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Daily Forex Fundamentals |
Written by Easy Forex |
Feb 09 10 17:39 GMT |
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USD traded lower Tuesday pressured by Greek rescue speculation. A report that ECB President Trichet would return one day early from a BIS meeting in Australia to attend an EU Council Meeting fueled speculation that a Greek bailout plan may be soon announced. The EUR traded at an eight-month low versus the USD late last week pressured by concern of sovereign debt default risk in Greece. Today's speculation of Greek rescue plan sparked an improvement in risk appetite, rebound in equities and commodities prices and selling of the USD. |
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Daily Forex Fundamentals |
Written by AC-Markets |
Feb 09 10 16:55 GMT |
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EURUSD has continued to recover from last week's rout, with the short term uptrend off Friday's 1.3586 lows providing the platform for a test of the 1.3750 pivot level, and an earlier high of 1.3774. The EUR and broader risk sentiment has been buoyed by the news that ECB President Trichet has decided to cut short a visit in Australia to return to Brussels; fuelling speculation that an EU-wide plan may be announced imminently that would address current sovereign debt concerns. ECB officials have repeatedly stated that any bailout of Greece would be categorically out of the question (repeated again today by member Nowotny), but ratings agency Fitch stated this afternoon that the EU could 'find a way' to help troubled sovereigns, and added that the risk of contagion within the EU was 'exaggerated'. |
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Daily Forex Fundamentals |
Written by Trade The News |
Feb 09 10 16:52 GMT |
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Elevated risk appetite kept the greenback soft during the New York morning while the yen was off its worst levels. The EU meeting this week has provided the recent spat of price movements. With plenty of European officials offering words of support for Greece's reform efforts this morning and hopes growing on news of an emergency meeting of key Euro Zone figures, markets are flush with appetite for risk. However, currency dealers are saying it is unlikely EU leaders would announce plans for loan backstops given that official rhetoric has overwhelmingly concentrated on telling Greece to resolve the situation on its own. Some believe key announcements would wait until the EU summit on Monday, Feb 15th when US markets would be closed for a holiday. ECB's Nowotny sought to calm fears about contagion, noting that the debt situation in Spain and Portugal is better than in Greece. EUR/USD is holding above a key hourly pivot point of 1.3740. |
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Daily Forex Fundamentals |
Written by Interactive Brokers |
Feb 09 10 15:26 GMT |
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You can almost hear an audible sigh of relief echoing around risk managers' desks and that tone is reflected by a positive market sentiment on hopes for a solution to the fiscal problems facing the government of Greece. Given the far more favorable tone to both equity and commodity prices on Tuesday, it seems that something is out of whack since bond prices have failed to decline. Yields have remained relatively unmoved, adding just a couple of basis points. That begs the question as to whether investors are expecting little more than a relief rally. Why sell bonds for more than a couple of sessions at most? Short term interest rate futures around the globe are just about flat to higher arguing in the face of the rally in risk appetite. |
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Daily Forex Fundamentals |
Written by Black Swan Capital |
Feb 09 10 14:42 GMT |
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I'd have to agree about the longer-term growth prospects for emerging markets, especially Asia. But in the shorter-term those prospects can be trumped by growing risk. I know, I know - we continue to harp on risk appetite capital flows. But the fact is: risk appetite still matters. And deleveraging still matters. And a world with little inflation still makes a difference. I think the market has realized it better keep its eyes on the road, because that one-way-street market recovery has merged into oncoming traffic. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Feb 09 10 13:30 GMT |
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The USD is trading sharply lower with the EUR supported by report that ECB President Trichet was returning home one day early from a BIS meeting, Trichet's early return to attend an EU summit fuels speculation of possible announcement of the plan to rescue Greece and contributes to an uptick in risk appetite, GBP underperforms pressured by report of an unexpected widening of the UK trade deficit, weaker retail sales and new UK election polls which suggest the UK election may result in a hung parliament, commodity currencies trade higher supported by a rebound in the price of crude and firmer equity market trade, JPY trades lower pressured by improving risk appetite fueled by Greek rescue speculation, it's all one trade based on risk sentiment |
