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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 13:22 GMT |
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Real gross domestic product declined 0.7% in January following decreases of 1.0% in December 2008 and 0.7% in November 2008, Statistics Canada said today. Economists had expected to see a decline of 0.6%. Declines in the manufacturing of autos and related parts, as well as in wholesale trade and construction, made the biggest contributions to the decline. The finance and insurance sector, transportation, mining (excluding oil and gas extraction), and accommodation and food services also retreated. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 13:21 GMT |
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According to Statistics Canada, the Industrial Product Price Index (IPPI) rose 0.4% last month compared with January, due to both the depreciation of the Canadian dollar against the US dollar and increases in the prices for precious metals and petroleum products. The Raw Materials Price Index (RMPI) advanced 1.7 % compared with January, pushed up by rising crude oil prices. |
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Fundamental Archives |
Written by ecPulse.com |
Mar 31 09 12:38 GMT |
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The word is out and Deflation it is! Trichet on various occasions denied the fact that the euro area might be facing deflation for sometime affected by the prolonged failure of crude prices to stabilize above $50 per barrel and the continuous weakening global demand. |
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Fundamental Archives |
Written by AC-Markets |
Mar 31 09 10:50 GMT |
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After a dismal day on Wall Street, we are seeing some respite in deleveraging and a positive bounce in risk appetite. Yesterday, Wall Street session saw the S&P 500 drop -3.48%. However, for the most part Asia and European equity markets have been able to shrug of concerns over the G20 (or “G2” as is the current fashion), collapsing Automakers, weak Japanese economic data and Fortis’s eur28bn loss to trade higher. USD has come under selling pressure, as risk appetite seems to be creeping back into the FX markets. |
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Fundamental Archives |
Written by Investica |
Mar 31 09 10:46 GMT |
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Caution is required as quarter-end position adjustment could spark near-term volatility. There will be strong expectations that the ECB will cut interest rates again this Thursday while economic fears will also be an important feature as the OECD forecasts a deep European recession and credit-rating downgrades continue. Any confirmation of a move to non-standard credit policies would also tend to weaken the currency. Euro selling should be contained at this stage, especially as an interest rate cut should be priced in and there has been firm technical buying above the 1.31 region. The most likely outcome is that the Euro recovery will stall below 1.34 and drift back towards support near 1.31 over the next 36 hours. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 10:21 GMT |
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Overall, the dollar continued to be sold during the European session, extending the moves first seen during the Asian trading hours. The majors where helped by positive European markets and U.S. futures, which indicate that traders are looking for quality rather than safety. |
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Fundamental Archives |
Written by Trade The News |
Mar 31 09 10:16 GMT |
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World Bank's Zoellick commented that USD would remain principal global reserve currency. The dollar based system and strong USD are critical to pulling the world out of the economic crisis. However, he did point out that the USD's role as principal reserve currency would be discussed 'over time' |
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Fundamental Archives |
Written by ecPulse.com |
Mar 31 09 09:56 GMT |
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Confidence is finally starting to spread throughout the United Kingdom as Britons are looking forward to the new measurements taken by the government and the central bank that will halt the downfall of the nation as they continue to face a prolonged recession. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 09:15 GMT |
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After rising in February for the first time since June 2008, the Euro-area Flash CPI continued its downward path in March. Until now, the declines in the CPI read were led by the crude oil sub-index, but the Flash estimate does not provide a detailed breakdown of the CPI’s components. |
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Fundamental Archives |
Written by ecPulse.com |
Mar 31 09 08:33 GMT |
