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Positions In Riskier CurrenciesTitle:
German Data Leads to Additional Euro Losses
Disappointing German data sent the euro to fresh lows against the USD during European trading yesterday. In a sign that even the euro-zone's biggest economy was not immune from the region's debt crisis, the German Flash Manufacturing PMI and Ifo Business Climate both came in significantly below expectations. As a result, the EUR/USD dropped as low as 1.2515, close to a two-year low. As we close out the week, traders will want to continue monitoring any developments out of the euro-zone. Any new negative developments could send the common currency below $1.2500 before markets close for the week.
Economic News
USD - Safe-Haven USD Sees Additional Gains
The US dollar was able to extend its gains against the euro yesterday, following the release of several disappointing economic indicators ...
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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 ...
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Euro at four month low against dollar as crisis spins
The euro hit a four-month low against the dollar and 3-1/2 month trough versus the yen on Friday as concerns about a chaotic Greek exit from the euro zone and instability in the Spanish banking system fuelled demand for safer currencies.
Investors were reluctant to buy riskier assets after Moody's cut the credit ratings of 16 Spanish banks on Thursday. Fellow ratings agency Fitch downgraded Greece deeper into junk territory.
The euro tumbled to $1.2642, within sight its 2012 low of $1.2624. It has shed 4.1 percent against the dollar so far in May, while demand for the highly liquid dollar pushed it up 0.3 percent against a basket of currency .DXY on the day to a four-month peak of 81.758.
Against the yen, the euro fell to 100.219 yen, its lowest level since early February.
Many ...
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EUR Avoids New 4-Month Low
While the euro remained bearish against its main currency rivals throughout yesterday's trading session, it avoided falling to a new four-month low against the US dollar. The marketplace was unusually calm, as a bank holiday in Europe resulted in limited movements among the most traded currency pairs. As we close out the week, traders will want to note that another slow news day may result in low liquidity in the marketplace. Typically, low liquidity situations can result in exaggerated movements among currency pairs and commodities for seemingly no reason. Any mention of additional euro-zone worries may result in a significant drop for the euro.
Economic News
USD - Manufacturing Data Causes USD to Tumble
The US dollar tumbled vs. the Japanese yen during the afternoon session yesterday, ...
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Euro pauses descent, but vulnerable to fresh falls
The euro held above a four-month low on Thursday, taking a breather from a sharp sell-off, although gains are likely to be checked by worries about the solvency of some Greek banks that are adding to fears the country may exit the euro zone.
The common currency was trading at $1.2724, up 0.1 percent on the day, though not far from a four-month low at $1.2681 hit the day before, with stops cited below $1.2680. The euro has already shed 3.9 percent in May, coming close to its 2012 trough of $1.2624 reached in mid-January.
Contagion fears and jitters over political turmoil in Athens, where politicians rejecting harsh austerity measures are likely to win June 17 elections, have sent riskier assets such as the Australian dollar sharply lower over the past three weeks.
Dealing another blow to ...
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Euro knocked by Greece worries, more losses likely
The euro fell to a four-month low against the dollar on Wednesday and risked more losses on the prospect of prolonged political instability in Greece that could result in the country exiting the euro.
With Greece announcing fresh elections next month and investors concerned about the knock-on effects of a Greek euro exit for economies like Spain and Italy, investors fled the euro and sought the perceived safety of the dollar and the yen.
The dollar rose to its highest in four months against a basket of currencies, while the euro also hit a three-month low versus the yen.
The euro dropped to $1.2681 against the dollar on EBS trading platform, which left it on track to test the January low of $1.2624, below which would mark the euro's lowest level since August 2010.
However, it recovered ...
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Global shares sag as Greek turmoil saps risk appetite
Asian shares fell more than 3 percent, the biggest one-day drop in six months, and the dollar rose broadly on Wednesday after efforts to form a new government in Greece collapsed, fuelling fears that a second election in June could precipitate Athens' exit from the euro zone and deepen the bloc's debt crisis.
European shares were expected to extend losses as well, with financial spreadbetters predicting that major European markets .FTSE .FCHI .GDAXI would open down as much as 1 percent. U.S. stock futures were down 0.2 percent. .EU .L .N
Investors continued to reduce positions in riskier assets, leading to a fall of more than $1 in oil prices and a drop to a 4-month low for spot gold, while lifting the dollar which tends to be seen as safe haven in times of heightened uncertainty.
MSCI' ...
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Risk Aversion Continues to Weigh on Higher-Yielding Currencies
Following multiple failures by Greek politicians to form a new government, investors are now concerned about what impact a possible new election will have on Greece's status in the euro-zone. The news weighed down on riskier currencies, particularly the euro, throughout Friday's trading session. The EUR/USD dropped to a fresh 3 ½ month low at 1.2903 before staging a slight correction to close out the week at 1.2917. Turning to this week, euro-zone news is once again forecasted to dictate the direction the market takes. Any additional negative announcements out of Greece could drive the euro even lower against its main currency rivals.
Economic News
USD - US Consumer Sentiment Gives Dollar a Boost vs. JPY
News that consumer sentiment in the US reached a more than four-year high gave the ...
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EUR/USD Continues to Tumble
The euro continued to tumble vs. its main currency rivals yesterday, as traders remained cautious about investing in riskier assets due to political uncertainty in the euro-zone. The EUR/USD fell to a fresh three-month low during the afternoon session at 1.2929. Turning to today, traders should be prepared for market volatility, as significant indicators from the UK and US are scheduled to be released. Attention should be given to the UK MPC Rate Statement, followed by the US Trade Balance figure and a speech from Fed Chairman Bernanke. Should any of the news lead to additional pessimism in the global economic recovery, riskier currencies like the euro may fall further.
Economic News
USD - Safe Haven Dollar Extends Gains amid Euro-Zone Worries
A lack of news events yesterday helped the ...
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