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Daily Forex Fundamentals |
Written by Interactive Brokers |
Feb 09 10 13:18 GMT |
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On Tuesday the euro was on the rise after it was revealed that ECB President Trichet was going to leave a central bank meeting in Sydney. His premature departure created a significant amount of speculation that a Thursday EU summit in Brussels had been called to present a bailout for Greece and other struggling Eurozone nations. The significant number of latecomers to the euro-bashers ball was in part forced to move rapidly to the sidelines and so illustrated the vulnerable state the market finds itself in. The euro added a cent in a very short time frame as a result of today's story, which turns out to be true in content but lacking in rationale. |
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Daily Forex Fundamentals |
Written by Forex.com |
Feb 09 10 11:15 GMT |
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The news that ECB President Trichet was returning from Australia a day early to attend a scheduled meeting of EU leaders injected hope that a bail-out plan for Greece may become more probable. A bail-out at this point would contradict the rhetoric from ECB officials to date. That said Eurozone officials will be aware that an increase in contagion from the Greece situation would increase the chances of a EUR crisis. While Greece may yet be forced to go cap in hand to the IMF, a development of a system of incentives and rewards from wealthier EMU member countries for countries in crisis cannot be ruled out. EUR/USD rose back to the 1.3740 area on the news of Trichet’s return, the yen is softer and stock markets have edged higher; the Athens Composite posing a 3.2% gains so far this morning. Risk appetite, however, is being reined in the approach to the US open. |
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Daily Forex Fundamentals |
Written by Trade The News |
Feb 09 10 10:57 GMT |
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The USD and JPY currencies were softer in the European session amid speculation that the ECB would hold an emergency meeting to discuss measures to head off contagion in the Greek debt crisis. Speculation mounted after ECB's Trichet left a meeting with the RBA a day early, which helped market sentiment. UK press taking note of recent CFTC Commitment of Traders report to surmise that traders and hedge funds have amassed the largest ever short positions against the Euro on the ssuspicions that the Greek crisis could give way to a full-blown attack on the euro. Nonetheless the EUR/USD remains to overtake the 1.3740 level, which was a prior upside acceleration point in May 2009 and the recent hourly high in the aftermath of the US Nonfarm payroll report last Friday. |
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Daily Forex Fundamentals |
Written by Investica |
Feb 09 10 10:55 GMT |
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The Euro-zone economy will inevitably remain a key short-term focus, especially with a summit due on Thursday. Confidence will remain very fragile in the short term, but any kind of support package for the weaker economies could trigger near-term Euro relief, especially given the number of short positions in the market. The US dollar will still tend to gain some defensive support on a shift away from riskier assets while support on domestic fundamental grounds will be limited. Overall, the best strategy looks to sell EUR/USD rallies above 1.3750. |
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Daily Forex Fundamentals |
Written by AC-Markets |
Feb 09 10 10:47 GMT |
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Markets are still in a hold / consolidation pattern before 1st tier economic data starting Wednesday. However, we are seeing signs of EUR contrarians stepping in and trading on the long side. Markets and media have been lightning fast in jumping on the EU collapse bandwagon and there is speculation that the pair has moved too fast. While risk appetite remains fragile, the EURUSD move above 1.3770 will put additional pressure on shorts and should amplify the rally. Markets quickly shifted from its bearish tone brought about by speculation that fed Chairman Bernanke would announce liquidity tightening efforts, when he testifies in the House tomorrow. |
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Daily Forex Fundamentals |
Written by AC-Markets |
Feb 09 10 09:27 GMT |
