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Daily Forex Fundamentals |
Written by Easy Forex |
Mar 16 10 12:35 GMT |
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The USD is trading lower as EU finance ministers say they have a plan to aid Greece and equity markets rally, EUR supported by report of better than expected German ZEW economic sentiment index, GBP supported by a report of rising UK house prices and the latest UK election polls which suggest the Conservatives will gain a slight majority in parliament, commodity currencies edge higher as stocks rally and commodities post modest gains, AUD gains limited by the release of dovish RBA policy minutes for the March meeting, JPY trades lower pressured by BOJ ease speculation and report that Japan may use its FX reserves to fund government spending plans |
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Daily Forex Fundamentals |
Written by TheLFB-Forex.com |
Mar 16 10 12:33 GMT |
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The Japanese yen has been strengthening across the board since the beginning of 2010, even though the financial market seems to agree that the BoJ is prepared to slaughter its own currency to assure inflation. The economist Paul Romer said that “a crisis is a terrible thing to waste”, and this holds very true for the BoJ. |
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Daily Forex Fundamentals |
Written by TheLFB-Forex.com |
Mar 16 10 12:32 GMT |
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After a quick attempt to push lower, the major currencies turned around and recovered the pips lost earlier in the day to the Usd. The moves were in-line with the EU announcing a tangible recovery package to finance Greek debt, and finally admitting that direct aid would have to be given. |
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Daily Forex Fundamentals |
Written by Black Swan Capital |
Mar 16 10 12:28 GMT |
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Have a look at this gem from Ambrose Evans-Pritchard: Is China's Politburo spoiling for a showdown with America? I won't comment on it since we've included much of these same ideas frequently in the pages of Currency Currents already; nevertheless he presents these ideas forcefully and succinctly. Here's an example of the Chinese delusion that Evans-Pritchard points out: |
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Daily Forex Fundamentals |
Written by Forex.com |
Mar 16 10 11:39 GMT |
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Trading cable of late has not been for the feint hearted. Another sharp move lower at the London open today (to USD1.4980) was followed by a squeeze up to USD1.5120. A war of words between the UK Treasury Chief Secretary Byrne and the EU Commission was responsible for some of this volatility. A leaked report from the EU called for “additional measures” to tackle the budget deficit. Byrne remarked that the “the EU has got the judgement wrong” given the government's intention of cutting the budget deficit to 5.5% of GDP (from around 13% at present) in 4 years time. |
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Daily Forex Fundamentals |
Written by Trade The News |
Mar 16 10 10:37 GMT |
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Reserve currency debate continues to simmer but the market focus will be on central bank alert over the next 24 hours with the Fed and BOJ decisions expected. Dealers did note some reserve manager appetite for EUR and GBP in the early part of the session when the dollar was initially firmer. |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Mar 16 10 10:23 GMT |
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Germany, the largest economy in the euro area, released data that raises concerns amid retreating recovery and debt woes in Greece. Economic figures released from Germany recently are mixed which is arousing skeptics recovery may falter. |
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Daily Forex Fundamentals |
Written by AC-Markets |
Mar 16 10 10:15 GMT |
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Yesterday's Eurogroup meeting in Brussels provided nothing of note and we don't expect anything of real substance from today's wider Ecofin group of 27. The markets should be hit with comments from EMU nations on their pledge of support for Greece, but will lack an official bailout plan. We still believe that the EC strategy will be to drag their feet as long as possible in the hopes that markets 'normalize' and any shift in the original tone of the Maastricht Treaty can be completely avoided. |
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Daily Forex Fundamentals |
Written by MG Financial Group |
Mar 16 10 09:36 GMT |
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Asian equity markets were mixed after a late session rally leveled off a lackluster day in the US with the Dow up 17.46 points, closing at 10642.15. Financials rallied late in the day after Senator Dodd's proposed financial regulatory overhaul gained some momentum. Traders are cautious ahead of the FOMC rate decision at 2:15pm in New York today. Although no change is expected, analysts will be once again paying close attention to the language used in the Fed's statement as well as the number of dissenters. Investors are looking for assurances that rates will remain 'exceptionally low' for an 'extended period.' We do not see this language changing so long as the labor market continues to deteriorate. |
