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Fannie and Freddie's Troubles are a Lose-Lose for the US Dollar
11.07.2008 18:12
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Calling the financial markets active today is practically an understatement. The combination of soaring oil prices and problems with Fannie Mae and Freddie Mac triggered sharp volatility in the equity and currency market. At one point during the US trading session, the Dow jumped 200 points within minutes, driving EUR/JPY...
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This Week's Market Outlook
11.07.2008 18:11
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As Bart Simpson might say: "Ay Carumba!" As shareholders of certain GSE's might say: "Mommy." This past week started out with the USD on the mend and oil and other commodity prices dropping sharply only to turnaround mid-week and see the USD plunge to near all time lows and oil...
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U.S. Weekly Wrap-Up
11.07.2008 18:11
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Currency traders were primarily focused on the health of the global financial sector and the repercussions of geopolitical events that were felt throughout the equity, fixed-income, commodities and currency markets. The week was choppy, with the USD ending at its weakest levels on Friday. The USD began the week aided...
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Bank of Canada Monetary Policy Monitor
11.07.2008 17:15
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The market has undergone a profound shift in expectations since the June 10th Bank of Canada Fixed Announcement Date. Though the decision to keep rates on hold at 3% surprised the markets, the accompanying statement indicated that the bias is now neutral. Subsequent comments by Governor Carney reinforced that view...
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NZ Q2 CPI Preview: Up, Up and Away
11.07.2008 17:15
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Inflation in NZ is high and rising. Firms' pricing intentions and widespread cost increases reported in the NZIER's Quarterly Survey of Business Opinion released earlier this week point to even higher inflation ahead. Annual inflation lifting to 4.0% is uncomfortable for the RBNZ given its potential to pollute inflation expectations,...
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Weekly Economic and Financial Commentary
11.07.2008 17:13
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Economic activity still appears to be holding up at a pace that is consistent with at least modest economic growth. This week had a relatively light economic release schedule but the reports that were released tended to come in stronger than expected. Major reports include the ICSC chain store sales...
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Greenback Slides to End the Week, Equities Down, Oil Sets a New Record
11.07.2008 17:13
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US stocks tumbled today with the Dow Industrial hitting a 2 year low, as oil prices jumped to a new record, and concerns over Fannie Mae and Freddie Mac swirled. The stocks of the two companies were down as much as 50% at one point, as investors see them as...
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Dollar Selling Lacking Momentum To Push Support
11.07.2008 17:13
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The majors have been run up to dollar support; but the presence of significant support levels and drop in volatility through the week's end should make for an interesting open on Monday. The wave 3 that Jamie has put the EURUSD is playing out, and perhaps more quickly than we...
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Lingering Fears Hit Dollar
11.07.2008 17:13
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The greenback slumped in the Friday session amid a combination of persistent concerns over the solvency of Fannie Mae and Freddie Mac, and rallies in the commodity markets, particularly oil trading to $147 per barrel. The dollar plunged to a 25-year low against the Australian dollar beyond the 0.97-level to...
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The Weekly Bottom Line
11.07.2008 15:14
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While the June employment report in Canada was the focus of attention on Friday, the earlier part of the week was dominated by discussions of regulatory reform in the U.S. financial sector. The aim is to help prevent future financial crises by better delineating and redefining the relative roles of...
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Australian & New Zealand Weekly: Credit Data - House Prices to Drive Slowdown
11.07.2008 15:14
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The Reserve Bank is deriving much of its comfort that the economy is slowing from the recent substantial slowdown in credit growth. In the Governor's last Statement explaining the decision to hold rates steady in July he noted "credit expansion to both households and businesses has weakened significantly." While business...
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Big Decline in Import Volumes Narrows the Trade Deficit in May
11.07.2008 14:13
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The value of the trade deficit declined in May as the volume of oil imports fell sharply. Net exports could boost real GDP growth by 2 percentage points in the second quarter ? well above current expectations.
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Forex Fundamental Outlook
11.07.2008 13:14
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The common currency is within striking distance of testing its all-time high around the $1.6020 level, established on 22 April. A rebound in prices for NYMEX crude oil futures for August delivery to the $147 handle pushed the dollar lower as did a further meltdown in U.S. equity prices. Shares...
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Chart Of The Day: EUR/GBP
11.07.2008 13:14
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As noted on a previous Chart of the Day just a couple of days ago, the EUR/GBP (a daily chart of which is shown), had formed a large symmetrical triangle formation, much like the EUR/JPY had. Unlike EUR/JPY, however, price on the EUR/GBP has not yet broken out of its...
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U.S. Market Update
11.07.2008 12:14
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July market conditions are providing renewed volatility as traders primarily focus on the health of the global financial sector and geopolitical concerns. The USD is broadly weaker during the New York morning as financial sector concerns continue to gather steam. GSE jitters have been compounded by higher commodity prices and...
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