Mar 13, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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ForexLive US wrap-up: New ranges to end the old week

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US retail sales rise 0.3% in February; ex-autos up 0.8%,  stronger than expected University of Michigan consumer sentiment weak, 72.5 in March from 73.6 in Feb US business inventories unchanged in January Rehn: Greek collapse would hurt EU credibility Trichet: If too slow to reduce non-standard measures, could distort market behavior IMF's Lipsky: 50% ...

Trichet reiterates theme voiced earlier in the day

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Trichet repeats that the ECB does not want to breed dependency by the banks on cheap credit and that the ECB will continue to phase out its non-standard monetary measures. No reaction from the market with EUR/USD steady at 1.3762 as the market wraps up for the week.

Seantor Schumer plans China currency legislation in coming days

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As we've already seen, China is very touchy about currency issues. That doesn't look like it will stop Chuck Schumer from rattling the Asian Tigers cage. The US has been reluctant in the past to confront China too aggressively on the matter, seeing it as counter productive. That reluctance is breaking down ...

A tale of two MA crossovers

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Earlier in the week I got all worked up about the bullish cross in the 10 and 21 day moving averages in EUR/USD. What I failed to notice was the bearish cross in the 100 and 200 day moving averages today. I don't know too many folks with pockets deep ...

How high can EUR/JPY go?

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Not much above 127.00, looks like. Remember how we spent nine months range trading between 139.00 and 127.00? My guess is it will now be very difficult to retake the 127.00 area. If we do, you'd have to surmise that happy days are here again and risk assets will remain in ...

Big futures house comes to the defense of the retail forex market

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When the CFTC announced its 10-1 margin cap, some in the industry thought the CFTC was defending the futures industry by trying to force forex business onto the futures exchanges. A CEO of one of the biggest futures brokerages has come to the defense of the OTC industry, saying the ...

USD/JPY rebounds capped at 90.55 now

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USD/JPY has been running into steady selling at the 90.55 level throughout the afternoon the market apparently trying to trim some long ahead of the weekend. Rather than gaining momentum above the 91.00 level this morning, USD/JPY drew sellers out of the woodwork and slipped quickly back to the 90.28 ...

US: White Hse spokesman is confirming that Yellen,…

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US: White Hse spokesman is confirming that Yellen, Raskin and Diamond are under coinsideration for Fed slots - Rtrs.

EUR/USD edging firmer in range, real money buys

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Dealers are pretty much just covering what floats across the desk at this point with most either satisfied with the positions they've got or squared up for the week. A bit of real-money buying of EUR/USD has been seen out of the trust banks this afternoon, helping give EUR/USD a ...

Obama’s Fed team taking shape

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The trial balloons are aloft. If they don't get shot down, these three are likely to fill the vacancies on the Federal Reserve Board.

ECB: Trichet; Issue of risk assessment and pricing a.

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ECB: Trichet; Issue of risk assessment and pricing remains a major issue, each nation fully responsible for its situation. Must be responsible surveillance from EMU. ECB is in permanent contact with Greek CB and Gov't.

ECB: Trichet is in interview #2 saying risk and……

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ECB: Trichet is in interview #2 saying risk assessment and pricing remains an issue, ECB remains in contact with Greek officials.

ECB: Trichet, on Bloomberg Radio, calls for more FX..

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ECB: Trichet, on Bloomberg Radio, calls for more flexible China FX.

Trichet: Have to “look at” collateral rules

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Trichet sounds like he is going wobbly on ECB collateral rules. If Greece is downgraded another notch by one of the ratings agencies, their debt will no longer be eligible to be used as collateral at the ECB. The ECB also took lots of dodgy asset-backed securities as collateral to ...

IMF repeats dollar dominant; will remain so for foreseeable future

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IMF economist Lipsky says the the dollar is the dominant reserve currency and will remain so for the foreseeable future. The idea of an alternative currency is a topic worthy of study but it it is not a near-term issue, he says. One interesting factoid from Lipsky: About 50% of US ...

Geithner recycles same old speech

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Geithner is very green when it comes to speechifying, repeating the same old talk again and again. He says the economy is healing but it will take time to fully recover. It is important that countries like China move away from export growth. While the economy is recovering, it still ...

ECB: ECB’s Trichet; Interview ongoing, rates keen on.

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ECB: ECB's Trichet; Interview ongoing, rates appropriate, keen on anchoring infl. expectations etc.

ECB: ECB’s Trichet; EMF proposal deserves…………

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ECB: ECB's Trichet; EMF proposal deserves consideration.

ECB: ECB’s Trichet; Reiterates ECB has delivered, in.

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ECB: ECB's Trichet; Reiterates ECB has delivered, inspires confidence in price stability. Says euro was created for single mkt, not to go up against the dollar. Says absurd assumption that anyone would be kicked out of euro, all euro participants would have problems.

Trichet: Greece has taken courageous, convincing measures

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All industrialized nations have taken a hit as a result of the financial crisis and all have to take care of their fiscal situation. Instability still exists for all countries and the financial system as a whole, he tells Fox Business. Regarding inflation, Trichet says prices will likely be at levels ...
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