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Daily Forex Fundamentals |
Written by KBC Bank |
Mar 16 10 08:40 GMT |
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On Monday, receding appetite of global investors to take risk weighed on the EUR/USD cross rate. The Finance Ministers of the euro-group again failed to give any details on how they will support Greece. This illustrates the institutional 'deficiencies' of the euro system and is no support for the euro. Today, the Fed meeting is holding the key for currency trading. |
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Daily Forex Fundamentals |
Written by Dukascopy Swiss FX Group |
Mar 16 10 08:22 GMT |
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The dollar edged down against the yen and euro in Asian trading Tuesday, as investors awaited the results of the U.S. Federal Reserve's policy meeting later in the session and the Bank of Japan policy decision on Wednesday. |
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Daily Forex Fundamentals |
Written by Saxo Bank |
Mar 16 10 08:01 GMT |
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All eyes on the FOMC decision (18:15 GMT) and statement in the US session – and especially on the QE program. Some indications of tight Fed liquidity lately, which shows strong demand for funds at current rates |
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Daily Forex Fundamentals |
Written by Danske Bank |
Mar 16 10 08:01 GMT |
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We see increasing signs of a self-sustained recovery with relatively solid progress in consumer spending and more developed indications of an imminent turnaround in the labour market. Still, recent significant weakness in housing is likely to create concern. Financial conditions are broadly unchanged with signs that credit tightening is slowing. We expect only minor changes to the growth section, including a more optimistic assessment of the labour market and household sector but a more downbeat message on housing. Overall, the focus will remain on slack in the economy with an unchanged outlook suggesting a gradual return to higher levels of resource utilisation. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Mar 16 10 07:57 GMT |
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Today the market turns its focus to the FOMC rate decision and statement tonight where some market participants expect the Fed to drop the ''extended period' rhetoric. In Europe we have the Zew economic sentiment reports largely expected to remain unchanged from prior month. We also have a number of housing reports where both housing starts and building permits are expected to show a slight drop in activity. |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Mar 16 10 07:00 GMT |
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Once again as a result of the ongoing economic downswing, inflation is volatile in the euro zone while in January it climbed at the quickest pace in nearly a year as a result of higher energy prices, while the yearly CPI today is projected to slip slightly. |
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Daily Forex Fundamentals |
Written by Trade The News |
Mar 16 10 05:51 GMT |
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In currencies, the USD is marginally weaker against the EUR and CHF, while higher against the pound. NZD/USD has gained more than 0.20% and is trading above $0.7000, supported by losses in AUD/NZD. Additionally, the Aussie is little changed and trading near $0.9150, as traders assess the RBA's most recent policy meeting minutes. Ahead of Wednesday's Bank of Japan interest rate decision, the Japanese yen is higher against most currencies, with the best gains coming against the pound and Australian dollar. Additionally, USD/JPY is trading just above ¥90. |
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Daily Forex Fundamentals |
Written by Forex.com |
Mar 16 10 05:50 GMT |
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A tepid session today in Asia as traders look ahead to the FOMC and BOJ rate decisions due later today and tomorrow respectively. Today saw the dollar struggling to maintain New York session highs, while the Yen continued to firm despite comments out of the BOJ that they are currently monitoring the FX markets. The EUR/USD continued to drift higher off of its 1.3640 New York lunch time low, reaching 1.3695 in late Asian trading to post a 20 pip gain for the session. An agreement to help Greece financially if called upon failed to excite investors who were unable to find any details on the program. GBP/USD continued to drift between the 1.5040 to 1.5070 range with no spark to help it break out in near term sights. |
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Daily Forex Fundamentals |
Written by Lloyds TSB |
Mar 16 10 05:41 GMT |