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FX markets were choppy in the Asian session, with risk appetite see-sawing. The day started with a risk off tone, as Wall Street plunged due to speculation that FOMC Chairman Bernanke could indicate tightening when he testifies in the House on unwinding Fed liquidity programs this week. The USDJPY fell to 89.20, but failed to pierce daily cloud support at 89.02. The AUDUSD opened at 0.8640 and slipped 0.8616, as China press denied the much celebrated Australia-China coal deal reported yesterday. However, as Asia went to lunch it was reported that European Central Bank President Trichet is prematurely leaving a meeting of central bankers in Sydney to attend a European Council meeting scheduled for Thursday. |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Feb 09 10 09:16 GMT |
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German prices remained unchanged in January after accelerating in the last quarter of 2009. Inflation shifted from -0.30% in September to 0.00% in October then 0.40% in November reflecting the improvement seen in the economy starting from the second quarter. |
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Daily Forex Fundamentals |
Written by Finotec Group |
Feb 09 10 08:36 GMT |
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The (ECB) European Central Bank may be forced to cancel the withdrawal of emergency lending measures for the time-being because it could inflame financial market concerns about Greece, Spain and Portugal various economist have stated. Investors are dumping Greece, Spanish and Portuguese assets as their governments struggle to rein in their budget deficits, making it more expensive for them to finance the debt. |
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Daily Forex Fundamentals |
Written by Dukascopy Swiss FX Group |
Feb 09 10 08:33 GMT |
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The yen fell against high-yielding units in Asia Tuesday as an upturn in Chinese stocks helped reduce risk aversion, prompting investors to buy back riskier currencies such as the euro. Although the European Union is slated to hold a summit on Thursday, traders expect the organization to fail to offer detailed plans on how to deal with the fiscal crisis in Greece, Spain and Portugal. |
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Daily Forex Fundamentals |
Written by KBC Bank |
Feb 09 10 08:25 GMT |
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On Monday, currency traders were still focused on the budgetary problems of Greece and other European countries. However, this time the damage for the single currency was limited. In case global market tensions would ease, there might be room for some kind of euro short squeeze. This is the case both for EUR/USD and EUR/GBP. |
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Daily Forex Fundamentals |
Written by Danske Bank |
Feb 09 10 08:17 GMT |
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As of 1 January 2010, Philipp Hildebrand replaced Jean-Pierre Roth as chairman of the governing board at the Swiss National Bank (SNB). Not a major event, given that Hildebrand has expressed no indications to alter how monetary policy is implemented by the SNB. However, there could be a significant change in the way the SNB communicates its monetary policy. Indeed, since the December monetary policy meeting, the SNB has been unusually quiet. In this note we analyse how central bank transparency affects the success at which central banks implement monetary policy, with an emphasis on the SNB. |
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Daily Forex Fundamentals |
Written by Saxo Bank |
Feb 09 10 07:48 GMT |
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Macro data is still in short supply, and UK Trade Balance and Wholesale Inventories are as exciting as it gets. The NFIB is interesting as an overview of how the important small business sector is doing in the US, but does not get much attention. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Feb 09 10 07:43 GMT |
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In Europe again the main focus is turned to Greece's fiscal headache. The EU is due to hold a summit and Greek officials will most probably have a lot of comforting to do to their European counterparts. An IMF bailout continues to be the best solution for the crisis however politics will play a large role in accepting this. The Greek finance minister also said that any appeals for help outside help would be a terrible signal for the markets. In Spain the Spanish minister was reassuring the markets by saying that Spain will probably issue one third less debt than Greece in 2010 and you cannot compare Spain's situation to the Greek situation. Today the main focus turns to German CPI figures, price action for the EURUSD was between 1.3713 - 1.3621. |
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Daily Forex Fundamentals |
Written by Saxo Bank |
Feb 09 10 07:19 GMT |
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On a day with an almost blank data sheet, currency markets were generally range-bound overnight with mild short-squeeze on the majors detected as traders scaled back dollar longs. EURUSD peeped back above 1.37 but the weight of concerns about Greece's debt situation remained, and the pair drifted back lower into the close to finish back where it started. |
