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Weekly Technical Update: Forex Market in Broad Test of Consolidation
12.03.2010 12:11
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This was basically a week of continuing consolidation, except for the USD/CAD which is looking seriously at the parity scenario. The coming weeks may be crucial as the markets test important powerlines. We have short-term consolidations/corrections in pairs such as EUR/USD, GBP/USD, EUR/GBP, and GBP/JPY. But we are also testing...
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FX Strategy Weekly
12.03.2010 12:11
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Rising inflation expectations in the UK and confirmation that the Budget will be held on March 24 means GBP shorts may be forced to cover positions as government leaks emerge over the next two weeks of UK deficit reduction plans. Ultra-loose monetary policy in the G7 and positive economic data...
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USD Off Lows, Retail Sales Beat Expectations
12.03.2010 10:13
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The USD traded at a three week low Friday pressured by announcement that President Obama will nominate Janet Yellen as vice chair of the Federal Reserve. Yellen is a policy dove and her appointment will likely mean that the Fed will keep interest rates low for much of 2010. USD...
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Chart of The Day: USD/CAD
12.03.2010 10:13
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Bearish price action on USD/CAD, a daily chart of which is shown, has finally made a tentative breakdown below the key 1.0200 support level after respecting this level several times this week. Fridays (3/12/2010) breakdown of 1.0200 establishes a new 19-month low for this pair. The current bearishness puts USD/CAD...
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US Market Update
12.03.2010 10:13
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The strong results in the February advanced retail sales data helped US markets open higher this morning, aided by strength in European trading. The lower than expected University of Michigan confidence reading sent indices into the red after 10amET, while the greenback has notably weakened against its major pairs excluding...
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Afternoon Forex Overview
12.03.2010 10:13
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The U.S. dollar declined versus the euro on Friday as the shared currency was supported by strong economic data and more confidence that Greece will recover. The greenback pared losses after better-than expected retail-sales data and a surprise decline in consumer confidence. The dollar index, which measures the U.S. unit...
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Sentiment Data Offsets Strong Retail Sales Data - Yields Flat
12.03.2010 10:13
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What's more important: A jump in retail sales data that you'd have bet the bank would decline amid February's winter snowstorms, or the proposed appointment of a dove as number two at the Fed? With the dollar apparently weakening ahead of the report on rumors that San Francisco Fed President...
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Currency Currents: Friday Rant
12.03.2010 10:13
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The US will stop making a political issue out of it when China unleashes that puppy to run freely. How about that? So let's commend President Obama for calling out China's currency policy which could be dubbed "politically dictated", at least. But then let's ask President Obama to further consider...
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Global Markets: Once More Unto the Breach, Dear Risk
12.03.2010 10:13
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Timed from the trough in equity markets, we are now one year out from the start of the recovery. The context of the story has gyrated from bailouts of banks to governments, but the overall story remains the ebb and flow of risk appetite. There is a feeling from the...
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Research Euroland: The Weakest Link
12.03.2010 08:23
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Euroland growth was surprisingly weak in Q4 2009 with GDP growing a mere 0.1% q/q. France saw highest growth (0.6% q/q) among the larger euro area members, while Germany saw a flat GDP. Spain remained in recession (-0.1% q/q), while Italy slipped back into recession (-0.2% q/q) after a more...
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China: In No Hurry to Adjust Exchange Rates
12.03.2010 08:23
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Although there is still strong domestic resistance to the austerity measures in Greece, financial markets are starting to view the situation in a more relaxed light. This is probably partly thanks to prime minister George Papandreou's goodwill tour to the US, and partly as a result of the proposal to...
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CHF: SNB Maintains Its Loose Monetary Policy - For Now
12.03.2010 08:23
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As widely expected the Swiss National Bank (SNB) held its target for the three-month Libor unchanged at 0.00-0.75% and reiterated its intention to keep it within the lower end of the range - i.e. around 0.25%. Moreover, the SNB kept its commitment to intervention on the currency market, stating that...
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Weekly Market Commentary
12.03.2010 08:23
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Treasury yields should hold at current levels while money market futures should start recouping the little ground lost over the past fortnight. The US dollar is expected to weaken and though 'commodity' currencies led over the last five or so weeks it might be time for the laggards, sterling and...
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Weekly Focus: Global Recovery on Track
12.03.2010 08:22
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Our expectation that markets would become more volatile in 2010 has so far proven correct. After the biggest correction in the stock market since equities bottomed in early 2009, stocks have recovered to recent highs again. Two main factors seem to explain this development. First, the Greek crisis has moved...
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Investors Question Sustainable Euro Weakness
12.03.2010 08:22
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The dollar is under pressure to end the week after words from a powerful investment house jolted investors expecting further decimation of the single European currency into a spin by warning that the next 10 cents for the euro is more likely on the upside than the downside. An unexpected...
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