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All eyes will be on the US Federal Reserve Open Market Committee today, as it meets to determine policy. The decision is expected at 18:15GMT and it is likely to reiterate that interest rates will remain low for an 'extended period', given that the economic recovery is in the early stages. A key question is whether any other FOMC member joins Thomas Hoenig in voting against the 'extended period' phrase - we think not, but it is a risk. The chart below shows that the unemployment rate typically needs to fall further from the peak before policy is tightened. |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Mar 16 10 02:58 GMT |
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The Reserve Bank of Australia released its minutes concerning March meeting, when the bank decided to raise interest rates by 25 basis points to 4.0%. The RBA said it raised borrowing costs in March as inflationary pressures increased after economic growth accelerated which encouraged the policy makers to raise rates to control inflation. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Mar 16 10 01:56 GMT |
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The FOMC will hold a one-day policy meeting on Tuesday, March 16th. This will be the first scheduled single day policy meeting for the Federal Reserve since the start of the financial crisis in September 2008. In February the Fed raised the discount rate 50bps to 0.75% and stated that the discount rate hike was not a signal of tightening of monetary policy. According to the Fed the discount rate hike will encourage financial institutions to rely more on money markets than on the Fed for short-term borrowing. The discount rate hike has encouraged speculation over whether the Fed is nearing the end of its accommodative monetary policy. Investors want to know if the Fed will soon hint that the end of easy money is near. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Mar 16 10 01:46 GMT |
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U.S. Dollar Trading (USD) some mild risk aversion was the course of the day with Friday's 'risk on' rally pared back across the board. The USD and Yen were the main winners ahead of there respective Central Bank meetings this week. Also causing concern to traders was Chinese Premier Wens speech over the weekend in which he stated the Yuan was not overvalued and outside pressure was not appropriate. In US stocks, DJIA +17 points closing at 10642, S&P +1 points closing at 1150 and NASDAQ -5 points closing at 2362. Looking ahead, FOMC meeting forecast to hold at 0.25%. |
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Daily Forex Fundamentals |
Written by Westpac Institutional Bank |
Mar 16 10 01:43 GMT |
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A more downbeat session last night, on lingering caution. There was no specifi c event to ascribe the mood to, rather continued concerns around possible tightening by China, as well as the possible regulatory tightening of US bank trading activity. The Senate Banking Committee is about to introduce a fi nancial regulation bill for debate. The S&P500 is currently down 0.5% after falling 0.7% at the open, and fi nancials are 1.3% lower. Earlier, the Shanghai Composite fell 1.2%. |
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Daily Forex Fundamentals |
Written by CMS Forex |
Mar 16 10 01:34 GMT |
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The dollar and yen rose on Monday ahead of Tuesday's Federal Open Market Committee policy meeting. Expected to maintain the fed funds target rate at a range of 0 to 0.25%, the Fed will likely talk about an exit strategy amid a US improving economic outlook but unlikely to change its language. If the central bank removes the 'exceptionally low' for an 'extended period,' the dollar will rally with declines in equity and bond prices. |
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Daily Forex Fundamentals |
Written by Saxo Bank |
Mar 16 10 01:28 GMT |
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The USD managed a full on reversal back to the strong side vs. the currencies it fell the most against on Friday, but whether this is a significant development or merely nervousness ahead of tomorrow's FOMC meeting remains to be seen. Elsewhere, the USD attempted stronger as well, but the strong comeback in risk appetite later in the NY session kept AUDUSD, for example, from ending the US session with a convincing bearish reversal. USDCAD pulled above 1.0205 briefly, the former 12-month low until the recent weakness, but today's action never brought the pair above the more recent, salient low at 1.0225 for any length of time - and this despite reasonable pressure on the loonie from energy markets, where crude slipped most of the way to 79 dollars a barrel before rising in sympathy with risk later in the session. |
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Daily Forex Fundamentals |
Written by Forex.com |
Mar 16 10 01:23 GMT |
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Consolidation was, for all intents and purposes, the word of the day in NY trading. Equity markets opened up deep in the red but managed to creep into marginally positive terrain ahead of the close despite what was overall mixed US economic data. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Mar 15 10 18:53 GMT |