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Daily Forex Fundamentals |
Written by Forex.com |
Feb 09 10 07:07 GMT |
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With the global currency markets keeping a watchful eye on the continuing sovereign debt concerns of the Euro Zone, the ranges were familiar ones in Asia trading today, amidst subdued trading. As Greece looks for a lifeline, Spain and Portugal's troubles don't seem to be too far behind as traders await signs that some type of salvation will be brought to the troubled nation no matter how futile the gesture may be. The EUR/USD caught an early bid as reports that ECB President Trichet was leaving early from an Australian central bank seminar to attend an ECB meeting. Most felt the meeting could be an unscheduled event called in order to put together a rescue plan for Greece, but the event was in fact a scheduled one, but that did not deter the Euro bidding. |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Feb 09 10 06:55 GMT |
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All around the world we see that as a result of the ongoing economic recession, government and central banks had to apply measures that have not been used in a while to stimulate economic growth by boosting spending levels to increase overseas and domestic demand. |
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Daily Forex Fundamentals |
Written by Trade The News |
Feb 09 10 05:10 GMT |
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The commodity currencies are broadly firmer against the USD and Yen, tracking the rebound in commodity prices and on short covering. The European major currencies are also higher, tracking the slight gains in the S&P 500 Futures contract. |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Feb 09 10 05:08 GMT |
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Producer prices in South Korea surged in January at the fastest pace in 10 months to signal accelerating inflation. Today's report is adding to pressures on monetary policy makers to raise interest rates from its low records especially after the economy grew in the fourth quarter of last year. |
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Daily Forex Fundamentals |
Written by Lloyds TSB |
Feb 09 10 05:04 GMT |
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The final German HICP estimate for January is expected to be confirmed as a monthly decline of 0.7%, leaving the annual rate of inflation unchanged at +0.7%. However, with strong energy base effects still working through the data, the January reading should be viewed as a brief pause, rather than an end to, rising headline inflation. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Feb 09 10 01:41 GMT |
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U.S. Dollar Trading (USD) traded in tight ranges against most pairs but finished on the front foot as US stocks slumped into the close. With little direction given from the G7 over the weekend the market continued to focus on unresolved Eurozone risks. January Employment trend was at 93.2 vs. 91.8. In US stocks DJIA -103 points closing at 9908, S&P -9 points closing at 1056 and NASDAQ -15 points closing at 2126. Looking ahead, December Wholesale Inventories is forecast at 0.5% vs. 1.5%. |
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Daily Forex Fundamentals |
Written by Westpac Institutional Bank |
Feb 09 10 01:39 GMT |
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In a fairly uneventful evening, most markets consolidated recent gains and losses. US equities are largely unchanged, the S&P500 up 0.1%, although the banks' sub-index is down 1.3%. US Treasury Secretary Geithner said in an interview the US is in no danger of losing its AAA sovereign credit rating, but equity investors remain concerned about southern European sovereign risks. |
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Daily Forex Fundamentals |
Written by CMS Forex |
Feb 09 10 01:25 GMT |
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The dollar fell in early Monday trading but later pared losses on a WSJ report that Federal Reserve Chairman Ben Bernanke will begin laying the groundwork for credit tightening later in the year. There was no important US economic release today to influence the trade. Treasury Secretary Timothy Geithner predicted a slow economic recovery; however, not seeing a double-dip recession. Former Fed Chairman Alan Greenspan also foresaw a slow recovery while our latest US leading economic indexes signal a continuing economic expansion with employment growth in 2010. |
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Daily Forex Fundamentals |
Written by Forex.com |
Feb 09 10 01:17 GMT |
