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Move Between The SupportTitle:
Dollar Drops as Optimism Improves in Markets
Optimism spread through global financial markets on Wednesday, where traders were optimistic after Italy announced new austerity measures, which eased concerns from the European debt crisis, while news emerged that Obama is set to announce a new stimulus plan to support the labor market, where reports suggested the stimulus could reach $300 billion.
Meanwhile, the Bank of Canada left the benchmark interest rates unchanged at 1.00 percent in line with expectations, as the BOC signaled prices pressures remain well under control, while also confirming that the strength of the Canadian dollar continues to put downside pressures on economic growth.
The U.S. dollar index, which measures the performance of the USD against a basket of major currencies including the Euro, the Pound, and the Yen, ...
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Gold sheds 3 percent in choppiest day in two weeks
(Reuters) - Gold prices fell by nearly 3 percent in Europe on Wednesday after a sharp rally in stock markets prompted nervous investors to cash in gains after the precious metal's rally to record highs in the previous session.
Gold was set for its most volatile day in two weeks, with price swings of nearly $80, just shy of late August's $104 difference between session peaks and troughs.
By 9:45 a.m. EDT, spot gold was down 2.8 percent at $1,812.89 an ounce. It rallied to a record $1,920.30 a day ago, but dropped after the Swiss National Bank intervened to weaken the franc, shaking up financial markets.
U.S. blue chip stocks rallied by nearly 1 percent in early Wall Street trade, echoing the strength in global equities, after Germany's highest court paved the way for Berlin to continue ...
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Investors still evaluating implications of SNB’s decision
FUNDAMENTAL OUTLOOK at 0800 GMT (EDT +0400)
USD
In the absence of any major news risk sentiment was more stable in Asia. Investors still seem to evaluate implications of the SNB’s decision to introduce a price floor in EURCHF. Although the SNB’s decision must be respected such a move should be temporary in nature as the SNB still has to stick to its mandate which is to ensure price stability. Although the move may help domestic business sectors it may ultimately spark more volatility in global markets as safe haven demand will be redirected to alternative safe havens, including the greenback. With the greenback more sensitive to risk aversion this may drive inflation and liquidity expectations abroad lower and hence be another factor keeping global risk sentiment unstable.
As EURCHF has ...
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Forex - SNB Sets EURCHF Floor at 1.2000
Forex News and Events:
The plethora of risk events scheduled this week have generated a full-fledged flight to safety. Yesterday, weak PMIs and news flow from the EU put the spotlight on EU debt concerns and fears of a global economic slowdown. It seems that risk is everywhere and safe haven trades are extremely crowded (making for their own risk events). Welcome to September.
Gold looks comfortable above $1900 while US-Ts and JGBs yield curves continue to flatten as investors rush into anything deemed “risk free”. Asian regional indices dropped again following yesterday’s weak European session as the Nikkei dropped -2.20% and Hang Seng -1.40%. In FX price action, all the making of a risk off event with growth currencies such as AUD, NZD, NOK and EUR is getting sold off and active ...
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YouTradeFX Daily Market Analysis : 06/09/2011
www.youtradefx.com
S&P500
After three consecutive days of trading with falling prices, this morning's trading also opened with drops due to increased fears regarding a European debt crisis. During the day, the United States macro figures are due to be published. These could well influence the direction of trade. Tomorrow, the "Beige Book" should also be published with, in the background, the meeting of the Federal Reserve set for the 20th of September. The "Beige Book" provides a comprehensive review of the United States economy and includes figures from each of the 12 United States Federal Reserve regions.
The technical picture for the S&P 500 Index indicates that the index still has potential for further drops to the region of its previous two low points around the support level of ...
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RBA keeps rates on hold, concerned on weaker outlook
Morning Briefing : RBA keeps rates on hold, concerned on weaker outlook
What's new:
Asia: Asian indices in the red
RBA: Keeps rates on hold, concerned on weaker outlook
FOREX: Safe haven flows still favouring the “safer” currencies
Forex rates in Asia and Indices:
EURUSD: 1.4098- 1.4038.
USDCHF: 0.7947 – 0.7840.
GBPUSD: 1.6119 - 1.6066.
EURJPY: 108.48 – 107.84.
USDJPY: 76.96 – 76.72.
DowJones: 11’240.26 -2.2%
NASDAQ: 2'480.33 -2.58%
S & P 500: 1'173.97 -2.53%
Nikkei: 8’590.57 -2.21%
Shanghai: 2’464.04 -0.59%
Gold: $ 1,921.90
Crude Oil: $ 83.67
Comments:
With a deteriorating European financial situation, the concerns over the global economic recovery and the flat Nonfarm payrolls last Friday investors remained cautious. Asian equity indices traded substantially in the red so far this ...
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Technical analysis of the USD/CAD pair on September 6th, 2011
Commentary of the USD/CAD pair :
The pair USD/CAD continued its bullish movement without fill in its bullish gap.
The exit of the range 0.9850/0.99 from the top gave us a buy signal.
We maintain to trade only long positions as far as 0.9850 is support.
The breakout of 0.9950 will give a new buy signal and open the way towards 1.0.
However, if 0.9850 is broken, we will be neutral between this level and 0.98.
See the previous analysis of the USD/CAD pair of September 5th, 2011
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Technical analysis of the GBP/JPY pair on September 5th, 2011
Commentary of the GBP/JPY pair :
The pair GBP/JPY continues its bearsih movement below its bearish slant and is going to test the support at 123.68.
The pair opened the week on a bearish gap.
We maintain to trade only short positions as far as 125 is resistance.
The breakout of 123.68 will give a new sell signal and open the way towards 123.
However, if 125 is broken, we will be neutral between this level and 125.66.
See the previous analysis of the GBP/JPY pair of September 2nd, 2011
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Asia to release important fundamentals this week
The Asian region is to release a set of important economic data in this week, where all eyes are focused on the most critical fundamentals, with the Bank of Japan rate decision along with Australia gross domestic product (GDP) and the RBA rate decision.
Concerning Japan, the Bank of Japan (BoJ) is to announce rate decision, where expectations are pointing for steady rates at "virtually zero" in the range between 0.0% and 0.10% to support the pace of recovery during the coming period.
Moreover, the Japanese economy is still suffering from the Yen's appreciation that hurt the nation's exports and concerned major Japanese firms.
Furthermore, Japanese capital spending unexpectedly dropped by 7.8% in the second quarter. However, Japanese companies cut costs and delayed expansion plans, ...
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