Sep 28, 2012

Forex Crunch Spain Budget Released – EUR higher – All is well?

Forex Crunch Spain Budget Released – EUR higher – All is well?

Spain Budget Released – EUR higher – All is well?

Posted: 27 Sep 2012 03:47 PM PDT

The EUR has moved to the higher side of today's trading range after the Spanish government announced its 2013 budget and said it meets or exceeds all EU recommendations.  This has prompted traders to go after the "risk on" currencies.  All is well, the riots have stopped, they are playing "happy days are here again" in the streets of Madrid.  Well no they really aren't doing that. 

The market was a bit short and the short covering has seen the EUR move higher.  There is still concern regarding a bailout as Spanish Finance Minister De Guindos stated that Spain will decide on a bailout after all the information is available for EU partners.

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Forex Daily Outlook September 28 2012

Posted: 27 Sep 2012 02:00 PM PDT

We end this week with GDP in Canada as the major event of the day. Here is an outlook on the market-movers awaiting us.

In the US, Core Personal Consumption Expenditures (PCE) Price Index, Value the consumers' price change of goods and services (without food and energy); rise up to 0.1% is due from August

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FXCM Partners with Barclays Stockbrokers for Retail Forex Offering

Posted: 27 Sep 2012 07:28 AM PDT

US based Forex Broker FXCM and Barclays Stockbrokers partner to offer FXCM’s platform to clients of Barclays. The new venture is called Barclays Margin FX and is launched in the UK.

It was recently announced that FXCM will sponsor the Forex Magnates summit in London. For more details about this joint venture, here is the official press release:

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FXstreet.com News Now Available on MetaTrader Platforms

Posted: 27 Sep 2012 07:16 AM PDT

The popular trading platforms MetaTrader 4 and MetaTrader 5 will now feature news from FXStreet, one of the largest forex portals. The news services provided by FXStreet has won a good reputation and can now be utilized by forex traders.

Here is more on the announcement by FXStreet and MetaQuotes:

Read the rest of the article FXstreet.com News Now Available on MetaTrader Platforms

The Euro’s Direction Remains Downward

Posted: 27 Sep 2012 06:03 AM PDT

The EUR remains under pressure as we begin the trading day today as massive protests in Spain and Greece against austerity measures add to the concerns that these countries will be unable to deliver on promises regarding budget reforms.

Spain is expected to release a series of reforms and a budget today as public deficits continue to increase while tax revenues are falling.  Adding to the pressure, Spanish 10 year bonds rose above 6% yesterday.  It certainly feels as if Spain is following down the same road as Greece.  Speaking of Greece, leaders of the Troika and the Greek government are at a deadlock over how to proceed in solving the debt crisis.

Read the rest of the article The Euro’s Direction Remains Downward

Choppy waters

Posted: 27 Sep 2012 05:55 AM PDT

Since EUR/USD's 1.3172 peak at the beginning of last week, the pair has fallen in six of the past eight sessions and the single currency has proved to be the weakest of the major currencies vs. the dollar so far this week. There are a number of factors behind this move, but one of them relates to the perception surrounding Spain and the way ahead.

The glow from the ECB announcements earlier this month has waned, to be replaced by a vacuum in which Spain has to ask formally for assistance before the ECB can come and do "whatever it takes". This, together with regional unrest in Spain, forced bond yields higher yesterday, moving towards 6.00% on the 10Y. Another emergency budget will be announced today, the second undertaken by Prime Minister Rajoy since he took office. For FX, this could be a choppy end to the week, given the US data released later today and month/quarter-end positioning tomorrow.

Read the rest of the article Choppy waters

US Slowdown Even Slower – Is the Recession Here?

Posted: 27 Sep 2012 05:50 AM PDT

Final GDP for the second quarter of 2012 was revised from 1.7% to 1.3%. No change was expected in the third publication. It’s important to note that this “final revision” can be actually changed later on in the future.

For those saying that the US is already in recession, this lower GDP figure provides fuel. Additional figures were published, and they aren’t all negative.

Read the rest of the article US Slowdown Even Slower – Is the Recession Here?

USD/CAD: Trading the Canadian GDP

Posted: 27 Sep 2012 04:39 AM PDT

The Gross Domestic Product (GDP) is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity and the direction of the Canadian economy. A reading which is better than the market forecast is bullish for the Canadian dollar.

Here are all the details, and 5 possible outcomes for USD/CAD.

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EUR/USD Sep. 27 Markets Nervous Ahead of Spanish Austerity Budget

Posted: 27 Sep 2012 04:09 AM PDT

EUR/USD remains under pressure as the problems in Spain continue to mount. The markets are nervously eyeing today’s Spanish budget, which promises to contain more cuts and austerity measures. As Catalonia prepares for elections and seeks independence from Spain, the Spanish capital Madrid was rocked by anti-austerity protests.  The Spanish bank bailout is now in doubt after finance ministers from strong countries seemed to have pushed it to a distant date in the future. Protests have also been seen in Greece, that went on a general strike. All in all, trouble loves the euro. The markets will be very busy digesting a host of Euro-zone and US data today. The markets were pleased with the Italian 10-year Bond Auction, which saw yields drop to 5.24%. Today’s other highlights include three key releases in the US – Core Durable Goods Orders, Unemployment Claims and Pending Home Sales.

Here's an update about technical lines, fundamental indicators and sentiment regarding EUR/USD.

Read the rest of the article EUR/USD Sep. 27 Markets Nervous Ahead of Spanish Austerity Budget
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