Weekly Forex Spot


Highlights FX return analysis Gold hurtling towards 2013 lows Fundamental focus: UK and Europe BOJ to stand pat Clarity needed from the Fed FX return analysis The USD was the star performer last week, gaining against all of its G10 counterparts. The dollar index broke above 84.10 - a key resistance level - to the highest level since mid-2010. Interestingly, the dollar pushed higher even though there were some soft economic data points from the US last week including weaker inflation and initial jobless claims. The key driver of the stronger buck appears to have been some hawkish comments from Fed speakers. San Francisco Fed speaker John Williams and Charles Plosser both said that QE could end by 2014. Although Williams and Plosser are not voting members of the Fed this year, their ...



Financial markets saw a choppy opening in Europe as traders welcome a very busy weekly agenda on Monday with some mixed sentiment. Now markets await the European finance ministers’ meeting in Brussels. A mixed trading trade session in Asia was quiet dominated with currency movements as weaker yen gave a leeway for the Japanese stock benchmark to find a fresh five-and-a-half year high despite slightly lower-than-expected economic data from China. In Europe, traders will be looking for the Eurogroup of euro-area finance ministers who will be meeting in the Belgian capital. They will likely storm the issues of financial aid and banking union, and clear the way for the latest doze of Greece’s bailout. The bloc`s crisis-hit nations are back on the spot while policymakers strive to revive ...



Highlights FX return analysis Fundamental Focus: Europe Another leg lower for JPY as Japanese investors seek yield What recent US data means for the buck FX return analysis It was a wild ride for FX markets at the end of last week. The dollar surged, the yen slumped and some G10 crosses breached key technical levels. Volatility also picked up, 1-month implied volatility in JPY jumped from 11.98% on 2nd May, to 12.95% on 10th May. Other currencies that were notably more volatile last week versus the dollar include NZD and the AUD. The dollar has been by far the strongest performer in the G10 over the past month, while the Aussie has overtaken the yen as the weakest performer versus the USD over the past month. The yen jumped ahead of the CHF, NZD and SEK, who all performed worse than the ...



Morning Briefing : Draghi shows ECB dtermination, Euro slips What's new : Asia: Equity indices mixed, while the US counterparts closed in positive yesterday ECB: cuts refinancing rates and marginal lending rates US: Payrolls data eyed for USD moves Overnight rates and Indices: EUR/USD 1.3056 1.3113 0.23 % USD/CHF 0.9327 0.9353 0.13 % GBP/USD 1.552 1.5546 0 % USD/JPY 97.9 98.11 -0.12 % EUR/CHF 1.2209 1.22323 -0.10 % EUR/JPY 127.87 128.55 -0.35 % Dow Jones 14700.95 14834.63 0.88 % Nasdaq 2877.26 2916.30 1.31 % S&P 500 1582.77 1598.60 0.94 % Nikkei 225 13637.96 13780.48 -0.76 % Shanghai 2179.05 2222.81 1.45 % Gold spot 1465.93 1478.08 0.72 % Crude Oil 93.66 93.99 -0.30 % ...



Gold edged up on Friday trading session, heading for the second weekly gains as news of fresh stimulus from the European Central Bank (ECB) in the form of rate cuts helped lift prices. ECB president Mario Draghi said the central bank is technically ready for negative deposit rates. Precious-gold extended gains on Friday after ECB’s Governing Council voted to lower its key rate by 0.25 percent to a record low 0.5 percent. Lower interest rates boosted the metal`s inflation-hedge appeal, while it encourages investors to put money into non-interest-bearing assets like the metal. - Spot gold gained 0.42 percent or 6.19 points to trade at 1,475.35 Moving to others metals: - Silver rose 0.50% to trade around 24.03 - Platinum edged higher by 0.55% to 1,506.15 - Palladium gained 1.01% up to ...



The number of people in the U.S. filing claims for unemployment benefits surprisingly declined to its lowest level in more than five years, signaling U.S. companies are still hiring despite the economic slowdown, while U.S. trade deficit fell more than estimated with imports suffering the biggest drop since 2009 Applications for jobless insurance payments dropped 18,000 to 324,000 in the week-ended April 27, the lowest since January 2008, according to the U.S. Labor Department. Analysts called for a rise to 345,000 claims, however a Labor Department official said there was nothing unusual in the data. The four-week average for claims fell to 342,250 from 358,250. The number of Americans continuing to collect jobless benefits increased by 12,000 to 3.02 million in the week-ended April 20. ...



Morning Briefing : Sentiment hesitant after Friday's US data What's new : Asia: Equities mixed amid lower volumes as China and Japan on holiday US: Softer than expected GDP, and quieter Asian session sets the tone this morning Overnight rates and Indices: EUR/USD 1.3021 1.3078 0.13 % USD/CHF 0.9401 0.9435 0.11 % GBP/USD 1.5473 1.5535 0.29 % USD/JPY 97.35 98.12 0.35 % EUR/CHF 1.2277 1.22985 -0.09 % EUR/JPY 127.06 128.04 0.19 % Dow Jones 14684.82 14743.49 0.07 % Nasdaq 2828.88 2848.53 -0.28 % S&P 500 1577.56 1585.78 -0.18 % Nikkei 225 13852.20 13983.87 -0.30 % Shanghai 2173.86 2210.58 -0.96 % Gold spot 1458.25 1475.17 0.54 % Crude Oil 92.43 92.91 -0.41 % Comments: US ...



Morning Briefing : UK GDP data in focus What's new : Forex: All eyes on UK GDP data to be released Global Markets: US Equities closed almost flat, Asian equities closed in the green, Enrico Letta nominated Italy’s Prime Minister Overnight rates and Indices: EUR/USD 1.3011 1.3062 0.21 % USD/CHF 0.9449 0.9479 0.13 % GBP/USD 1.5265 1.5335 0.29 % USD/JPY 99.25 99.56 0.19 % EUR/CHF 1.2323 1.23441 -0.08 % EUR/JPY 129.36 129.91 -0.03 % Dow Jones 14666.54 14747.42 -0.29 % Nasdaq 2821.81 2844.95 -0.04 % S&P 500 1575.80 1583.00 0.00 % Nikkei 225 13827.96 13944.26 0.55 % Shanghai 2191.85 2224.63 0.17 % Gold spot ...



Europe shakes off a poor German ZEW Survey Notes/Observations RBA Minutes reiterates that inflation leaves room for more easing if needed; see signs the econ was responding to low rates North Korea threatened South Korea with imminent action unless it apologizes for recent anti-North protests Moodys changes outlook on China to Stable from Positive; rating affirmed at Aa3 CME raises margin requirements on gold, silver & other metals UK Treasury: CPI in line with market expectations and down almost half from the 5.2% peak Goldman Sachs: Not changing its bearish gold forecast at this time; recent weakness due to Cyprus sale concerns; more momentum to the downside Spain, Greece and Belgium Bill auctions results seen solid with lower borrowing costs and improvement in bid/cover ratios ...





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