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Dukascopy Morning Forex Overview : 15/07/2011
Previous session overview
The dollar rose slightly in afternoon Asian trade Friday after receiving a morning jolt following a warning from Standard & Poor's that it may downgrade U.S. government debt.
The move comes after Moody's said on Wednesday that its long-term rating on U.S. Treasurys was now under review for a possible downgrade. Both agencies have long given U.S. debt their highest Triple-A ratings.
S&P said that in recent months, the political debate has "only become more entangled."
The dollar dove on the news, dropping to JPY78.89 from JPY79.15 just before the announcement.
However, the greenback quickly retraced its losses. As of 0450 GMT, the dollar was at JPY79.22 from JPY79.12 in late New York trade Thursday.
The moves were mirrored in the euro, which jumped to USD1. ...
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Gold hits record after Moody's warning, easing hints
Gold prices hit record highs for a second day on Thursday after hints of further policy easing from the Federal Reserve and a Moody's warning the United States may lose its top-notch credit rating hurt the dollar and sparked buying of safe-haven assets.
The precious metal was also strengthened by concerns over euro zone debt levels, which have intensified over delays to policymakers' plans to discuss the crisis and after Greece's credit rating was downgraded by Fitch late on Wednesday.
Spot gold touched a record $1,594.16, and was up 0.6 percent at $1,590.66 an ounce at 1120 GMT. U.S. gold futures for August delivery were up $5.60 an ounce at $1,591.30.
The precious metal has risen more than 6 percent so far this month and is on track for its ninth straight daily rise, its longest run ...
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Dukascopy Morning Forex Overview : 14/07/2011
Previous session overview
After the Moody's warning on the U.S., the dollar was down across the board Thursday, with the euro receiving some respite from Europe's own debt problems and from banking stress test worries.
The euro zone this week is conducting stress tests on 91 European banks, with results due out Friday. News that all 13 German banks participating in the tests have passed also aided the euro, traders said.
By 0625 GMT, the euro was trading at USD1.4209, up from USD1.4165 in late New York business Wednesday. The dollar was also weaker against sterling and the Swiss franc, although it was fractionally higher against the yen.
The EURJPY is at JPY111.91 vs JPY111.82; the USDJPY is at JPY78.94 vs JPY79.01. China must assess the risks it faces as a major investor in U.S. ...
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Forex Traders Anticipating US Data Today
Increased market volatility is on today's forecast with a significant news day ahead. Most importantly, the US economy will be publishing a string of reports concerning producer inflation (PPI), unemployment claims, retail sales, and crude oil inventories. The euro zone will also be releasing its CPI data.
Economic News
USD - USD Halts Climb after Bernanke Testimony
Federal Reserve Board Chairman Ben Bernanke released a statement yesterday which hinted that the Fed may consider another round of monetary easing should the beleaguered economy continue to worsen. The news has delivered a significant impact on the value of the US dollar (USD) which was seen in decline for the first time since the middle of last week.
The EUR/USD was seen moving back towards 1.4100 yesterday while the GBP/ ...
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Active Volcanoes of Debt
“Markets rocked as debt crisis deepens,” proclaimed The Financial Times yesterday.
“Race against the clock to save the euro,” screams Le Figaro this morning.
The Dow fell 58 points yesterday. Oil rose to $97 a barrel, while gold went up $13.
What’s up? We don’t know. But we see a lot of banana peels on the financial sidewalks this morning. Be careful, dear reader; be very careful.
One headline tells us that the French plan has been abandoned. Another tells us that a new rescue plan is in the works. Still another contradicts the first two.
Germany doesn’t want a Europe where money is transferred from the ants to the grasshoppers; it doesn’t want Greeks and Portuguese using the Teutons’ credit card. France doesn’t want a Europe in which its banks are allowed to go broke because of ...
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Euro in an attempt to trim the losses as the dollar weakens
Pessimism fell to some extent in financial markets, but we can’t say that optimism spread, but what we see is some reduction in the severity of pessimism in the financial markets and traders tended cautiously towards high-yielding assets.
Chinese GDP expanded 9.5% down from 9.7%, although it noted a slight decline in growth, but it is still better than forecasts, as it gives the impression that China’s performance didn’t fall much despite the monetary tightening steps.
Although the Federal Reserve is still taking a neutral position in terms of monetary policies, and committed to its stance on low interest rates, but some traders felt that the tendency of some members of the Feds for a third round of quantitative easing if the economy continued to show weakness, which caused this wave of ...
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U.S Import prices could have plunged in June
U.S Import prices could have plunged in June, while markets rebound after China's better-than-estiamted Growth
We reached the middle of the week dear reader, as today’s economic agenda will be highlighted by the prices of U.S imports and Fed’s Chairman Ben Bernanke will be delivering semi-annual testimony on Monetary policy before the House of representatives, having in mind global markets rebounded after China managed to record better growth rate during the second quarter of 2011, which could support the global economic recovery.
The U.S will release today the Import Price Index for the month of June, where projections suggest prices paid for goods imported into the country have plunged by 0.6% according to median estimates and compared to the prior 0.2% estimates, while compared with a ...
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Forex - Chinese Data Gives Market Hope
Forex News and Events:
Cowboys and bargain hunters stepped in the market to give risk appetite a boost. Asian regional indices were higher across the board, with Shanghai leading the way up 1.46%. The correction in risk was good buffer, allowing everyone a moment to take a deep breath in a market that was becoming very negative. USD came under selling pressure, with the EURUSD able to climb back above the 1.4000 handle and USDJPY hitting stops at 79.00, and briefly running to 78.49. The thin summer liquidity caused choppy patterns and exacerbated trader’s apprehension. On the bright side strong China data across the board GDP 9.5% vs. 9.4% exp, Retail sales 17.7% vs. 17% exp, while Industrial Production hit 15.1% vs. 13.1% exp, supported risk accumulation. However, the more entrenched ...
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Europe Ahead: More downbeat signals from UK as labor market softens and pessimism haunts the EZ
The fears and the jitters are still dominating the scene with investors worried that the debt crisis is expanding and the global recovery is at risk, all fueling risk aversion and fueling the heavy selloff.
The euro area finance ministers did nothing to stem the crisis and only promised a solution to contain the Greek tragedy “shortly” as market pressure is now pushing Italy off the edge, which probably was the main pressure to expand and ease the scope of operations of the EFSF.
How to contain the contagion threat is the main priority as investors are growing more assured that Greece is inevitably heading to default, especially as the finance ministers did not dismiss that option.
Markets were also pressured by Moody’s new move. Late yesterday the rating agency cut Ireland’s credit ...
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