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Brent slips below $111 as Irene spares oil refineries
(Reuters) - Brent crude fell below $111 on Monday as oil refiners and terminals along the U.S. east coast weathered the worst of a tropical storm, easing fears of fuel supply disruptions in the world's top oil consumer.
Brent crude was down 71 cents at $110.65 a barrel as of 0227 GMT, posting its first fall in a week, and steepest since August 18. U.S. crude slipped 8 cents to $85.29, swinging between a high of $85.72 and $85.11.
Most oil refineries, terminals and pipelines along the east coast weathered Tropical Storm Irene, downgraded from hurricane levels. Seven refineries with a total of 1.23 million barrels per day capacity - 73 percent of the 1.7 million bpd total in the U.S. Northeast - were in the storm's projected path.
"Expectations of refiners being affected added a risk ...
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Poker-faced Fed chief buys time for options
(Reuters) - Like a skilled poker player, Federal Reserve Chairman Ben Bernanke kept some cards close to his vest when facing fellow central bankers in cowboy country.
In doing so, he may have bought himself time to play the strongest hand possible when he is ready.
Bernanke's speech on Friday at an annual Fed conference here came at a time of alarm about a fading U.S. economic recovery and concern about the health of Europe's banks.
Many were looking for a clear signal the central bank is ready to step in with further monetary policy stimulus after Bernanke led the Fed into taking massive stimulus measures over the last few years.
He acknowledged slower-than-hoped-for growth in the world's largest economy and warned that high long-term unemployment could leave lasting scars.
Although ...
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Technical analysis of the EUR/GBP pair on August 29th, 2011
Commentary of the EUR/GBP pair:
The pair EUR/GBP has validated on friday the breakout of 0.8850, offering a new buy signal.
The pair just made a pullback on this level as support.
All indicators are bullish.
We maintain to trade only long positions as far as the price is above 0.88.
The breakout of 0.89 will give a new buy signal and open the way towards 0.8950.
In case of return below 0.88, we will wait the breakout of 0.8750 to advise short positions.
See the previous analysis of the EUR/GBP pair of August 26th, 2011
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Bernanke seen stopping short of pledge for QE3
(Reuters) - Those expecting Federal Reserve Chairman Ben Bernanke to pull a rabbit from his hat at a retreat for central bankers here on Friday may be in for a letdown.
His opening remarks at 8 a.m. local time, (10 a.m. EDT) will be widely watched by financial markets hoping for some indication the U.S. central bank is prepared to step in to support an economic recovery that could be stalling.
Bernanke, however, is unlikely to announce a third round of Fed bond buying. The Fed has already bought $2.3 trillion in longer-term securities -- a policy known as quantitative easing. Its most recent program, dubbed QE2, ended in June.
But he is likely to acknowledge the economy's strains and may show a willingness to take other, relatively modest, steps to shore up the recovery.
"If people in ...
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Dollar eases before Bernanke's speech, may bounce
(Reuters) - The dollar eased on Friday, as investors shuffled positions ahead of a much awaited speech from the Federal Reserve chief, with some expecting the greenback to stage a short term bounce if he does not signal a chance of further monetary stimulus.
The euro edged higher against the dollar while higher-yielding currencies like the Australian and New Zealand dollars also advanced.
Markets have see-sawed back and forth this week, reflecting a divide over expectations of how strong a signal Fed chairman Ben Bernanke may provide on the chances of more monetary easing in the coming months.
The euro was up 0.4 percent at $1.4437, with stop-loss buyers cited above $1.4520, while on the downside bids from Asian sovereign investors would limit losses at around $1.4400. The dollar index ...
Title:
Technical analysis of the EUR/GBP pair on August 26th, 2011
Commentary of the EUR/GBP pair:
The pair EUR/GBP validated yesterday the breakout of 0.88, offering a new buy signal.
The pair is currently testing the next resistance at 0.8850.
All indicators are bullish.
We maintain to trade only long positions as far as the price is above 0.88.
The breakout of 0.8850 will give a new buy signal and open the way towards 0.89.
In case of return below 0.88, we will wait the breakout of 0.8750 to advise short positions.
See the previous analysis of the EUR/GBP pair of August 25th, 2011
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Gold loses more shine after CME margin hike
(Reuters) - Gold fell more than 1 percent on Thursday, extending the previous session's losses, after the CME Group (CME.O) raised trading margins by the most in over two and a half years to curb volatility in bullion that had surged to dizzying heights.
Spot gold dropped by more than 4 percent on Wednesday, its biggest drop since December 2008, as investors liquidated positions after the precious metal surged nearly 35 percent this year to a record high above $1,911 on Tuesday.
CME increased margin requirements on its gold futures contract by 27 percent, the second hike in a month, following similar moves by the Shanghai Gold Exchange and Hong Kong Mercantile Exchange earlier this month.
Data suggesting the U.S. economy was facing a slowdown instead of a recession also took the shine ...
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Bank borrowing costs hit highest level in a year
(Reuters) - The cost for banks to borrow short-term dollar funds from other banks rose to the highest level in a year on Wednesday as large U.S. money funds continued to pull back on making loans to Europe and as fears over bank counterparty risk increased.
London interbank offered rates for three-month dollars increased to 0.31428 percent, the highest rate since last August and up from 0.31178 percent on Tuesday.
The rate has been steadily rising as investors have become increasingly reluctant to make dollar-based loans to European banks on longer than an overnight basis.
"Term funding markets have significantly less liquidity than they had, a lot of investors are getting very short. They don't want to take a lot of term risk," said Ira Jersey, interest rate strategist at Credit Suisse ...
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Gold posts biggest drop since 1980 on Fed fears
(Reuters) - Gold futures fell more than $100 on Wednesday, one of the steepest falls ever, as strong U.S. economic data and expectations of more Federal Reserve stimulus accelerated profit taking from the safe-haven record high of a day ago.
Selling spiraled out of control as money managers competed to liquidate positions in COMEX futures, which experienced their biggest single-day dollar loss since 1980. Volume looked like a record.
The price of gold bullion is now more than $150 below Tuesday's all time high of $1,911.46 an ounce, downed by intense speculation about whether the Fed will announce new plans to ease monetary policy at a meeting late this week.
Analysts said it was time for gold investors to take money off the table after the rally extended too far, too fast in recent ...
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