Feb 15, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Dubai 5yr cds above November 2009 levels to highest since March 2009 – CMA

Posted:

EUR/USD sits at 1.3600 at writing, not doing too much of anything. Guess traders waiting to see what comes out of euro zone finance ministers meeting.

Cable rallies as EUR/GBP dips

Posted:

Cable has rallied to session high 1.5690 so far, presently at 1.5685.  The move comes with the EUR/GBP cross continuing its sojurn lower, presently at .8675 from an early .8690.  Last week we heard ongoing reports of strong sell interest in the cross coming from various  UK clearers.  I'd hazard a ...

UK’s Darling: If forecasts turn out to be better UK can go further to cut deficit

Posted:

Don't hold your breath. Halving deficit over four year period is correct approach PM and I agree that budget priority will be growth European stocks firmer lending EUR/USD and GBP/USD some support.

Clinton says believes Iran’s revolutionary guard supplanting government, country moving toward military dictatorship

Posted:

All very worrying.

Fears grow over prospect of “jobless recovery”

Posted:

Two major reports on UK labour market signal that outlook for workers and jobseekers deteriorating despite fledgling growth in economy. Cable having opened lower, steady in early trade, presently at 1.5640. Buy orders well-tipped 1.5550 down through to 1.5500 with stops just below there (we'll try and get exact levels later) Sell orders tipped ...

Germany growls as Greece balks at immolation

Posted:

The EU has issued a political pledge to rescue Greece - and by precedent, all club Med - without first securing a mandate from the parliaments of creditor nations.  Latest from AEP.

EUR/USD opens touch easier

Posted:

EUR/USD is trading a little easier from where it closed out Friday in North America, presently around 1.3595. Risk appetite remains poor, concerns surrounding Greece and other euro zone countries, Dubai, Chinese monetary tightening are all still close to the surface.  Asian stocks lost ground overnight. EU finance ministers meet in Brussels today ...

Early Europeans resume their EUR-selling ways

Posted:

Swiss traders are generally the first at their desks on a Monday morning and they obviously prefer the short side of the EUR/USD with the pair already showing more volatility than was on show for the entire Asian session. 1.3599 the low so far. Option protection ahead of 1.3500 and ...

Asian FX market wrap: Japanese GDP growth continues

Posted:

Japanese Q3 GDP +1.1% Japan: Capex +1% MoM, economy experiencing recovery driven by domestic demand Japan: December industrial output +1.9% MoM (versus 2.2%) and capacity utilisation +1.4% Jim O'Neill from Goldman Sachs suggests China may revalue Yuan by up to 5% EUR short positioning at record levels Regional equity markets fall by 0.4% on average Another ...

Around the markets: equities slightly lower

Posted:

No real movement in any markets today. The Nikkei is -0.4%, Kospi -0.3% and Sydney is also -0.3%. Gold is steady at $1095/oz.

Dubai World: story hasn’t gone away yet

Posted:

Another big story from the recent past was the possible collapse of the Dubai World property empire. The problems haven't been completely resolved and stories are starting to hit the mainstream press once again, like this from the UK Times.

No sign of SDR replacing the USD anytime soon

Posted:

Remember the feverish talk a few months back about the possibility of the IMF's special drawing rights replacing the USD as the preeminent international reserve currency. That's not going to happen anytime soon according to this report in the Wall Street Journal.

Market bored, Yuan revaluation chatter increases

Posted:

Nothing happening at all today so the market has caught on to the Jim O'Neill interview where he speculates on a possible Yuan revaluation of up to 5%. I have spoken with an expert in the CNY field this morning and he assures me that the PBOC have in the ...

Order boards: not much close to the market

Posted:

The session has remained very quiet indeed, not helped by the lack of orders close to the market. The extended Chinese New Year holiday and the US holiday tonight are to blame. Stops above 123.15 in EUR/JPY. Option protection ahead of 120.00, stops below Solid bids in cable between 1.5500-50 EUR/USD: heavy bids ...

The outlook for EUR and Greece remains cloudy

Posted:

This article from David Goldman revisits many of the issues which has traders becoming increasingly bearish about a EUR future with Greece included.

Nikkei flat, JPY crosses slightly higher

Posted:

Dealers tell me that there are a few trailing stops in the EUR/JPY which are being targeted and the cross is trading close to its session highs at 122.85. The majority of stops are placed above 123.15. Overall interest is very muted so we may be in for another quiet ...

Japan still in deflation but economic outlook improving

Posted:

Other highlights from the swag of Japanese economic data and comments: capital expenditure +1% MoM, signs of an economic recovery driven by domestic demand, risks of a double-dip recession are receding but deflation still a major problem.

Japan Q3 GDP +1.1%

Posted:

That is better than the expected 0.9%. USD/JPY unchanged at 90.00.

EUR short positioning continues to grow

Posted:

The market continues to bet on a lower EUR with the latest analysis showing EUR shorts at record levels. Short EUR contracts increased to a record 57k, up by over 30% (which is still a long way from the record for long EUR contracts which was close to 120k a few years ...

Dream run ends for Citi Techs on EUR/USD

Posted:

They have had a hot hand for a few weeks now but that ended on Friday night when their attempt to pick a bottom in the EUR/USD failed and they got stopped out very close to the overnight lows.
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