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The NY session was lacking in news and economic events and it looked as if short-covering (taking profit on short positions) was the flavor. Risk went on an absolute rollercoaster and US equities would eventually falter into the close, settling -0.9% lower. EUR/JPY was tied close to the risk hip and the cross was taken for a ride from a NY open by 122.10 to a session high around 122.50 and back down towards 121.80 by the time the dust settled. EUR/USD, meanwhile, was well bid early on (good buying interest) and rocketed to a high near 1.3712 before collapsing to the 1.3650/40 lows as the close neared. Ostensibly the market failed to take out notable stop loss orders that had been lurking above the 1.3720 zone. We would expect the prior overnight lows around 1.3620 to attract now. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Feb 08 10 17:40 GMT |
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USD traded mixed Monday with the main focus on sovereign debt risks in Europe. EUR experienced a modest recovery as EU officials and central bankers from the G7 said they were confident that Greece will be able to cut its deficits. Greek and Spanish default swap spreads narrowed a bit in reaction to the EU and G-7 pledge to monitor Greece's deficit reduction plans. EUR gains were limited by report of a larger than expected decline in EU Sentix index. CHF traded higher supported by report of a sharp rise in Swiss retail sales. |
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Daily Forex Fundamentals |
Written by Dukascopy Swiss FX Group |
Feb 08 10 17:01 GMT |
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The euro eked out a gain against the dollar Monday but was kept under pressure by festering issues of sovereign debt in Greece that threatened to spread to Portugal and Spain. The Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, was 80.132 from 80.323. The euro had been hobbled earlier Monday near its lowest levels since May before its small rebound as a weekend meeting of finance minister from leading economies failed to allay concerns over euro-zone sovereign debt. |
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Daily Forex Fundamentals |
Written by AC-Markets |
Feb 08 10 16:42 GMT |
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It has been a range-bound session for the majors as a lack of economic releases coupled with the absence of new sovereign debt headlines allowed risk assets to stabilize somewhat. For now, the panic element that had fuelled EURUSD's plunge has subsided, but worries surrounding the PIGS (Portugal, Ireland, Greece and Spain) are by no means gone, leaving EURUSD stable but still heavy around 1.3695 levels. Gold has also conceded some of its morning rebound gains (that had seen it trade up to $1173.50), and has now dropped back to $1172 levels, having been as low as $1161.90 on the lower open in US equities. |
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Daily Forex Fundamentals |
Written by Trade The News |
Feb 08 10 16:17 GMT |
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Trading has been choppy this morning given the absence of any economic data or major corporate earnings. With earnings season winding down and the calendar light of major data reports, traders await Ben Bernanke's House testimony on Wednesday, when many expect the Fed chairman to offer more details on the Fed's exit strategy. Note in his speech this morning, FOMC voting member Bullard, suggested the Fed could begin to sell some assets as early as the second half of this year. US indices have spent much of the morning in the red before climbing to post small gains across the board. Commodity prices are finding some traction after a third straight week of steep declines. Front-month crude is higher by more than 1% while gold is up closer to 2%. |
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Daily Forex Fundamentals |
Written by Interactive Brokers |
Feb 08 10 15:11 GMT |
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Fixed income prices have eased on Monday after a little confusion at the outset. European stock markets were initially higher until around 6am ET when GM announced the recall of some of its Vibe model over required fixes for possible sticky accelerator pedals wiped out pre-market U.S. futures gains. Bond prices rose, but ahead of the U.S. opening are back towards their intraday lows. The week has all the hallmarks of being a crazy one for bond. The U.S. auctions $81 billion in debt equaling the most it's ever sold in any given week. The Bank of England is likely to give inflation readings an upgrade in a report due this week. Yields on European debt have fallen to the lowest in a month, while a warning sign comes in the shape of a record number of investors expecting the euro to plunge further, which could be taken as a contrarian signal that the market is about as bearish as it can possibly get over concerns about the fiscal woes facing Greece, Portugal and Spain. |
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Daily Forex Fundamentals |
Written by Black Swan Capital |
Feb 08 10 15:06 GMT |
