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EurozoneTitle:
Canadian Dollar Gets Boost on Forex Market Optimism
Canadian dollar is getting a boost today, rising against the US dollar on optimism about what’s next for the eurozone. With the expectation of a deal announced by EU leaders on Wednesday, the Forex market is showing a return to risk — at least for now.
Earlier, the loonie moved higher against the euro, but now the euro has the upper hand in that pair. The Canadian dollar remains solidly up against the US dollar, though, and higher against the UK pound. Inflation in Canada also increased, and that has many speculating about tomorrow’s Bank of Canada interest rate decision. While the bank is likely to keep interest rates the same, there is some anticipation regarding what the BoC leaders have to say about the economy, and coming economic policy.
Also helping the Canadian dollar in Forex ...
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German and Eurozone activity indicators on focus today
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
Price action overnight suggests the market is still holding on to hopes that a half-satisfactory plan for a comprehensive solution to the Eurozone debt crisis can be found, but final results will need to wait until the Wednesday summit. This meeting will now be held between all 27 members of the European Union rather than the Eurozone alone, much to French displeasure according to French reports. German Chancellor Merkel’s priority over the next 48 hours is to secure constitutional and parliamentary guarantees domestically over potential agreements over the expanded EFSF.
The only concrete progress over the weekend appear to be that the details of the bank recapitalization plan are now virtually agreed, with the Financial Times suggesting ...
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YouTradeFX Daily Market Analysis : 24/10/2011
EUR/USD
This week, on Thursday, the quarterly U.S. GDP estimation will be published. U.S. economy is expected to accelerate further in the second half of 2011; I can only estimate that this figure is of high importance as for the future. If deemed, it is more than likely that a third purchases from the Federal Reserve will take place in order to accelerate the economy. Volatility will surly keep until the end of the month as the mood in the markets will be affected by the news from Europe and ways of dealing as to resolve the debt issue.
GDP estimation for the third quarter is to be published this week as well as other important data like consumer confidence, new home sales and new orders of sustainable manufacturing products. Many senior in the central bank were to speak and give ...
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Weekly Economic and Financial Commentary : 21/10/2011
Weekly Economic and Financial Commentary : 21/10/2011
U.S. Review
Neither Doom nor Boom: Moderate Growth Is the Story
The triumph of thoughtful analysis over hype continues. This week's data on leading indicators, jobless claims, housing starts and the Philadelphia Fed survey suggest moderate growth ahead.
Yes, problems do remain - existing home sales - and other problems persistent beyond the expectations (promises?) of policymakers - inflation and high unemployment.
On balance, the outlook remains for moderate economic growth with the accompanying three problems of housing, employment and government restructuring.
Cyclical Recovery-Structural Drags
This week's economic data on leading indicators, jobless claims, housing starts and the Philadelphia Fed survey suggest that ...
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Japanese Yen Surges in Forex Trading
Yesterday, the Japanese yen moved lower in Forex trading. Today, though, there has been a bit of a reversal. Now the yen is surging against its major counterparts, heading suddenly higher.
Against the US dollar, the Japanese yen is moving much higher. One of the reasons that the yen might be seeing success against the greenback could be due to rumors about an increase of dollars soon. Some believe that the US will print money in order to help bailout the eurozone. If the US increases the dollar supply, via an IMF sovereign debt bailout, it would devalue the greenback against just about everything.
The yen is also higher against the euro, but losing ground against the UK pound. For now, Japanese leaders are letting the yen strength stand. However, many Forex traders are wary of depending ...
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Dukascopy Afternoon Forex Overview : 21/10/2011
Expert commentary
The reform of rating agencies is of course desirable, but difficult"
- Philippe Raimbourg
In light of the recent massive sovereign countries' and banks' rating downgrades, Dukascopy TV has interviewed and asked opinions on the role and importance of rating agencies of Philippe Raimbourg, Professor of Finance at University of Paris Panthèon Sorbonne.
Read more: FULL REPORT - Market expectations
Fundamental market overview
EUR
German Ifo (Information and Forschung) Business Climate has dropped down to a 16-month low value amid the increasing concerns regarding the ability of Eurozone countries to find a mutually satisfying agreement on the solution to currently occurring debt crisis. Ifo Institute for Economic Research reported a level of 106.4, previous data showed ...
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EU Summit: Hope and Scepticism
FX Briefing : 21/10/2011
Highlights
EU summit will leave many questions open
US manufacturing sector stabilising
China slowing down, loosening credit conditions - selectively
EU Summit: Hope and Scepticism
The euphoria over a possible solution to the euro crisis, which had temporarily lifted EUR-USD to 1.39 last week, has died down again in the last few days. Just before the EU summits on 23 and 26 October, it is becoming clear that the grand stabilisation plan for the eurozone still has numerous gaps. There is little chance of the points still open being completely clarified in the short time left. Thus towards the end of the week, EUR-USD has weakened slightly to about 1.3750.
Basically, the EU summit should provide information on the following points which are ...
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Economic Data Analysis
Economic Data Analysis
A Tale of Two Summits
Market volatility linked to rising uncertainty over Euro area crisis response.
Sunday's summit to be supplemented with second on Wednesday. No sign of agreement and significant risks of postsummit market disappointment.
Euro area PMI's to show weakening in real activity, further declines threaten recession.
US Q3 GDP to post strongest outturn in a year. Consumption dominant driver.
Movements in equity, f/x and bond markets appear to have given up all pretence of looking beyond the immediate outlook for the Euro area crisis. This has resulted in significant volatility as Euro area officials have exhibited their characteristic market insensitivity ahead of Sunday's summit with manifold rumours of what may (or more often, may not) ...
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Euro Higher against Dollar on Eurozone Optimism
Euro is higher against the US dollar today, getting a boost from another round of optimism about a solution to the sovereign debt crisis. So far, euro has hit a high just for today at 1.3901, before dropping back a bit.
Once again, optimism is high that this weekend summit will produce an agreement for a way to contain the sovereign debt crisis in the eurozone. Perhaps Forex traders feel that the EU leaders will have to do something at some point. And, with Greece moving ever closer to the precipice, and with the recent Moody’s downgrade of Spain, it seems as though delay is likely to come to an end.
However, it is important to remember that choppy financial markets could easily swing from gains to losses. Forex markets have been quite volatile of late, with the global economy and the ...
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