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Hit Markets YesterdayTitle:
Markets in consolidation mode Greek-skepticism remains evident
Morning Briefing : Markets in consolidation mode Greek-skepticism remains evident
What's new:
Asia: Asian equities marginally positive yet hesitant
FOREX: Majors lacking direction in consolidation mode
Euro Zone: PMI data raising questions about growth
Forex rates in Asia and Indices:
EURUSD: 1.3287 – 1.3231.
USDCHF: 0.9114 – 0.9071.
GBPUSD: 1.5697 - 1.5650.
EURJPY: 106.51 – 106.16.
USDJPY: 80.35– 80.07.
DowJones: 12’938.67 -0.21%
NASDAQ: 2'933.17 -0.52%
S & P 500: 1'357.66 -0.33%
Nikkei: 9’595.57 +0.44%
Shanghai: 2'409.55 +0.25%
Gold: $ 1'776.20
Crude Oil: $ 106.06
Comments:
Major equity indices remained mixed as skepticism persists with regards to the Greek situation; data from the euro zone yesterday did not help as well yesterday. PMIs for the euro zone showed that both the ...
Title:
EUR Remains under Pressure as Greece Concerns Persist
The euro remained under pressure against the US dollar throughout yesterday's trading session, as investors remained cautious regarding Greece's financial situation. The EUR/USD spent much of the day range trading around the 1.3225 level after failing to break above key resistance lines the day before. Today, traders will want to pay attention to the weekly US Unemployment Claims figure. A better than expected result may result in the euro falling further against the greenback.
Economic News
USD - US Unemployment Claims May Generate Volatility Today
The US dollar saw gains virtually across the board yesterday, as the combination of a number of international factors resulted in investors reverting to the greenback. The USD/JPY extended its bullish trend, reaching as high as 80.37 before ...
Title:
Opposing Trends in Debt and GDP Growth
$100 billion down…
$40 trillion left to go!
Hey, don’t hold us to those figures. But yesterday European sages cut another deal to stave off the truth. Instead of defaulting openly and honestly — as Greece has done over and over again ever since 1827 — the Greeks will be ‘rescued.’
Sayeth Lucas Papademos, the technocrat leading Greece through its vale of deceit:
“It’s no exaggeration to say that today is a historic day for the Greek economy.”
He’s right. It’s no exaggeration. It’s an outright lie!
What’s historic about the 15th rescue?
And as soon as the Greeks are fished out of the water, they’re to be given a shave and a haircut. No kidding. They’re supposed to shave off more public employees, more spending, and more benefits.
Already, one of 5 people is out of a job…with 2 out of ...
Title:
Sterling slumps on split APF vote while euro weakens on PMI date
The European session today was focused on the fundamentals today rather than remain exclusively depicting the debt crisis developments and the outlook for Greece. Downbeat fundamentals generally fueled the worries across markets sending currencies and equities lower as the underlying macroeconomic status in Europe remains weak!
Investors are still skeptic over the outlook and certainly they reflect the state of high uncertainty that lingers ahead which is quoted continuously by policy makers. The advanced PMI estimates from the euro area are compatible still with the state of mild recession and that is surely a key component that will affect the outlook for the monetary policy and also the debt crisis as the slower the growth status the deeper the debt crisis, it is all intertwined!
With ...
Title:
U.K. records the largest surplus in four years
Markets found more support today after the United Kingdom released the public finances figures for January, where the cheerful surplus achieved by the royal economy added more positivity to the market, extending the optimism which spread in the market after the euro-zone finance chiefs hit an agreement and approved the second financial aid for the indebted Greece. However, markets are volatile as investors are still weighing the Greek deal and as ECB role is still unclear.
The euro-area finance chiefs agreed yesterday to hand Greece the second bailout package approved in October 2011, in attempts to support Greece to cut the euro zone's largest amount of debt-to-GDP ratio to 120.5% from 160% by 2020. Accordingly Greece is expected now to avert default in March, where the nation had to ...
Title:
Yen falls on risk appetite, euro steadies on Greece
(Reuters) - The dollar hit a 3-1/2 month high versus the yen on Friday as hopes Greece would soon sign a deal for a second bailout boosted appetite for risk, adding to a selloff in the Japanese currency sparked by further monetary easing in Tokyo this week.
The euro sat well above three-week lows hit against the dollar, and riskier currencies were boosted after euro zone officials said on Thursday they were putting the finishing touches to Greece's bailout for approval on Monday.
A confirmed deal would further underpin currencies more sensitive to risk like the Australian dollar.
The yen was the biggest mover on the day, hitting a 6-1/2 month low versus the Australian dollar and a two-month trough against the euro as the Bank of Japan surprised markets this week by boosting its asset ...
Title:
Greek bailout hopes boost risk appetite, lift euro
Morning Briefing : Greek bailout hopes boost risk appetite, lift euro
What's new:
Forex: Renewed Greek bailout hopes, strong US data lift euro
Forex: Yen at multi-month lows versus dollar, Aussie and euro
Global Markets: Markets lifted on optimism that Greek aid will be approved soon
Japan: BOJ minutes say Europe’s debt crisis, monetary easing elsewhere as reasons for strong yen
Euro zone: Reports emerge that ECB planning to swap Greek debt with newly-issued bonds
Euro zone: Officials say finishing touches were being made on Greek deal
United States: Jobless claims fall to a near 4-year low
Forex rates in Asia and Indices:
EUR/USD: 1.3147 - 1.3115
USD/CHF: 0.9207 – 0.9180
GBP/USD: 1.5818 - 1.5792
USD/JPY: 79.18 – 78.79
EUR/CHF: 1.2078 – 1.2066
EUR/JPY: 104.06 – 103.43
DowJones: 12'904.08 ...
Title:
A Greek Debt Crisis Recap
The Dow down 97 points yesterday.
And the Greek story nears its conclusion…
The Germans agree to bail out the country…at least for a while…
…and the Greeks agree to act more like Germans…at least while everyone is looking…
But now everybody agrees that the farce has gone on long enough.
Let’s recap:
The big banks lent the Greeks money. Then, the bankers paid themselves big bonuses, rewards for having booked so much business.
The Greeks spent it like they stole it…which they practically did. With the help of Goldman Sachs, they rigged their accounts so as to appear to be better credit risks than they really were.
Then, of course, the Greeks could not repay. Since they gained independence from the Ottoman Turks in 1828, the Greeks never, ever repaid a loan as promised. Instead, they ...
Title:
Brent steadies; Iran supports, Greece weighs
(Reuters) - Brent crude steadied around $119 on Thursday after hitting multiple-month highs in the previous day as fears of a delay in a second bailout package for Greece weighed down global markets.
The fall in prices was also limited as worries about supply disruptions from the Middle East amid concerns over Iran's nuclear program gave support.
Brent crude rose 22 cents to $119.15 a barrel by 1228 GMT. On Wednesday, it hit a session peak of $119.99, the highest intraday price since August, and settled at $118.93, the highest settlement since June.
U.S. crude fell 76 cents to $101.04.
"We have some retracement after yesterday's Iran stories and generally a risk off on yet another postponement of the Greek deal," said Thorbjorn bak Jansen, oil analyst at Global Risk Management in ...
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