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Long-time readers know we are big fans of the boom-bust theory of price action, as first I saw articulated by George Soros back in 1987 in his book, Alchemy of Finance. (It is by the way the same time I learned of Karl Popper and the black swan; and name our firm accordingly, back in 2003.) We use the boom-bust construct to help us understand better, but never with anything approaching perfect knowledge (if one can ever approach such a thing), where we might be in the current cycle regarding the dollar. |
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Daily Forex Fundamentals |
Written by RBC Financial Group |
Feb 08 10 14:25 GMT |
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Canadian housing starts rose 5.8% to an annualized 186,300 in January from a revised 176,100 units in December (previously reported as 177,800). Expectations going into the report had been for a smaller rise to 180,000. The increase in total housing starts was the result of increases across housing types in January. The relatively volatile multiples component was up 5.7% in the month; however, the more stable singles component rose as well, by a solid 3.3%. Rural starts were estimated at a 21,100 annual rate in January, an 18.5% increase from the 17,800 December value. |
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Daily Forex Fundamentals |
Written by Merk Hard Currency Fund |
Feb 08 10 13:59 GMT |
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The world's attention is on the fiscal malaise in Greece and Portugal. Just a few months ago, policy makers told banks to shore up their balance sheets with more sovereign debt. However, policy makers around the world have since raced to spend money in an attempt to reinvigorate their respective economies, leading to record deficits. Now everyone appears surprised that weaker countries are having difficulty financing their largesse. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Feb 08 10 13:53 GMT |
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The USD is trading mixed rebounding from early overseas decline, USD initially weakened in reaction to EU pledge to solve the Greek fiscal crisis and narrowing of Greece's credit default swap spreads, USD rebounded as the details of the EU plan to address Greek fiscal issues were limited and EU Sentix index came in much weaker than expected, GBP was pressured by fresh concern about UK sovereign debt rating as weekend polls suggest increased risk of a hung parliament, CHF trades higher supported by report of strong Swiss retail sales, JPY trades mixed tracking weaker equity market trade, commodity currencies firm as crude prices and gold trade higher, Australia signs a large coal deal with China |
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Daily Forex Fundamentals |
Written by Interactive Brokers |
Feb 08 10 13:39 GMT |
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The dollar and yen both continues to benefit from ongoing uncertainty over the perceived dangers to the growth outlook within the Eurozone. A weekend meeting of G7 ministers failed to deliver a stronger message than the European commission had delivered last week. Investors had been optimistic ahead of the weekend that a deeper resolution may have evolved from the meeting this weekend. Equity prices rose strongly in the final half hour of trading to deliver a positive close for an ugly week on Wall Street. Ahead of today's session equity index futures had earlier pointed to a five-point gain for the S&P 500 only to see prospects for a positive start erode after GM joined the recall craze for its Vibe model. The reason - sticky accelerator pedals. The same problem faces investors pushing on the gas pedal when it comes to buying dollars. However, there doesn't seem to be a reason in sight to expect a recall. |
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Daily Forex Fundamentals |
Written by Forex.com |
Feb 08 10 11:07 GMT |
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The EUR has managed a decent correction higher in London hours supported by a better tone in equity markets. Spain's IBEX has managed to push almost 1% higher, the Athen's Composite is still out of favour its decline has been limited to just 0.19% at present. Cleary the issues surrounding the budgets in Spain, Greece and Portugal have not disappeared over the weekend but the G7 Finance Ministers meeting did prompt European officials to show solidarity over Greece. |
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Daily Forex Fundamentals |
Written by Trade The News |
Feb 08 10 11:06 GMT |
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The USD consolidated during the European morning following weekend comments from the European finance ministers to assure their G7 counterparts that the euro zone's debt crisis was under control. The EU stated that they would make sure that Greece sticks with its budget cutting plans. Dealers seen to note that key daily and weekly timeframes continue to suggest further downside potential in EUR/USD. A retracement to the 1.3740 level will be keenly watched . Technical factors will be duly noted as the week ahead appears to be slow on the data front ahead of the Chinese New Year. The CFTC Commitment of Traders report for week ending Feb 2 shows number of Euro short contracts at mult-year highs. |