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Jittery Asian markets continue to experience further turbulence as the fundamentals from the Pacific Rim give nothing other than gloom for investors and policy makers. The Asian Development Bank said that nations in the region may experience their worst growth rates since 1998 as the global recession and weakening overseas demand batters the exports sector. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 08:27 GMT |
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The number of unemployed persons looking for a job in Germany for the month of January rose by 69K, more than what analysts had expected. The unemployment number in Germany has been in a strong downtrend since 2005, but it seems the economic slowdown that the German economy faces had reach the job market. Previously, the unemployment rate reached a 16-years low. |
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Fundamental Archives |
Written by AC-Markets |
Mar 31 09 08:22 GMT |
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The Usd was stable in theAsian session, as the deterioration in sentiment took a slight pause. News from Japan were balanced, as Unemployment data printed lower. However, Prime Minister Taro Aso announced a new stimulus package, which helped offset the bad data and stabilize equity markets. The EurUsd traded from 1.3190 to 1.3294, while the UsdJpy traded from 97.37 to 98.50. The weak Jpy helped carry trades regain recent losses with GbpJpy trading up to 141.12. Asian regional indexes are slightly lower with Nikkei leading losers -1.53%. |
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Fundamental Archives |
Written by Dukascopy Swiss FX Group |
Mar 31 09 07:29 GMT |
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ECB chief Jean-Claude Trichet addressed the European Parliament Monday, saying the euro-zone economy has weakened since January and that there is 'a high degree of uncertainty' surrounding the economic outlook. But, he said, there are no significant risks for deflation and that the central bank will do what is needed to cope with the financial crisis. |
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Fundamental Archives |
Written by Lloyds TSB |
Mar 31 09 06:51 GMT |
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UK consumer confidence data released earlier this morning revealed a surprise rise in household optimism in March. The index rose for a second successive month, climbing to -30 from -35 in February, a 10-month high. However, fears of rising unemployment and the adverse impact on personal finances may keep a lid on personal spending, even if households turn less pessimistic on the economic outlook over the next 12 months. BoE deputy governor Tucker will testify this afternoon to the House of Lords Sub-Committee of Economic and Financial Affairs where he could comment on the economy and the functioning of the Bank's asset purchase facility and QE. |
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Fundamental Archives |
Written by Trade The News |
Mar 31 09 05:37 GMT |
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In currencies, hints of risk appetite translated into general USD and JPY weakness against the majors, with the former falling particularly sharply to the RBA recalibration driven AUD and the latter being sold on seasonal considerations. EUR/USD tested 1.3250, GBP/USD rallied above 1.43, and AUD/USD was up one big figure off its lows at 0.6890. Commodity-driven CAD and NZD were also moderately higher against the greenback, reaching 1.2550 and 0.5890 respectively. Japanese Yen fell over 100pip in Asian hours against USD and 200pips against the EUR to trade above 98.00 and 130.50 respectively. |
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Fundamental Archives |
Written by Forex.com |
Mar 31 09 03:59 GMT |
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Forex traders were treated to an Asia session of exceptional volatility. With no top tier data to act as a catalyst for the market, momentum traders ruled the day. After seeing a bit of JPY strength on the onset of the session, the currency quickly gave way to sellers. USDJPY shot from session lows around 97.30 to test the 98.50 area. EURJPY saw similar price action, after hitting lows around 128.30, the pair rocketed 200+ pips back through the 130 handle. |
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Fundamental Archives |
Written by Easy Forex |
Mar 31 09 03:54 GMT |
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U.S. Dollar Trading (USD) gained for the third day as news broke that GM and Chrysler survival plans were rejected by the US Government and both edged closer to bankruptcy. Gains were broad based with the exception of the Yen which outpaced the dollar. Crude Oil closed down $3.97 ending the New York session at $48.41 per barrel. In US share markets, the Nasdaq was down 43 points or -2.81% whilst the Dow Jones down -254 points or -3.27%. Looking ahead, PMI Services (Mar) forecast at 34.5 vs. 34.2 previously. Also released, Case Shiller 20 HPI for January forecast at -2% vs. -2.5% previously. |
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Fundamental Archives |
Written by MG Financial Group |
Mar 31 09 03:21 GMT |