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The FOMC will hold a one-day policy meeting on Tuesday, March 16th. This will be the first scheduled single day policy meeting for the Federal Reserve since the start of the financial crisis in September 2008. In February the Fed raised the discount rate 50bps to 0.75% and stated that the discount rate hike was not a signal of tightening of monetary policy. According to the Fed the discount rate hike will encourage financial institutions to rely more on money markets than on the Fed for short-term borrowing. The discount rate hike has encouraged speculation over whether the Fed is nearing the end of its accommodative monetary policy. Investors want to know if the Fed will soon hint that the end of easy money is near. |
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Daily Forex Fundamentals |
Written by Investica |
Mar 15 10 17:27 GMT |
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The FOMC interest rate decision will be important for the dollar on Tuesday. Markets will not be expecting a tighter policy to be signalled, but there will be speculation that the language will be adjusted and there is also likely to be a more optimistic tone on the economy in the Fed statement. Given these expectations, the US dollar should be able to make limited headway ahead of the decision with a EUR/USD move to the 1.3580 area realistic. The high number of existing short Euro positions will make it difficult for the US currency to extend gains. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Mar 15 10 17:01 GMT |
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The USD is trading higher to start the week supported by uncertainty about a rescue plan for Greece and fresh concern about sovereign debt ratings. A number of EU finance ministers state that they do not see the need for Greek aid plan at this time. Moody's says that the UK and US are moving closer to risk of losing their AAA sovereign debt ratings but their ratings are safe for now. EUR was also pressured by report of weaker Q4 employment. GBP was pressured by the latest UK election poll which suggests that the UK general election will not produce a government with a parliamentary majority. This increases the risk of a hung parliament and may diminish the chance that the UK will take quick action to reduce its deficit. |
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Daily Forex Fundamentals |
Written by Trade The News |
Mar 15 10 16:30 GMT |
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In currency trading, the greenback maintained a slightly positive tone as the New York session began on lingering concerns that any potential financial aid package for Greece would not be enough to ease overall sovereign debt concerns within the euro zone. EUR/USD has been hovering around the 1.37 handle throughout the morning. Dealers added that option-related flows also subdued volatility in the session. Sterling is off its worst level but remains vulnerable to the whipsaw effects from another round of deadlocked polls ahead of the pending June election. |
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Daily Forex Fundamentals |
Written by Interactive Brokers |
Mar 15 10 14:21 GMT |
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Global long ends are back in rally mode as most Asian stock markets pulled back after recent gains and investors prepare for disappointment from an EU meeting in Brussels. Fears are that any agreement on principles that could lead to the provision of financial assistance to Greece as it moves forward with fiscal reform will not make the Eurozone's sovereign debt crisis disappear. |
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Daily Forex Fundamentals |
Written by Saxo Bank |
Mar 15 10 14:19 GMT |
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Chinese Premier Wen Jiabao made pointed remarks today to an FT reporter who asked him whether yuan appreciation wasn't in China's best interest. Wen claimed that the currency is not undervalued and railed against international pressure on the country to revalue its currency. He then went on to say that China is looking to move back to a managed float, more market-based exchange rate. To defend China's yuan policy, Wen cited very specific statistics on the yuan's past appreciation and comparisons with other country's export rates, suggesting perhaps how close the premier is discussing this issue with his advisers. |
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Daily Forex Fundamentals |
Written by Merk Hard Currency Fund |
Mar 15 10 14:10 GMT |
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The U.S. has pressured China for some time to allow its currency, the yuan, to appreciate. China, in our assessment, will not allow the yuan to appreciate at the request of U.S. policy makers, but rather when China deems it to be in its own national interest. Indeed, we believe this time has come. |
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Daily Forex Fundamentals |
Written by Saxo Bank |
Mar 15 10 14:07 GMT |
