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Currency As The Growing ConcernTitle:
Forex - Waiting on Barroso & FOMC Minutes
Forex News and Events:
Demand for risky assets slowed marginally in Asian session but remains firm, following the S&P 500 flat finish. USDJPY continues to be stuck in a tight range, despite the fact that the short end of the US curves continues to inch higher. Yesterday Slovakia’s parliament rejected the EFSF enhancements, however; the initial reaction was muted with the EUR weakening only slightly. The lack of concern was prompted by the expectation that Slovakia’s parliament is likely to schedule a repeat vote on the ESFS as early as this week. That said, only 55 out of 150 lawmakers voted in favor of the EFSF enhancements. Should the second attempt by Slovakia to pass the EFSF succeed, this will allow the fund to begin buying Eurozone sovereign bonds, removing the ECB from their ...
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China: Currency law would hurt U.S. jobs growth
China warned the United States that it would damage relations, and American jobs, if it forces Beijing to let its currency rise under a law to be voted on in the U.S. Senate on Tuesday.
Vice Foreign Minister Cui Tiankai on Monday underlined Beijing's opposition to the bill, saying it could trigger a trade war and hold back global economic recovery. He said that relations could also be hurt by U.S. arms sales to Taiwan.
"(The currency bill) in no way represents the reality of the economic and trade relationship between China and the United States, and it might have an adverse impact on the development of the relations between the two countries," he said.
"Should the proposed legislation become law, the only result would be a trade war between China and the U.S. and that would be a lose- ...
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Dukascopy Morning Forex Overview : 06/10/2011
Fundamental market overview
EUR
"Moody's expects fewer countries below Aaa to retain high ratings"
- Moody's Investors Servic
USD
"There is modest growth in the economy, we are growing at a rate that's too slow for the unemployment rate to fall"
- Mark Vitner, a senior economist at Wells Fargo Securities in Charlotte, North Carolina
GBP
"What is happening in Europe is not helping the UK at all"
- Marchel Alexandrovich, Jeffries International
CHF
"The dollar and yen are the only safe haven currencies left in the currency world"
- Thomas Harr, head of Asian currency strategy at Standard Chartered Plc
JPY
"There won't be an end to the market's volatility until we see something that will calm the situation"
- Hitoshi Asaoka, a senior strategist in Tokyo at Mizuho Trust & Banking Co., a ...
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Euro steady, market holds breath before ECB
The euro held steady against the dollar on Thursday as uncertainty gripped markets before an ECB meeting that could see rates cut or the rebirth of long-term lending to banks, while Europe's efforts to resolve its debt crisis and solid U.S. data provided tentative support for riskier assets.
The euro, last at $1.3331, maintained most of its overnight gains made after Germany said it would help its own banks if necessary and opened the possibility of using a regional bailout fund to strengthen the euro zone banking system.
Investor focus now shifts squarely to the European Central Bank's monetary policy meeting, whose outcome -- due at 7:45 a.m. EDT -- seems increasingly uncertain.
The ECB has been widely expected to keep rates unchanged at 1.5 percent, but calls for a cut have grown ...
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Dukascopy Afternoon Forex Overview: 10/04/2011
Fundamental market overview
EUR
ECB Head Trichet claimed during his speech that we are currently experiencing the worst crisis since WW II. In order to overcome the crisis, Trichet suggests making efforts towards political unity of EU and extending responsibilities of executive branch and parliament. Euro area PPI slid to -0.1% in August, outperforming the previous forecast of -0.2%. Euro zone PPI had not been in the negative zone since May, 2011.
USD
Fed Chairman Ben Bernanke said on his testimony today that Fed is ready for more decisive action upon necessity, and claimed Federal Reserve would closely monitor economic developments in future. Meanwhile monthly factory orders slid to -0.2% in August despite of a positive 0.2% forecast.
JPY
Average cash earnings y/y decreased by 0.6% ...
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Gold turns lower as wider markets slide
Gold prices surrendered early gains on Tuesday to swing lower, caught up in hefty losses across the financial markets, as heightened concerns over the prospect of a Greek default prompted a sharp slide in equities and commodities.
European shares fell 3.3 percent, oil prices slid more than $2 a barrel and industrial metals like copper and nickel saw selling on growing fears the euro zone sovereign debt crisis could be spreading to the banking sector.
Spot gold was down 0.2 percent at $1,652.80 an ounce at 1242 GMT, having earlier risen as high as $1,678 an ounce.
Investors remained wary toward gold after it was caught up in a financial market rout in late September, which saw heavy selling of the metal to cover losses elsewhere. Prices fell 20 percent from the record $1,920.30 hit early ...
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Global markets, euro tumble on Greece exposure fears
World stocks hit a fresh 15-month low on Tuesday and the euro fell across the board as the growing prospect of a near-term default by Greece stoked fears of a major banking crisis in Europe, which would accelerate a global economic slowdown.
The cost of insuring German sovereign debt against default hit a record high for a second day in a row, reflecting concerns that the euro zone's paymaster-in-chief will have to dig ever deeper into its pockets to bail out the region's weaker states.
A fresh sell-off in risky assets began after euro zone finance ministers said they were reviewing the size of private sector involvement in a second bailout package for Greece, a move that could undermine the aid plan and hasten a default.
The prospect of private creditors taking a bigger writedown on ...
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Dukascopy Morning Forex Overview : 03/10/2011
Fundamental market overview
EUR
"The ECB is not going to cut in October"
- Laurent Bilke, global head of inflation strategy at Nomura International Plc.
USD
"There's not going to be health in consumer spending as long as the employment situation is weak"
- Stephen Stanley, chief economist at Pierpont Securities LLC
GBP
"Despite growing fears about the global economy, British consumers are feeling a little more hopeful about the state of the home economy"
- Nick Moon, Managing Director at GfK
CHF
"Investors are clearly on standby"
- Jean-Maurice Ladure, head of investment strategy at RBS Coutts Bank Ltd.
JPY
"Concern about the U.S. economic slowdown are lingering, and we need to see more data"
- Juichi Wako, a senior strategist at Nomura Holdings Inc.
Read more: FULL REPORT - Market ...
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The Weekly Bottom Line : 01/10/2011
The Weekly Bottom Line: 01/10/2011
HIGHLIGHTS OF THE WEEK
United States
Germany ratified the terms of the second Greek bailout package on Thursday. That may have bought Europe more time, but the reality is Greece will need to default.
A redefinition of the euro area would be ugly for everyone, most of all Greece. Given the social and economic consequences of such an outcome, it is likely that European politicians would opt for some sort of fiscal transfer union among the zone's member states.
Whatever the outcome in Europe, the U.S. won't be immune from the fallout. But the country will have a better chance of holding onto market confidence if it continues working towards a credible plan for medium-term deficit reduction while avoiding a premature tightening of the public ...
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