Jul 31, 2010

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ForexLive US wrap-up: Fine fix for month-end

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US Q2 GDP rises 2.4%, close to expectations; Q1 GDP revised sharply higher,  3.7% from 2.7% NY ISM falls to 58.4 in July from 69.3 in June, lowest in 11 months Canadian GDP rises 0.1% in May from 0.0 in April Chicago PMI firmer than expected at 62.3 in July from 59.1 from ...

Nomura Alters Fed Call to’QE-Lite’for Aug 10 Language Change

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By Denny Gulino WASHINGTON (MNI) - Nomura Friday became the first major firm to formally anticipate a change in Fed policy as soon as August 10 to alter course toward some renewed quantitative easing, arguing that without the change, Fed policy is becoming less accommodative week ...

Put a fork in me, I’m done

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Those lingering late this summer, month-end Friday afternoon in hope of some final pearl of wisdom, linger not. Your host with the most is official bereft of insight.  I'll be here, grudgingly, in case of some sort of unforeseen event, but barring that they'll just be a wrap-up at the ...

Aussie PM trailing in polls?

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I thought she was supported to win in a walk? Thanks to Chris for the link to the article in the Sydney Morning Herald.. Perhaps political uncertainty will spark a bit of profit-taking in the otherwise wekk-bids AUD/USD.

EUR/GBP eying 50% Fibo

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EUR/GBP is bouncing a bit after holding the 50% Fibo of its 0.8070/0.8525 rally which comes in at 0.8299. We've been as low as 0.8305 so far today. Expect a few stops to be placed below that Fibo. Things could get a bit hairy if they are tripped in thin ...

US BudgetRecap: Recent OMB, CBO Reports Show Dark Fisc Outlook

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--White House's Mid-Session Review Projects Large Deficits For Decade --OMB's Orszag: Must Cut Deficit, But 'Foolish' To Make Big Cuts Now --CBO Report: U.S. Debt Could Grow To 'Unsupportable Levels' --CBO: Large Debt Would 'Restrict' Range of Policy Options For Economy By John Shaw WASHINGTON (MNI) - As lawmakers ...

Update:IMF: Spain Recovery Weak, Fragile; No Growth Till 2011

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--Adds Details to Story Sent at 16:03 GMT FRANKFURT (MNI) - The recovery of the Spanish economy will be weak and fragile and growth is not foreseen until 2011, the IMF staff said Friday in its annual article IV review on the country. ...

IMF Sees Spain’s Recovery Weak, Fragile; No Growth Till 2011

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FRANKFURT (MNI) - The recovery of the Spanish economy will be weak and fragile and growth is not foreseen until 2011, the IMF staff reported Friday in its annual article IV review on the country. The challenges the country faces ...

IMF: Spanish outlook uncertain; recovery likely to be weak and fragile

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GDP seen falling 0.4% this year, growing 0.6% next year, rising 1.7% in 2012 Deficit to fall to 7% of GDP next year, 1% above target Spain says IMF forecast too pessimistic IMF says banking reform needs to be accelerated Pretty downbeat by IMF statndards as the genrerally try not to trod on too ...

EUR/USD back toward 1.3055/60 resistance

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Looks like Europe is covering some EUR/USD shorts ahead of the weekend, driving prices back toward 1.3055, the spike top after the US GDP data earlier in the day. 1.3060 provided support all day yesterday so some may look to sell on the approach of that level today as it ...

Dope dealers are the ECB’s best customers

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Who hoards large quantities of high-denomination banks notes? Money launderers, organized crime and drug dealers. Who benefits? The European Central Bank.

All the action was setting the stage for the fixing

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Using the rear-view mirror, the market played the fixing pretty well. Dealers look to have pushed up AUD and GBP, two of the currencies we've been highlighting as being in demand for month-end rebalancing, and sold them out at the fixing. This made the actual fixing relatively uneventful but the ...

New White House strategy on the economy

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Having played blame Bush for the last 18 months, the White House is pulling out a new whipping boy: Europe. The euro zone debt crisis is a big part of the headwinds now being faced by the US economy. Europe didn't take as many tough steps as the the US and that ...

Fixing talk muted; buyers finding sellers

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Banks use brokers to pair off their fixing orders to the extent possible. Traders say that most pairs are finding relatively balanced order books with about 7 minutes left to go until the fixing.

AUD/USD getting frisky ahead of fixing

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Not sure if the surge is related to the fixing but AUD has pushed up to fresh session highs near 0.9050. Trend highs at 0.9069 are next resistance. Risk aversion is clearly receding as US equities rebound to breakeven on the day after falling 1% early on. USD/JPY is rallying strongly ...

Greece: Tourism falls 7-9% on strikes, protests

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I'm surprised its not more....

Next Wk/US: ADP,Pendng Home Sales,Personal Income,Jobs Report

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By Theresa Sheehan PRINCETON (SMRA) - The high point of the week ahead will be the employment report Friday, but the overall sense of anticipation for the week's data is tame. The steady feed of reports over the week has few standouts, and will mainly serve ...
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