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US Industrial Production for the month of February surprised on the upside as we forecasted and came out at 0.1% (Saxo Bank 0.3%) vs. flat (0.0%) expectations. From the report; “The production of consumer goods fell 0.4 percent in February. The index for consumer durables fell 2.3 percent, while the index for consumer nondurables edged up 0.1 percent. The decline in consumer durables was led by a drop of 4.4 percent in automotive products; other major components registered small declines.” |
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Daily Forex Fundamentals |
Written by RBC Financial Group |
Mar 15 10 14:04 GMT |
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U.S. industrial production rose 0.1% in February, beating market expectations for a flat reading. The increase follows the growth of 0.9% seen in January and continues a string of eight-straight monthly increases. The capacity utilization rate increased to 72.7% from January’s 72.5% (revised from 72.6%), higher than the 72.6% expected by markets. |
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Daily Forex Fundamentals |
Written by Interactive Brokers |
Mar 15 10 12:35 GMT |
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The British pound came under heavy selling pressure at the European opening on Monday as investors reacted to a weekend reminder that AAA credit ratings have to be earned. And with fiscal integrity on the chopping block as a result of the forthcoming election, the perceived risks to the loss of such status was a convenient excuse for traders to lop a cent off the value of sterling versus the dollar. Global equity prices are lower to start the week and there is an air of risk aversion about the market tone even before U.S. markets are open. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Mar 15 10 12:21 GMT |
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The USD is trading higher to start the week supported by a spike in risk aversion on concern about the outlook for China's economy and uncertainty about a Greek rescue plan, some EU finance ministers rule out aid for Greece at this time, USD is also supported by safe haven demand as Moody's warns that the US and UK are moving closer to losing their AAA debt ratings, GBP pressured by UK election polls which suggest that no parliamentary majority will emerge after the May general election, commodity currencies are trading mixed with CAD higher and the AUD lower |
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Daily Forex Fundamentals |
Written by TheLFB-Forex.com |
Mar 15 10 11:53 GMT |
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The major currencies have shown some signs of weakness against the U.S. dollar overnight, but the pound is the only one that posted substantial declines. The other major currencies have posted only limited declines that could be easily turned around later in the session |
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Daily Forex Fundamentals |
Written by Forex.com |
Mar 15 10 11:23 GMT |
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Cable has resumed its downtrend this morning with Friday's short-squeeze higher appearing to have prepared the ground for a fresh round of short positions. Warnings from Moody's that both the UK and US governments face the difficult task of bringing down their debt burdens without damaging growth and comments from the BoE's Barker that the UK economy may contract again for one quarter served as reminders of the difficult UK economic landscape. Meanwhile weekend opinion polls continued to point to a hung parliament; the YouGov polls published by the Sunday Times putting the lead of the Tory's at just 4 points over Labour. Mar house price data from Rightmove posted a very moderate +0.1% m/m rise for March with additional supply appearing to have dampened the recent squeeze higher in prices. Later in the week UK labour data may have the potential to support the pound. However, with labour data likely to be overshadowed by the last set of public sector finances data ahead of next week's budget, the outlook for the pound remains vulnerable. |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Mar 15 10 11:06 GMT |
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European markets start their journey this week with jitters and volatility as the euro area Finance Ministers prepare to head into the chambers to contemplate the Greek debt crisis, whether to bail or NOT TO BAIL! While neighboring UK does not feel any vibes of hope either as Moody's issue a new S.O.S signal for UK and US credit rating… |
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Daily Forex Fundamentals |
Written by Trade The News |
Mar 15 10 10:46 GMT |
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Sterling was softer in choppy price action as the country's debt and political situation remains under the microscope. The pound began the session modestly softer as the latest election polls continue to point towards a hung parliament. Comments from BoE's Barker about a possible negative GDP reading also added to the pound bearish sentiment. GBP/USD was off 150 pips as the New York morning approached, testing 1.5050. The euro was mildly softer against most majors and EUR/CHF hit fresh 16 month lows below the 1.4540 level. EUR/JPY is near session lows. |