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Daily Forex Fundamentals |
Written by AC-Markets |
Feb 08 10 11:00 GMT |
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'We expect and we are confident that the Greek government will take all the decisions that will permit it to reach that goal,' Trichet said. A statement made earlier, but reiterated by EU members of the G7 this weekend. In addition, EU members spent time trying to reassure non-EU members that Greece's (Portugal 's, Spain etc) fiscal problems can be solved without the help of external bodies such as the IMF. |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Feb 08 10 10:13 GMT |
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A new economic week begins after the weekend ended with G7 meeting taking place in Canada, while the European finance ministers said they are going to make sure that Greece meets its target of narrowing the deficit to below 3% by year 2012.There is tranquility in the markets while there are fears that the budget deficits around the European economies, will weigh on economic growth as this might be the next bubble to occur and spread quickly around the world. Although borrowing money on the short run, is a good sign for the nation because this means that there is money flowing in the markets, yet in the long run, it means that the debt has to be paid back. |
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Daily Forex Fundamentals |
Written by Dukascopy Swiss FX Group |
Feb 08 10 09:06 GMT |
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The euro fell against the dollar and the yen in Asia on Monday as European authorities at the weekend meeting of financial heads from the Group of Seven failed to offer realistic plans to help Greece out of its debt woes. |
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Daily Forex Fundamentals |
Written by AC-Markets |
Feb 08 10 08:53 GMT |
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FX markets did not do much in Asia trading, as traders were still shaking off a very bumpy week. Asian regional indexes were unable to follow Wall Street's late day rally, putting pressure on risk appetite. The AUDUSD rallied to 0.8725, as news of a large Australia-China coal deal provided markets with a temporary risk-on tone. |
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Daily Forex Fundamentals |
Written by Finotec Group |
Feb 08 10 08:47 GMT |
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The British pound fell to nine month low against the dollar as concerns over euro zone sovereign debt problems boosted the appeal of the greenback as a safe haven currency. Worries about debt problems in the euro zone have extended beyond Greece to Spain and Portugal, hitting riskier assets, with sterling falling in tandem with the euro against the greenback. Last week producer prices data showed further upward pressure on UK inflation, with British manufacturers raw material costs up more than expected last month and continuing to rise at their sharpest annual rate since October 2008. Traders said position adjustment ahead of the weekend accelerated selling of the pound, which has lost close to 2 percent against the dollar this week. The GBP/USD is currently trading at $1.5570 as of 7:14am, GMT, with a bullish trend. |
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Daily Forex Fundamentals |
Written by KBC Bank |
Feb 08 10 08:24 GMT |
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On Friday, uncertainty on the budgetary situation in some euro-zone member countries continued to dominate sentiment on the currency market. EUR/USD set a new reaction low. A decent US payrolls report was not able to give riskier assets (including the euro) any lasting support. EUR/GBP is gradually decoupling from the global euro decline |
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Daily Forex Fundamentals |
Written by Saxo Bank |
Feb 08 10 08:05 GMT |
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A quiet Monday in terms of macro data will kick off this week, so focus will be on the reporting companies, and of course the continued problems surrounding the PIIGS countries. Spreads have widened again and stocks fell overnight over failure to get any closer to a solution to the budget deficits in the Eurozone. We remain negative on risk today and sell on rallies.
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Daily Forex Fundamentals |
Written by Easy Forex |
Feb 08 10 07:26 GMT |
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Today we have a light financial calendar with the main report been the Sentix index expected to print at -3.2% drop from the previous month. We will also have the unemployment rate and retail sales in Switzerland today. However the main focus will be developments within the Euro zone and its fiscal concerns. |
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