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Goldman sees WTI oil prices closer to Brent in 2nd half
(Reuters) - The WTI-Brent spread, measuring the price difference between the world's two main crude oil benchmarks, is expected to narrow in the second half of this year, Goldman Sachs said in a note to clients on Tuesday.
The key spread has doubled from around $10 a barrel at the end of January to more than $20 a barrel in early April, with West Texas Intermediate (WTI) prices depressed by a rapid build up of inventories at Cushing, Oklahoma, delivery point for the main New York Mercantile Exchange crude oil contract.
Goldman said the scheduled reversal of the Seaway pipeline, expected to take place by June 1, would eventually force the spread back in.
"We continue to believe that the Seaway will alleviate the bottleneck between Cushing and the U.S. Gulf Coast," Goldman's energy ...
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Risk Aversion Continues to Start Off Week
Safe haven currencies, in particular the Japanese yen, started off the week on a bullish note as investors continued to digest last week's disappointing US Non-Farm Payrolls figure. The US added just 120K jobs last month, significantly below the forecasted 207K. Today, traders will want to note the results of the Japanese Overnight Call Rate and the Bank of Japan (BOJ) Press Conference. Any indication that the BOJ will intervene in the markets to limit yen growth could result in the currency reversing some of its earlier gains.
Economic News
USD - Jobs Data Continues to Weigh Down USD
The dollar extended its bearish trend against the Japanese yen during yesterday's session, as a disappointing US jobs report released last week continues to weigh down on the greenback. The worse than ...
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Technical analysis of the GBP/USD pair on April 10th, 2012
Commentary of the GBP/USD pair :
The pair GBP/USD finaly broke the resistance at 1.59.
All indicators are bullish.
We are neutral on the pair between 1.59 and 1.5950.
We advise to wait an exit of this range to take position:
- Long above 1.5950. The breakout of 1.60 will give a new buy signal
- Short below 1.59. The breakout of 1.58 will give a new sell signal.
See the previous analysis of the GBP/USD pair of April 9th, 2012
GBP/USD Analysis
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Technical analysis of the NZD/USD pair on April 10th, 2012
Commentary of the NZD/USD pair :
The pair NZD/USD has continued its rebound yesterday and broke the resistance at 0.82.
Currently, the pair is testing the upper band of its bearish channel (purple lines).
All indicators are bullish.
We are neutral on the pair between 0.82 and 0.8250.
We advise to wait an exit of this range to take position:
- Long above 0.8250. The breakout of 0.83 will give a new buy signal
- Short below 0.82. The breakout of 0.8160 will give a new sell signal.
See the previous analysis of the NZD/USD pair of April 9th, 2012
NZD/USD Analysis
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Euro edges higher in light volume
The euro ground higher against the dollar and the yen on Monday, recovering from stumbles earlier in the session as the effects of disappointing U.S. jobs data last week faded, although thin holiday trading exacerbated moves.
Data on U.S. jobs creation came in sharply lower than expected on Friday, when stock markets were closed and bond markets closed early. While foreign exchange markets were open, the Good Friday holiday had made for particularly light volume.
"There's maybe a bit of a soft tone in the dollar on the jobs report," said Mark McCormick, a G-10 currency strategist with Brown Brothers Harriman. But, he cautioned, "price action has been pretty muted."
With many European markets still closed on Monday - including London, a major currency trading hub - analysts said the ...
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Dollar hits 1-month low vs. yen after weak jobs data
The dollar fell to a one-month low against the yen on Monday as last week's disappointing U.S. employment data bolstered views the Federal Reserve could ease monetary policy further to boost the economy.
The safe-haven but low-yielding yen attracted investors after the U.S. Labor Department's report on Friday showed that U.S. employers created far fewer jobs in March than financial markets had expected. The report raised doubts over the ability of the United States to help boost the global economy as the euro zone debt crisis continues and as fears persist about China's ability to avoid a hard economic landing.
The data suggested the Federal Reserve's policy-setting Federal Open Market Committee will keep interest rates low until at least 2014; low rates have been a key source of ...
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Shares fall on tepid U.S. data, oil down on Iran talks
Asian shares fell and U.S. stock futures pointed lower on Monday in holiday-thinned trade after a sharp slowdown in U.S. jobs growth raised concerns about the strength of the world's largest economy.
Oil, which has climbed nearly $20 this year on worries that a standoff between Tehran and the West would escalate and disrupt oil exports from the Middle East, dropped more than a dollar after Tehran agreed to resume talks on its nuclear program.
Brent crude was down $1.19 a barrel to $122.24 by 1110 GMT after slipping below $122 earlier in the day. U.S. oil traded $1.46 a barrel lower at $101.85.
"The talks are good news. They are going to ease some stress from the oil market but not enough to bring oil below its current trading range," said Ken Hasegawa, a commodity derivatives manager at ...
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Disappointing Jobs Report Sends USD Tumbling
The USD reversed some of its earlier gains on Friday, following a worse than expected Non-Farm Payrolls figure which highlighted just how slowly the US economic recovery is progressing. The USD/JPY dropped well over 100 pips following the news, reaching as low as 81.28 before correcting itself to close out the week at 81.57. Turning to today, traders will want to note that European markets are closed for the Easter holiday. A low liquidity trading environment means that unexpected volatility could occur for seemingly no reason.
Economic News
USD - Non-Farms Report Turns Dollar Bearish
Following several days of upward momentum, the US dollar's bullish trend came to an end on Friday, following a disappointing US jobs report. The Non-Farm Employment Change figure came in at 120K, well ...
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QE or not QE?
The Week Ahead
Highlights
QE or not QE?
BOJ under pressure to ease
No more support from the ECB
Will the UK avoid a recession?
Market Moves: Key Levels
QE or not QE?
The release of the FOMC minutes earlier this week and speeches by Fed officials have resulted in markets reducing their expectations of additional easing. However, today's disappointing jobs figures (120K in headline NFP vs. cons. 205K) have brought the speculation of more stimulus back into focus. To illustrate the extent of the negative surprise in the NFP print, the lowest estimate was for the addition of 175K payrolls out of the 80 economists surveyed by Bloomberg. QE3 chatter is making its rounds again in the markets and the US dollar has tumbled against most of the majors as heightened speculation ...
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