecasts for the second quarter. Expectations for a second-half growth rebound remain intact, however, although the evidence to date remains scant.
U.S. manufacturing gains remained modest in June if the ISM manufacturing and regional manufacturing surveys are to be believed. On the bright side, capital and durable goods orders rebounded strongly in May increasing the odds of a manufacturing rebound in Q3.
More Disappointment in the Third Quarter?
Economists are counting on a solid third quarter bounce in GDP growth in part ...
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Some US data could have came out cheerful this week but the overall gradual revival lost pace
Despite of a few cheerful data released this week the present economic conjuncture of the superpower is weak and accordingly the nation's gradual recovery slowed down as already attested by the Fed and FOMC members with unending high and crucial jobless levels that keep on weighting down on most of the economy's sectors activities while that prices surged this past period due to incline commodities prices and confidence is quite corroded.
Therefore no wonder that we saw the US Labor Department this week released on one hand the initial jobless claims of June 24 that came in at 438 thousand; worse than the projected 420 thousand while that on the other hand the continuing claims for June 18 came in at 3702 thousand; once again like the initial jobless claims it is much worse than the ...
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Greek Default Averted for the Time Being
FX Briefing
Highlights
Greek parliament adopts austerity programme and ...
... thus meets the preconditions for further international aid
Euro profits from receding fear of Greek default
Fed stresses that interest rates will remain in place in the longer term and hints at deflationary risks
Greek Default Averted for the Time Being
The immediate danger of a Greek default has been averted. The Greek parliament has passed the medium-term austerity plan and the implementation law, while German and French financial institutions have promised to roll over major parts of the bonds maturing in the next three years. The most important preconditions for further support from the EU and the IMF have thus been met. The Eurogroup finance ministers are likely to wave through the next ...
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Gold flat; Greek vote cuts safe-haven interest
(Reuters) - Spot gold held steady on Friday, set to cap a week marked by a narrow trading range as Greece's approval of austerity measures diminished safe-haven demand for bullion in the short term.
Greece's parliament passed the final austerity measures on Thursday, to secure emergency funding from international lenders and avert a debt default.
Just as investors watch how Greece will implement these unpopular measures, troubling signs from the U.S. economy are likely to help retain gold's appeal over the longer term.
The latest U.S. data painted a mixed picture, with factory activity in the Midwest accelerating in June, but initial jobless claims last week higher than expected, just as the Federal Reserve's $600 billion bond purchase program ended.
Spot gold was little changed at $1, ...
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Mixed sentiments spotted in the currencies trading
So far throughout the U.S session the major pairs are actually narrow trading on mixed sentiments spread today from data released in the superpower; having on hand worse-than forecasted jobless claims, indicating to which extent the labor market is corroded, while that on the other hand the Chicago PMI came out cheerful or in other words business conditions continually on gradually enhancing throughout the world's leading economy.
As a result of these technical movements the euro-dollar pair is narrow trading on several time charts as neutral signs are witnessed throughout the momentum indicators at different time scales with the Union currency now trading around 1.4514 recording a high of 1.4537 and a low of 1.4426.
Trading range for today is among the major support 1.4235 and the major ...
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US jobless claims came out worse than forecasts
US jobless claims came out worse than forecasts while that the country's business conditions managed to enhance slightly this month
Indeed the U.S ongoing deteriorated labor market showed and continues on showing slender signs of improvement as already attested by the Fed and FOMC members but overall activities of the crucial sector remain on struggling strongly to entirely recover and permit accordingly a full revival of the superpower while that the country's business conditions gained some strength this month.
In fact the US Labor Department released today on one hand the initial jobless claims of June 24 that came in at 438 thousand; worse than the projected 420 thousand but faintly lower than a prior reading of 429 thousand while that on the other hand the continuing claims for June ...
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