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The dollar and the yen advanced at the start of the week amid increased risk aversion from a bailout proposal of the US auto industry. The equity bourses tumbled, with the Dow Jones and S&P 500 both plunging by over 3%, while the Nasdaq dipped by 2.8%. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 02:59 GMT |
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Overall, the dollar strengthened sharply yesterday in the first part of the day, but gave back almost everything during the U.S. This happened even though the equity markets were being sold, showing that trade-desks find the greenback overvalued for the time being. During tonight’s Asian session, the majors continued to advanced, but the gains were small. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 02:15 GMT |
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Following the European Central Bank's tradition to pre-announce its important decisions, the Vice President, Lucas Papademos, said last week that the central bank could start buying corporate bonds. This comes after Mr. Trichet announced, at the last interest rate meeting, that the bank is preparing to adopt a new set of “unconventional” policies. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 00:10 GMT |
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Japans unemployment rate, seasonally adjusted, increased to 4.4 percent in January. The loss of jobs and high unemployment rate is at the highest levels in more than 30 years. Global sales have declined at record pace which has forced corporations in the exporting industry in Japan to cut hours and workers. There have been few new jobs offered as companies do all that they can to contain new costs. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 31 09 00:09 GMT |
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The Japanese manufacturing PMI came in slightly higher than the previous reading of 31.6 to an actual 33.8 in February. Meanwhile the manufacturing output rose to 25.9 from a 22.7. A reading below 50 denotes contraction from expansion and this is the thirteenth consecutive contraction in the manufacturing activity of Japan. |
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Fundamental Archives |
Written by AC-Markets |
Mar 30 09 23:44 GMT |
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The dollar was able to rally higher against most of its peers in the G10, on a series of macro events which prompted a resurgence in risk aversion. The EurUsd fell roughly 90pips finding support at 1.32, while the UsdJpy gave up 40pips holding at the mid-range of 97. The GbpUsd recovered from its lows of the day to a level lower by 70pips at 1.4251. Equity markets sunk in the US and Europe with the Dow weaker by 3.27% or 254pts, and the FTSE100 also closed on a negative note today off 3.49% or 135pts. Bond yields were mixed in Europe with the UK 10yr dropped 11bps to 3.1% as the central bank moves towards an quantitative easing approach. The UST curve was mostly flat with the 2yr at .84% and the 10yr at 2.7%, these levels are well below historical averages. Commodities declined with gold at $917oz off less than 1%, and WTI (crude oil) off 7.16% at $48bbl. |
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Fundamental Archives |
Written by Westpac Institutional Bank |
Mar 30 09 22:24 GMT |
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Bankruptcy potential for US carmakers hurts equities. The US administration got tough, removing the GM CEO, and threatened bankruptcy for both, before the European session. The S&P500 gapped down at the open, and is currently -3.9%. Eurostoxx closed 5.3% lower, further battered by news of the first Spanish bank bailout, as well as a Scottish lender's failure. S&P downgraded two sovereigns overnight: Ireland to AA-, their CDS 35bp higher on the day, and Hungary to BBB-. Safe-haven appeal sent the USD currency and US treasuries higher, the 10 year note rallying 5bp. Commodities were sharply down on the negative sentiment, oil -7.5%, and copper -4%. |
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Fundamental Archives |
Written by CMS Forex |
Mar 30 09 22:15 GMT |
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Risk aversion was very evident in today's trading as equities plunged around the world as a result of news that the US government rejected the recovery plans put forth by GM and Chrysler. That, along with renewed concerns that the global recession will lead to further losses in the financial industry hurt investor sentiment. Financial and auto shares were sold off heavily and the Yen and greenback benefited from the deterioration in risk appetite. |
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Fundamental Archives |
Written by Forex.com |
Mar 30 09 21:30 GMT |
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The risk aversion witnessed overnight carried on into the NY session, with US equities plunging -3.5% and the S&P closing below the key 50-day moving average. Oil suffered a -7.5% slip and was sitting just above $48.50/bbl after the drop through $50/bbl saw selling pressure emerge. Gold was higher initially but ended the session near the 914/915 open. |
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Fundamental Archives |
Written by TheLFB-Forex.com |
