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Canada’s Dollar Fluctuates After Carney Statement
The Canadian dollar fluctuated after the dovish statement of the Federal Reserve and the speech of Mark Carney, Bank of Canada Governor. The speech of the Governor left mixed feelings, while the Fed statement was moderately negative for the currency.
Crude oil, the biggest export of Canada, dropped $1.11 to $94.30 per barrel on NYMEX after the Fed released its statement. Earlier, crude gained by $1.24 to $95.41 as the US stockpiles declined.
Carney was quite pessimistic about Canada’s economic growth in the near future in his statement:
In the short term, economic growth in Canada is expected to slow to modest rates, due to a number of temporary factors. These include the supply chain disruptions that will dampen automotive production, as well as the drag from adjusting to higher ...
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Fed Keeps Rates Unchanged, Dollar Rises vs. Euro on Greece
The US dollar gained today versus the euro as the impact of the situation in Greece outweighed the dovish statement of the Federal Open Market Committee.
The FOMC kept the main Federal Funds Rate near zero and said in its statement:
The Committee continues to anticipate that economic conditions–including low rates of resource utilization and a subdued outlook for inflation over the medium run–are likely to warrant exceptionally low levels for the federal funds rate for an extended period. The Committee will complete its purchases of $600 billion of longer-term Treasury securities by the end of this month and will maintain its existing policy of reinvesting principal payments from its securities holdings.
The US macroeconomic reports this week are expected to be dollar-positive. The ...
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Some dealers to suspend U.S. precious retail trading
(Reuters) - Some dealers are expected to suspend U.S. retail trading of over-the-counter precious metals on leverage due to a provision of the Dodd-Frank Wall Street reform law that is set to go into effect on July 16.
Online dealer Forex.com, owned by GAIN Capital Holdings Inc, told clients in a letter that it must discontinue metals trading for U.S. residents by July 15, and all open metal positions must be closed by that date.
A spokeswoman of Forex.com cited a specific section of the Dodd-Frank law regarding CFTC's oversight over off-exchange commodity transactions on a leveraged basis with retail customers.
That section, 742 of the Dodd-Frank law, passed nearly a year ago, requires that as of July 16, transactions in certain commodities, other than foreign currency, that are ...
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Oil slips over $1 as dollar gain overshadows stocks
(Reuters) - Oil fell more than $1 on Thursday, reversing the previous session's gains, as a rise in the dollar overshadowed a surprise draw in gasoline stockpiles in the world's top consumer, the United States.
Brent fell $1.20 to $113.01 a barrel by 2:25 a.m. EDT, after settling $3.26 a barrel higher at $114.21. U.S. oil slipped $1.35 to $94.06.
Markets from metals to U.S. equities dropped after the Federal Reserve on Wednesday cut its growth forecasts for the world's biggest economy. The dollar recovered earlier in the day as Fed chief Ben Bernanke gave no hint of any further stimulus, a move that weighed on most commodities, from gold to oil.
"The Fed comments suggest that it will be more of the same for a long time," said Jonathan Barratt, managing director of Commodity Broking ...
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US Housing Market on the Rise?
US housing data beat expectations yesterday, as the Office of Federal Housing Enterprise Oversight (OFHEO) released an assessment showing homes that were mortgaged by Fannie Mae and Freddie Mac saw a rise in value of approximately 0.8% this past month. The report came one day after the National Association of Realtors published the existing home sales data that also met growth forecasts. The numbers may prove a turning point in the US housing market if growth can continue along this trajectory.
Economic News
USD - Dollar Flat after Fed Held Rates Steady
The US dollar was seen trading flat late yesterday as traders began to seek riskier assets after the Federal Reserve released its rate statement, hinting at no future economic stimulus or monetary policy tightening. The EUR/USD was seen ...
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RTFX Daily Market Comments: 06/23/2011
NZD – JPY
While below 65.57 - 65.72 it is more likely to fall further towards 65.26 or 65.10. Premature rise above 65.72 could see it rising above 66.03 zone.
EUR – USD
Preferred view is for a fall to 1.4349 - 1.4318 while 1.4399 - 1.4418 area resists. A clear break of 1.4480 would be bullish.
USD – CHF
It should test 0.8404 area after which a sell off down to 0.8344 or extended to 0.8296 area is expected.
GBP – USD
Market should not go lower than 1.6066 - 1.6001. After this move down it should go up to 1.6167 - 1.6202 area.
USD – JPY
Corrective dips should ideally halt near 80.16 or 80.08 for one more thrust upwards towards 80.34 - 80.45 area or 80.60 in extention. Fall below 79.86 puts it back on a downward path.
USD – CAD
It should test 0.9759 area after ...
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Perpetual Investor Confidence
Yesterday, the Dow rose 109 points. Gold went up $4. The 10-year US note is still trading below 3% yield and oil is still below $95.
So, what’s new? The markets seem still to be wondering…waiting…watching to see what happens – just as we are.
The Greek premier won a confidence vote in parliament. That seemed to give investors some confidence. The idea is that if the Greeks can act like they know what they’re doing, the rest of Europe can give them some more money.
Meanwhile, Japanese officials appear to be taking a direct approach. They are said to be intervening in the stock market, buying when the market heads down. That must give investors confidence too.
And back in the USA, everyone seems to be waiting to see what happens when QE2 comes to an end. If stocks and bonds go down, the ...
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Bernanke speech and new forecasts regarding the superpower present weakened economic conjuncture
A speech was delivered by the Fed’s Chairman Ben Bernanke today regarding the current economical conjuncture of the superpower and mainly the new forecasts concerning the nation's growth, prices pressures and unemployment where the growth forecast was actually slashed, just moments after it was reported that the FOMC left once again its benchmark interest rate unchanged at a record low between 0.00% and 0.25%.
If truth be told with the current weakened economic conditions of the superpower it was highly projected that benchmark interest rates remain untouched and unchanged to support the recent revival that is actually taking place at a slower pace temporarily as described by the FOMC members, explaining accordingly the fact that the superpower's growth forecasts have been gloomily ...
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FOMC Leaves Rates Unchanged and Signals Recovery Continues at a Slower Pace Temporarily
The Federal Open Market Committee decided to leave the benchmark interest rate unchanged at a record low between 0.00% and 0.25% after finishing a two-day meeting, while the FOMC also confirmed that it will continue to reinvest maturing mortgage and debt securities, and the Fed confirmed that the $600 billion QE2program will end as planned.
The Fed signaled that the economic recovery is continuing at a modest pace, nonetheless, the Fed confirmed that the recovery was somewhat weaker than they expected, as labor market conditions remained weak, while unemployment remained elevated, and the housing market is still depressed, however, the Fed still expects the recovery to strengthen over the coming quarters, where they believe that the slowing pace of recovery will be only temporary.
The ...
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