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Daily Forex Fundamentals |
Written by MG Financial Group |
Mar 15 10 10:44 GMT |
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Asian markets were mixed early in London trading today as investors await several key events this week, including rate decisions from the FOMC and the Bank of Japan, as well as minutes from the latest Bank of England meeting. Although no change is expected, analysts will be once again paying close attention to the language used in the FOMC statement. |
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Daily Forex Fundamentals |
Written by AC-Markets |
Mar 15 10 10:42 GMT |
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Putting aside the plethora of important economic data releases, this should still be an important event filled week to say the least. In the Eurozone, The Eurogroup of 16 Eurozone Finance Ministers is due to convene in Brussels today, then the wider Ecofin group of 27 on Tuesday. Obviously, the issue of Greece and potential solutions will be high on their agenda. |
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Daily Forex Fundamentals |
Written by KBC Bank |
Mar 15 10 08:40 GMT |
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Friday, major currency cross rates failed to develop a strong directional move as the retail sales were not able to extend the risk trade. This week, the focus is on the Fed meeting. Will the Fed support the case for a further cyclical rebound of the dollar? |
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Daily Forex Fundamentals |
Written by Saxo Bank |
Mar 15 10 07:52 GMT |
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Credit spreads are continuing to narrow and the VIX is pushing for new lows. Corporate CDS prices are also lower and the S&P500 is making new highs. Key market drivers today are Empire Manufacturing and Industrial Production. We expect both to surprise positively, so our stance is a 'buy on dips' today |
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Daily Forex Fundamentals |
Written by ecPulse.com |
Mar 15 10 06:32 GMT |
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Consumer confidence in Japan rose for the second straight month in February as deteriorations in the labor market eased and unemployment declined to the lowest in 10 months, while wages began to incline. Japanese exports are recovering and it started to give more support for the weakened economy which helped corporate earnings to rise and confidence to increase. |
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Daily Forex Fundamentals |
Written by Lloyds TSB |
Mar 15 10 05:06 GMT |
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Financial markets will focus on the US FOMC meeting this week (Tuesday), which is expected to keep interest rates unchanged at a 0-0.25% range and to reiterate that rates will remain low for an 'extended period'. Given continued improvements in financial market sentiment, there is a risk (though probably less than evens) that Thomas Hoenig may be joined by another FOMC member in voting against the 'extended period' phrase. |
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Daily Forex Fundamentals |
Written by Forex.com |
Mar 15 10 05:01 GMT |
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The first session of the market week began in rather muted fashion. With a lack of economic data or market moving news, most currency pairs traded in a tight range. A slightly stronger dollar against the Euro was the only one way play of the session, with EURUSD sliding 30+ pips after putting in opening highs near 1.3775. USDJPY chopped around between the 90.50 area to the 90.75 area for much of the session, while Aussie remained 50+ pips off Friday’s close to settle below .9150. |
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Daily Forex Fundamentals |
Written by Trade The News |
Mar 15 10 04:53 GMT |
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The USD is gaining against the European major and commodities currencies on the declines in equities. Also, risk aversion has pulled the yen into positive territory against most currencies. Spot Gold is higher by more than 0.10% and is trading above $1,100/oz. Of note, on today's session both Spot Gold and the US dollar index are gaining, as today's advance in gold has been driven by XAU/GBP and XAU/EUR. Crude oil is lower by more than 0.30% and trading below $81/bbl, tracking the weakness in equities. In other commodities, inflation concerns have helped push Shanghai Copper to a 2-week low. |
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Daily Forex Fundamentals |
Written by Easy Forex |
Mar 15 10 01:39 GMT |
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U.S. Dollar Trading (USD) risk was on and the USD under pressure against all currencies with the notable exception of the Yen which saw weakness across the board. February Retail Sales were strong at 0.3% vs. -0.2% forecast and added to the markets optimism. In US stocks, DJIA +12 points closing at 10624, S&P -1 points closing at 1149 and NASDAQ -1 points closing at 2367. Looking ahead, February Industrial Production forecast at -0.15 vs. 0.9% previously. |
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