Mar 30 09 21:13 GMT |
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The dollar made a nice upside move in overnight markets after Treasury Secretary Tim Geithner told ABC News program 'This Week' that 'some banks are going to need some large amounts of assistance,' implying that the banking crisis was far from over. The dollar gained as S&P futures declined and as global equity markets fell, with the Nikkei off over 4%. |
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Fundamental Archives |
Written by ecPulse.com |
Mar 30 09 09:27 GMT |
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The beginning of a new week dear reader and the Asian stock indices weren't able to continue the gaining streak as it snaps the five day gain following the US futures after more turbulence rose in the financial sector when the Obama Administration said that more banks may be in need for more bailout money and that General Motors and Chrysler may actually go bankrupt. |
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Fundamental Archives |
Written by Lloyds TSB |
Mar 30 09 07:36 GMT |
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There is scope for a lot of currency and interest rate volatility around the busy schedule of events and economic data releases this week. The widely anticipated G20 meeting takes place on Thursday 2nd April in London, against an exceptionally difficult economic and banking backdrop. Also Thursday, the ECB is to make the widely expected decision to cut interest rates by 0.5% to 1% and market participants will glean President Trichet's press statement for any elaboration on Vice-President Papademos's comments last week that the central bank may decide to buy corporate bonds. |
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Fundamental Archives |
Written by Saxo Bank |
Mar 30 09 06:05 GMT |
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The woes in the financial sector were again in the headlines over the weekend on news of further bank bailouts. The UK announced it would be taking over the responsibility for up to GBP750m worth of loans at Dunfermline Building Society, Scotland's biggest, amid disastrous investments in commercial property and MBS. The FT reported that Treasury officials were working on a private-sector takeover of the savings and mortgage accounts of the Society, though it is likely the taxpayer would be left accountable for the toxic element of the commercial loan book. |
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Fundamental Archives |
Written by Trade The News |
Mar 30 09 05:06 GMT |
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In currencies the USD and JPY were the leading gainers on today's session, as they tracked the losses in equities. In terms of economic data, Japan's Feb preliminary industrial production figures were worse than expected ((JP) JAPAN FEB PRELIMINARY INDUSTRIAL PRODUCTION MOM: -9.4% V -9.1%E (-10.2% PRIOR); YOY: -38.4% V -38.1%E (-31% PRIOR) ). However, according to companies in Japan, output in March and April may rise on a m/m basis. |
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Fundamental Archives |
Written by Forex.com |
Mar 30 09 03:23 GMT |
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The first Asia session of the week began with lackluster price action. Most of the majors and crosses traded range bound for much of the session. JPY pairs looked at first as if they wanted to fill the gap lower on the open, but failed to do so after multiple attempts. After managing to deal above the 98 handle for the bulk of the session, USDJPY bids seemed to have dried up, and the pair finally broke lower despite a weaker release of industrial production. |
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Fundamental Archives |
Written by Dukascopy Swiss FX Group |
Mar 27 09 15:30 GMT |
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The dollar advanced against its major rivals early Friday in New York as the rally in riskier currencies broke down ahead of key policy meetings next week. The dollar completely recovered its losses against the euro since the Federal Reserve's vote last week to begin quantitative easing. Now, traders are preparing for similar, albeit less aggressive, plans of action from the European Central Bank when they decide on interest rates next Thursday. On the same day, the highly anticipated Group of 20 summit is also scheduled. |
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Fundamental Archives |
Written by AC-Markets |
Mar 27 09 11:31 GMT |
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It's been a strong week for risky assets, with the S&P 500 having its best month since 1987. With the tight correlation between equity and FX pricing intact, currency traders will be paying particular attention to the stock markets. Commodity and emerging market currencies (lead by Asia) continue to gain, as sentiment remains positive and investors become more risk seeking. The growing optimism has been based particularly on some encouraging signs that global demand is stabilizing. Currently, global production figures downwards slide has now outpacing slowing demand and setting the stage for a rapid resurgence in output. Overall, we expect the markets' improving sentiment to weigh on the greenback and continue to support high yielders. |
