ForexTribe is a french website mainly created to share graphic analysis and trade ideas on the Forex Forum.
Hurt Market SentimentTitle:
Rupee Suffers on EU Summit & Poor Prospects for India’s Growth
The Indian rupee dropped today as a disagreement for the European leaders about a way to tackle the debt problems lead to risk aversion sentiment on the Forex market that hurt riskier currencies of emerging markets. Still, the currency managed to rebound at present.
As was expected, the summit of the European Union chiefs has not provided a positive result. And the rupee desperately needs a bullish story, but it has not found it in Europe and it is not likely to find it in India itself. The Organization of Economic Cooperation and Development predicted that India’s growth may remain “subdued” in the fiscal year through March 2013. Indeed, analysts forecast that the economy would expand 6.1 percent in the first quarter of this year from a year ago, at the same rate as in the previous ...
Title:
Crude trades with negative momentum on concerns over Europe, Iran deal
Iran agreed to let western nuclear inspectors into the country during talks in Bagdad today with US, UK, France, China, Russia and Germany, reducing the supply risk and providing some relief.
Moreover, the World Bank lowered its economic growth forecast for China, the world`s second-largest oil consumer, this year to 8.2% from 8.4% on sluggish US and European demand and softer property market.
Investors are losing their appetite for risk after they were spooked by the mounting worries over Greece exiting the eurozone, which could determine other countries to follow it, according to Jin Liqun chairman of China Investment Corp.
European leaders meet in Brussels today where the debate between French President Francois Hollande and German Chancellor Angela Merkel may intensify as the idea ...
Title:
Asia Session: Japan Is Thrust Into The Spotlight
Japan was in focus today, with the BOJ ending its two day meeting, yesterday’s downgrade by Fitch and some weak trade data. Overall, the data and announcements proved to be yen positive, pushing USDJPY back below 80.00 early in the session.
As expected, the BOJ board unanimously voted to leave policy unchanged at is two day meeting. However, there were some whispers in the market of a possible reduction in the interest rate on reserves and an extension of the JGB maturity guidelines, thus the decision not to move on policy contributed a substantial USDJPY pullback. Yet, the pair managed to regain its footing later in the session and the collapse was stopped around 79.50.
Whilst the better than expected Q1 growth figures and the wait-and-see attitude of the BOJ was the main contributor to ...
Title:
Cautious markets retreat before EU summit
(Reuters) - Riskier assets retreated broadly on Wednesday as hopes for fresh measures to tackle the euro zone debt crisis faded and caution set in ahead of a meeting of European leaders, with sentiment hurt by renewed fears Greece would leave the euro bloc.
European shares also looked likely to slump, with financial spreadbetters predicting major European markets .FTSE .FCHI .GDAXI would open as much as 1.5 percent lower. U.S. stock futures were down 0.5 percent. .EU .L .N
Shares, commodities, commodity-linked currencies and the euro all slid, while safe-haven demand lifted the dollar index .DXY measured against major currencies up to 81.830, its highest since September 2010.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slumped 2.0 percent. It had risen 1.1 ...
Title:
AUD/USD Reaches This Year’s Low
The Australian dollar continued its tumble today, reaching the lowest level this year against the US dollar, as adverse market sentiment and the interest rate cut earlier this month are still driving forces that push the currency down.
Europe is hurting risk and, as a result, riskier currencies, the Aussie (as the Australian currency is nicknamed) among them. The general uncertainty about the future also hurts commodities. The Australian dollar is a commodity currency and the decline of prices for raw materials hurt it. Commodities rallied in the second half of the past week and extended the rally on Monday, but slipped on Tuesday.
The decrease of the main interest rate by the Reserve Bank of Australia at the beginning of this month continues to put pressure on the Aussie. The cut was ...
Title:
EUR/USD Rebound On Profit Taking
Sunrise Market Commentary
- Fixed Income: limited profit taking on core bond markets
- Global core bond markets fell prey to some profit taking in a thin, dull trading session. However, given the strength of equities, bond losses were very limited and occurred at the onset of trading. Today, the eco calendar remains thin and the profit taking might go some further in the run-up to tomorrow's informal EU Summit.
- Currencies EUR/USD rebound on profit taking
- The correction in EUR/USD was prolonged, but the euro gains were modest and mostly technical in nature. The UK inflation report is the eye-catcher of the day as it may influence sterling. However, overall trading might again be thin ahead of tomorrow's euro Summit.
The Sunrise Headlines
- US Equities rose for a second ...
Title:
Euro Succeeds Short Squeeze
Sunrise Market Commentary
- Fixed Income: Global core bonds take a breather
- Investors remained mostly sidelined in an uneventful session on Friday. The G-8 meeting stressed the need for growth, besides fiscal consolidation and sees Greece staying inside EMU. This shouldn’t surprise markets today. With a razor thin calendar, trading might start the week in a lackluster mode.
- Currencies: Euro succeeds short squeeze
- On Friday, the decline of the euro halted and EUR/USD succeeded a cautious rebound, even as uncertainty on the EMU debt crisis persisted. Technical considerations will also dominate trading today as the G8 meeting provided no high profile measures to address the debt crisis.
The Sunrise Headlines
- US Equities rose for a second consecutive session on ...
Title:
Greek And Spanish Woes Weigh On The Euro
Greek And Spanish Woes Weigh On The Euro
The euro (EUR) plummeted against the dollar sliding to a four-month low at 1.2655 from 1.2748 as risk aversion dominates the markets. World equities tumbled as investors fear that Greece may leave the euro after the second election in the country in June. Poor economic data from the US and concerns about the growing instability among Spanish banks further weighed on the single currency. Credit rating agency Moody’s downgraded 16 Spanish banks while shares in Bankia, the state-rescued lender plunged on news that clients have withdrawn 1 billion in the past week. Fitch downgraded Greece’s rating from BI to CCC, the lowest possible grade for a country not in default, citing the heightened risk that the country may leave the eurozone.
The US dollar ( ...
Title:
Global shares slide amid fears for Spanish banks, growth
Asian shares tumbled on Friday and were set for their worst weekly showing since September, amid political turmoil in Greece and signs of growing instability in Spanish banks, with investors adding the latest weak U.S. data to the list of risk factors.
Assets across the board, from commodities such as oil and gold to riskier currencies such as the euro and the Australian dollar were all heading for their weekly losses.
Financial stocks were hammered after the head of Australia and New Zealand Banking Group (ANZ.AX) said volatile conditions in global markets have caused the wholesale funding market for Australian banks to freeze again, a worrying echo of the global financial crisis.
European shares were also set to fall, with financial spreadbetters predicting that major European markets ...
|