ForexTribe is a french website mainly created to share graphic analysis and trade ideas on the Forex Forum.
Hit Markets YesterdayTitle:
Forex - European Credit Concerns Go Global
Forex News and Events:
The lack of urgency after yesterday’s meeting of Eurozone finance ministers in the face of mounting concern over Spain and Italy was the trigger for a global sell off of risky assets. EU yields were under pressure with Spanish 10yr rising above 6.00% for the first time since the inception of the EUR while Italian 10yr jumped 45bp on the day. EURUSD continued in free fall hitting 1.3837 today while EURCHF collapsed to 1.1596 making short work of any support lvls as investors rushed across the border.
Unlike prior European-inspired risk aversion (which involved Greece, Ireland and Portugal) the crisis has now taken on a global risk event and investors are crowding into USD, JPY and Gold (although today the precious metal has come off slightly) and to a lesser ...
Title:
Weak US Jobs Data May Reverse Bounce in Risk
The Week Ahead
Highlights
Weak US jobs data may reverse bounce in risk
Debt concerns drill down to Europe's core
PBoC hikes rate but not yet finished as inflation remains elevated
Important technical levels to watch in the week ahead
Key data and events to watch next week
Weak US jobs data may reverse bounce in risk
'Extremely disappointing' is about the only way to characterize US June employment data. After a classic ADP-induced shift to more positive expectations on Thursday, Friday's June NFP data showed an increase of only +18K (exp. +105K) and private payrolls a gain of just +57K (exp. +132K). Worse still, the prior two months NFP were revised lower by a total of -44K, average hourly earnings were flat (exp. +0.2% MoM), weekly hours fell 0.1, and the ...
Title:
SunBirdFX Daily Market Analysis : 08/07/2011
www.sunbirdfx.com
EUR/USD
As we warned here yesterday, the Euro was volatile during the ECB press conference and the min. bid rate announcement. After a negative reaction, the Euro started climbing and ended up green in the end of the day. The strong correlation we have seen between this pair and Wall Street fade away in the recent days, so it is difficult to analyze this currency according to the stock markets these days.
Yesterday's candlestick ended up green eventually, as a long shadow extends from its body, which indicates that many buyers went in. If the Euro breaks through yesterday's high at 1.4320, it might hit the pick that it had reached just few days ago, at 1.4580. On the other hand, a break- down of the strong support at 1.4220 might pull back the sellers again.
EUR/JPY
...
Title:
Moody's slashes Potugal's Credit Rating to "Junk"
Morning Briefing: Moody's slashes Potugal's Credit Rating to "Junk"
News:
Forex: Euro recovers after sharp drop
Global Markets: Nikkei higher for 7th straight day, Chinese banks lower
Portugal: Moody’s cuts Portugal’s credit rating by 4 notches to ‘junk’
United States: President Obama rejects short-term deal proposal to raise US debt limit
Rates in Asia and Indices:
EUR/USD: 1.4467 - 1.4416
USD/CHF: 0.8415 – 0.8386
GBP/USD: 1.6091 - 1.6046
EUR/JPY: 117.05 – 116.74
USD/JPY: 81.13– 80.81
DowJones: 12'569.87 -0.10%
NASDAQ: 2'825.77 +0.35%
S & P 500: 1'337.88 -0.13%
Nikkei: 10’075.85 +1.04%
Shanghai: 2’792.57 -0.84%
Gold: $ 1'514.80
Crude Oil: $ 97.51
Comments:
The euro recovered some ground on Wednesday from a sharp drop on Tuesday after Moody’s cut Portugal’s credit rating. On Tuesday, ...
Title:
RBA cautious
USD
Overnight, the RBA left rates on hold at 4.75% but our economists note that the media release signalled less certainty on growth, both domestic and globally. As a more cautious tone was largely priced in, the AUD was not hit hard, nor was risk in general as there were bright spots elsewhere, but we note that increased uncertainty within policymaking is denting risk:reward generally. Yesterday, the July 4 Independence Day holiday closed US equity and Treasury markets, and ensured an exceptionally quiet session in FX. Ahead today, our European economists expect the Riksbank to deliver another 25bp of tightening. This week’s ECB press conference and Friday’s payrolls report are likely to be the main events. On the data side, German PMI services and composite Eurozone PMIs will be ...
Title:
RBA keep rates unchanged, lower growth outlook
Morning Briefing: RBA keep rates unchanged, lower growth outlook
News:
Forex: Short squeeze lifts dollar versus euro; RBA hurts Aussie
Global Markets: Asian stocks pause near highs
Australia: RBA leave rates unchanged
Germany: Court to hear case against peripheral bailouts
Rates in Asia and Indices:
EUR/USD: 1.4553 - 1.4460
USD/CHF: 0.8507 – 0.8471
GBP/USD: 1.6101 - 1.6011
EUR/JPY: 117.62 – 117.18
USD/JPY: 81.12– 80.71
DowJones: 12'582.77 Closed
NASDAQ: 2'816.03 Closed
S & P 500: 1'339.67 Closed
Nikkei: 9’972.46 +0.07%
Shanghai: 2’806.80 -0.21%
Gold: $ 1'494.20
Crude Oil: $ 94.83
Comments:
The dollar found some reprieve recovering from a 1-month low hit yesterday against the euro on a short squeeze and a string of stop-loss buying. The Australian dollar also dipped on profit taking ...
Title:
The world's superpower closes the week with ISM Manufacuring and Univ. of Michigan Confidence
The U.S economy is ahead of the week's trading final opening bill dear reader, yet still the economy have got a key round of economic fundamentals due be released regarding the performance of the manufacturing sector in addition to consumer confidence across the united states.
Friday morning, the U.S will release June’s final reading of the University of Michigan Confidence gauge, the index that assess the confidence of American consumers, business conditions and purchasing power, could have picked up slightly to 72.0 from the prior reading at 71.8, reflecting that consumer’s sentiments are somewhat positive regarding overall conditions in the economy and Americans are having more faith in the economic outlook, pointing that consumer confidence have been weighed down along the past ...
Title:
Soft data out of Asia
USD
Data out of Asia was broadly soft overnight, giving risk trades a mild knock though equities are faring well. Safety plays have started the European session relatively robust as growth fears remain in place. In addition to a soft Japanese Tankan, Chinese PMI also came in softer than expected at 50.9, the lowest since Q1 2009. However, Australian data was stronger. The focus today will be on PMIs out of Europe and also the US, where manufacturing ISM is due. Indications are mixed so far. Yesterday the Chicago PMI surprised strongly to the upside at 61.1 (cons. 54.4) and the NAPM-Milwaukee June PMI also printed higher at 59.3 vs. 59.0 expected. However, earlier regional prints were softer. In other news, Bloomberg reported that current Treasury Secretary Geithner may leave his post ...
Title:
Forex - Summer Risk Rally in Effect
Forex News and Events:
Yesterday's successful vote on Greek austerity looks to have set the stage for a summer risk rally. The vote of 155 to 138 passage of the first part of the austerity plan was broadly positive for risk sentiment and risk correlated trades rallied across the board. EURUSD trading was volatile but despite some pre-vote excitement, the bullish sentiment has remained. EURUSD rallied to a June high of 1.4521 and EURCHF rose to 1.2095, indicating that the fears of EURO demise have subsided. AUD & NZD continue to trade on the growing optimism, with the AUDUSD climbing above 1.0720 and NZDUSD clearing 0.8300 to 0.8319, hitting new all time highs. AUDJPY moved above its bearish downtrend ceiling, indicating a broader interest in carry trades--we would be looking to dips, to ...
|