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Fundamental Archives |
Written by Lloyds TSB |
Mar 27 09 07:51 GMT |
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The final release of UK Q4 2008 GDP data could provide a surprise this morning after the sharp upward revision to the business investment component yesterday. Total business investment growth was estimated at -1.5% in the final quarter of 2008, compared with a fall of 3.9% published previously. While we look for GDP growth to be unrevised from the previous estimate of -1.5% q/q and -1.9% y/y, the risk of a modest upward revision is high. |
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Fundamental Archives |
Written by Forex.com |
Mar 27 09 05:37 GMT |
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The end of the week concluded peacefully as the Dollar slid against the Euro and the Yen in subdued yet choppy trading. USD/JPY dropped from opening levels of 98.86 as the Yen was bought through investor repatriation as the Japanese year end quickly approaches on March 31. The pair hit a low of 98.22 and looked ready for trading in the London session closer to 98.30. With the choppy price movement those who didn’t need to be involved stayed put on the sidelines and watched. |
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Fundamental Archives |
Written by Trade The News |
Mar 27 09 05:13 GMT |
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In currencies, volatility was predominantly subdued after US-China fireworks on global reserve currency debate. Commodity majors traded heavier, with the Aussie notably weaker after China's industrial profit data falling to 0.70, and NZD/USD retreated from its post-GDP rally as it continued to struggle to test 0.58. Japanese Yen was firmer against USD and GBP, falling about 60 pips against each to US session lows around 98.20 and 142.20 respectively. European majors were marginally higher by 40 pips across the board - EUR/USD rose to 1.3575, GBP/USD traded as high as 1.4490, and USD/CHF fell to 1.1230. |
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Fundamental Archives |
Written by Dukascopy Swiss FX Group |
Mar 26 09 15:28 GMT |
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The dollar advanced to intraday highs across the board Thursday morning as U.S. stocks pared earlier gains and risk aversion returned. Currencies have been very sensitive to risk appetite, as determined by equities, particularly as traders are hesitant to make any significant bets ahead of the European Central Bank meeting and Group of 20 Summit next week. |
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Fundamental Archives |
Written by Interactive Brokers |
Mar 26 09 15:16 GMT |
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The views of leading economist, Nouriel Roubini are starting to fade as a growing number of investors chatter about the potential for a turn in economic fortunes. Speaking on Bloomberg television earlier today, the New York University professor predicted that the PPIP won't work well on banks that can't pass the government's stress test. Those banks should be put into government hands. |
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Fundamental Archives |
Written by ecPulse.com |
Mar 26 09 13:38 GMT |
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Confidence a significant term that we have to consider largely in each economy, where it was one of the main reasons behind the Great Depression in the United States in 1929-1939. Since the beginning of the Credit Crisis confidence levels in the zone started to retreated step by, to plunge heavily after the Crisis intensified reaching to record lows. However, all the interventions taking place from the European Central Bank and the European Commission had failed to restore back tranquility. |
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Fundamental Archives |
Written by ecPulse.com |
Mar 26 09 09:01 GMT |
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Although fundamental from the Pacific Rim continued to flow in bringing bad data and confirming the slowdown in different regions, Asian stock indices were able to find their way to the upside with the benchmark index recording the largest monthly gain since 1998. |
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Fundamental Archives |
Written by Dukascopy Swiss FX Group |
Mar 25 09 15:10 GMT |
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The dollar declined to session lows against the euro and yen after U.S. Treasury Secretary Timothy Geithner said he was open to considering a new global reserve currency. His remarks come after PBOC Gov Zhou Monday called for the establishment of a super-national reserve currency to stabilize international monetary systems. Zhou suggested that the role of the IMF's Special Drawing Rights be expanded beyond their current weightings in dollars, euros, sterling and yen. |
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Fundamental Archives |
Written by ecPulse.com |
Mar 25 09 11:32 GMT |
