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StrengthensTitle:
The Euro stabilizes
USD
It was a relatively quiet Asia session with Australia on holiday. This allowed the euro to stabilise after Friday’s heavy fall. But the euro is clearly not out of the woods yet. Even if fresh cash for Greece is forthcoming concern is running high over how ratings agencies will respond to any private sector involvement. Whether the ECB may be forced to exclude Greek bonds as eligible collateral is another unknown. Finally there is continued anxiety over whether a credit event might be triggered accidentally. EURUSD traded 1.4300-1.4358 and USDJPY 80.19-80.69.
The NZD fell sharply after Christchurch was struck by another large aftershock which Prime Minister Key announced would ‘almost certainly’ qualify as a new insurance event. The dollar strengthened moderately on Friday after the ...
Title:
YouTradeFX Daily Market Analysis : 09/06/2011
www.youtradefx.fr
DAX :
Negative sentiments continue to cloud the financial markets in general and the German index in particular which closed yesterday with falling exchange rates. However, during the day the index did manage to recover and reach the strong support level of 7000 and then shot up to levels of 7038 euro. In the short term, there is a relatively high possibility for a short wave of increases to the resistance level of 7250 euro.
On the other hand, the continued negative momentum in the financial markets could neutralize the expected correction and lead the German DAX straight towards the low support levels at around 6675 euro and possibly even lower towards the previous, significant low point of around 6500 euro. As a trigger for the continued downwards movement, we can ...
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YouTradeFX Daily Market Analysis : 27/05/2011
NASDAQ :
Despite the soothing remarks made by the US Secretary of the Treasury at the beginning of the week, macro figures published yesterday were not particularly encouraging. So, it is definitely possible that the downwards movement still hasn't realised its full potential. Of course, the main upwards trend of the markets in general and in particular the United States NASDAQ remains positive. A continuing fall towards the significant support level of 2235 will constitute an excellent opportunity to pick up the NASDAQ at a low and attractive buy price.
The last support level at 2150 defines the maximum range for a fall of the index. Closure beneath support levels of 2130 will be an indication of a serious and steep wave of price drops that will match the strength of the correction that ...
Title:
Shifting Dynamic on MPC?
Economic Data Analysis
Shifting Dynamic on MPC?
Growing risk aversion reflecting softer commodity prices, but markets remain volatile.
EU sovereign debt concerns remain in the spotlight as EU ministers meet to discuss bailouts, but solid Q1 GDP for Eurozone as a whole a boost.
Stronger than consensus UK inflation, retail sales and labour market data poses upside risk to market rates.
Key survey evidence guides US direction this week, while approach of US debt limit means scope for more volatility.
MPC minutes (May) dynamic changes. Following May's decision to leave policy unchanged, this month's minutes will be an interesting gauge of any change in dynamic on the Committee. May was Andrew Sentance's last meeting and we expect his final vote to have remained for a 0.50% ...
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Dollar and Yen Strengthens as Commodities Tumble
The U.S. dollar and the Japanese yen gained against all of their major currency counterparts on Friday as commodities and stocks fell, increasing demand for safe-haven assets.
The euro saw another bearish session today and is headed for a second weekly loss against the dollar on concerns that Greece will seek for an additional rescue package. Investors prefer to reduce their risk-exposure due to the uncertainty regarding the Greek economy, and prefer to open long positions on the dollar and the yen.
The euro fell about 250 pips vs. the dollar today, and the EUR/USD reached as low as the 1.4066 level. The euro also saw a 300 pip fall against the yen, and the EUR/JPY cross bottomed near the 113.50 level.
Looking ahead to next week, the most relevant financial topic in the market will ...
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March leading index gains as economy strengthens
(Reuters) - An index of U.S. economic health rose for a ninth straight month in March, suggesting the economic recovery is on track despite global events such as the earthquake and tsunami in Japan.
The Conference Board's Leading Economic Index rose 0.4 percent in March to 114.1, a larger gain than the 0.2 percent anticipated by analysts polled by Reuters. February's increase was revised up to 1 percent from the previously reported 0.8 percent.
The rise points "to strengthening business conditions in the near term," said Ataman Ozyildirim, economist at The Conference Board, in a statement.
"The March increase was led by the interest rate spread and housing permits components, while consumer expectations dropped," Ozyildirim added.
The coincident index also increased, by 0.2 percent, in ...
Title:
Dollar continues to weaken
USD
The dollar continued to weaken during the Asia session. Some positive US earnings reports were a factor in this, helping to keep risk appetite supported. However, given that USDJPY and USDCHF remained heavy too, a certain amount of general dollar negativity is also driving the price action. EURUSD traded 1.4486-1.4603, USDJPY 81.97-82.60. AUDUSD set a new post-flotation high, while USDCHF fell to a new record low. Gold hit a new all-time high at $1508.88/oz, and is trading just below this level at the time of writing. Asian and US equities closed 1-2% higher. Existing home sales were better than consensus expectations at +3.7% m/m. Although initial jobless claims, leading indicators, and the Philadelphia Fed manufacturing index due, it is unlikely these releases will be sufficiently ...
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Rand Strengthens as Gold Reaches Record
The South African rand reached the highest level in more than three months against the US dollar today as central said that restraining the capital inflows to weaken the currency “would not be appropriate” and as gold touched another all-time high.
Daniel Mminele, a South African Reserve Bank Deputy Governor, said that South Africa “carefully studied” the actions that other emerging-market countries have taken to limit foreign inflows and decided that it’s “rather doubtful” that such measures can weaken the nation’s currency and they “would not be appropriate for South Africa at this stage”. Gold rallied to new record today and platinum gained, supporting the rand as these two metals account for a fifth of South Africa’s exports.
USD/ZAR dropped from 6.6520 to 6.6360 as of 14:01 GMT ...
Title:
Euro advances on expected further tightening by the ECB
The euro strengthens against majors on expected further tightening by the ECB after raising borrowing cost by 25 basis points yesterday to 1.25% as Trichet referred to this in his speech.
Yesterday, the euro fell as the rate hike raised concerns that the debt-strapped nations have to pay higher costs for loans, especially with the increasing likelihood that Portugal will accept an international bailout soon. But today the effect of the hike started to take place on the market.
Also, the advance in German exports by 2.7% in February gave a strong boost to the euro that Germany will lead recovery in the euro area.
On the other hand, the dollar continued its drop to touch the lowest level since 2009 against a basket of major currencies, where the dollar index fell to a low of 75.09 ...
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