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Another stable day ahead of major data to be released later on this week in the British economy as yesterday we saw inflation still above the comfort zone which had caused Mervyn King to write a letter of explanation to the Chancellor of the Exchequer Alistair Darling stating why inflation was not inline with banks target range. |
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Fundamental Archives |
Written by Crown Forex |
Jan 30 09 08:06 GMT |
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Further weakness in the US Economy!! New Home Sales sank in December heavily by 14.7% down to only 331 thousand units, falling to all time lows, shocking markets that the housing sector did not yet reach a bottom.Yesterday housing data came to offset the confidence restored after dipping heavily in November to -9.4%. |
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Fundamental Archives |
Written by Trade The News |
Jan 30 09 07:02 GMT |
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In currencies, the dollar and Japanese Yen were heavily bought in early US trading and maintained much of their gains in Asian hours. EUR/USD oscillated around 1.29, USD/CHF set its sights on multi-session peak at 1.1580, and GBP/USD briefly fell below 1.42, while USD/JPY traded as low as 89.20, and EUR/JPY and GBP/JPY dropped to 115 and 126.70 session lows. In commodity currencies, dovish RBNZ rhetoric the day after a wider than expected cut forecasting additional easing inflicted further damage on NZD, briefly sending it below 0.5080. AUD/USD bounced from multi-week lows at 0.6420, while USD/CAD continued to find selling interest around weeklong resistance just above 1.23. |
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Fundamental Archives |
Written by Saxo Bank |
Jan 30 09 06:59 GMT |
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Horrible Japanese figures overnight. Everything really disappointing. But the JPY went higher. More stories about Chinese reluctance to buy the exploding US debt. It’s time to get out of high-duration bonds and buy short-duration. Inflation worries getting worst. 10-Year US B-E went another 12 bps. higher overnight. |
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Fundamental Archives |
Written by Lloyds TSB |
Jan 30 09 06:50 GMT |
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A busy day for economic data to close the week is headed by preliminary US Q4 2008 GDP and the 'flash' estimate of EU-16 CPI inflation. The downturn in US data stepped up a pace in the final quarter of last year, with retail spending particularly under strong pressure and both exports and imports dropping sharply. We forecast the economy contracted by an annualised 5.5% in Q4 2008, following a 0.5% decline in the previous quarter and the biggest fall since Q1 1982. The fall is likely to be led by a continuing sharp retrenchment in personal spending, as rising unemployment, falling house prices and tighter credit conditions dent consumer appetite for purchases. |
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Fundamental Archives |
Written by Danske Bank |
Jan 30 09 05:57 GMT |
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While we expect today's US GDP growth rate for Q4 08 to surprise on the downside relative to market con-sensus, the effect on the FX market is not clear-cut. Turning to EUR/USD, there would likely be several oppos-ing effects. First, a bad number would further reinforce the picture of an economy in deep recession with no prospect of rate hikes any time soon. Taken alone, the implication would be a weaker USD. Second, however, a further deterioration of US data could send equity markets lower. Given the high and positive correlation between equities and EUR/USD, this effect would work in the opposite direction. All in all, we expect that the greenback's defensive characteristics will dominate, which could send EUR/USD downwards on the release of a disappointing number. |
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Fundamental Archives |
Written by Forex.com |
Jan 30 09 05:53 GMT |
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To end the week in Asia, traders scurried to the security of the so-called 'safe haven' currencies of the US and Japan, amidst lower equities spread from the US to Asian markets. With plenty of gloomy data to go around, including horrid Japanese Industrial Production and employment data in Asia and poor durable goods, and employment in the US traders looked at the global recession as worsening. USD/JPY dropped like a stone during the session, falling from initial highs of 90.14 to lows of 89.19 as the hours passed. The EUR/USD made similar moves, opening near 1.2946 highs and slowly grinding to lows of 1.2881 before steadying out ay 1.2900 by London's open. All in all, the Euro was victimized today by both the Dollar and Yen while ECB members continued to talk in circles about the fate of Europe's single currency. EUR/JPY opened near its highs of 116.65 and fell to just a pip under 115.00 over the day. Later we have the Euro Zone CPI and employment data to watch at 10:00GMT. |
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