Your forexlive.com ENewsletter |  |
- ForexLive US wrap-up: Greece continues to undermine Euro
- EUR/GBP hits the skids along with EUR/USD
- Obama coming for a visit
- US investment house hits EUR/USD
- Fed’s Lacker not sold on the “slack” argument
- Euro zone running out of patience with Greece
- Risk aversion theme remains
- Fed’s Lacker: Reasonable growth pace this year
- Canada’s Flaherty: Concerned with inflexibility of China’s currency policy
- Stark: Money supply likely to shrink in coming months
- Stark: Euro zone will not break up
- EUR/GBP rises on short-covering as 0.8845 resistance breaks
- Cable on a search and destroy mission
- ECB’s Stark: Certain amount of imbalances in Euro zone are quite natural
- Modest demand emerges for EUR at fixing
- EUR/USD chipping away at central bank bids
- Eurogroup: Greece is on its own
- University of Michigan consumer sentiment 72.8
- Magnetic attraction ahead?
- Industrial production rises 0.6%, as expected
| ForexLive US wrap-up: Greece continues to undermine Euro Posted: US December CPI rises 0.1%/0.1% ex-food and energy US industrial production rises 0.6% in December, Capacity use up72.0% Empire State Manufacturing index rises to 15.9 from 4.5; better than expected University of Michigan consumer sentiment 72.8 in January EU's Juncker: Greece needs to deal with problems on its own ECB's Stark: No chance of ...    |
| EUR/GBP hits the skids along with EUR/USD Posted: As EUR/USD fell to fresh session lows at 1.4338, EUR/GBP came off with it as well. That cross has proven cruel once again, shooting higher late in London to squeeze out a bunch of weak shorts only to crumble again late this afternoon. The price action suggests there may be a ...  |
| Posted: Panic has struck at the White House as Teddy Kennedy's Senate seat looks like it may shift to the Republican column. That would have major political ramifications as it would deprive Senate Democrats of their 60 vote super-majority.That means major legislation now bogged down in the Senate could be blocked. Obama ...  |
| US investment house hits EUR/USD Posted: Looks like a big US investment bank is trying to trigger stops in EUR/USD. We've quickly dropped to fresh session lows at 1.4353. Stops are seen below 1.4350 but Central banks continue to lurk on dips, as they have all week.  |
| Fed’s Lacker not sold on the “slack” argument Posted: Tenuous relationship between measures of slack and inflation Forecasts for US growth near 5% "reasonable" but will not hold there Jury is still out if compensation schemes led to excess risk taking Most Fed policy makers believe inflation cannot take root as long as there is massive excess industrial capacity and high unemployment, ...  |
| Euro zone running out of patience with Greece Posted: Reuters quotes an unnamed source as saying Eurozone finance ministers have little patience left for Greece and that they are ready to impose sanctions. They are impressed with the Greek finance minister's readiness for reform but say they believe not all in the Greek government are united for reforms. EUR/USD has ...  |
| Posted: US equities are on session lows, down 1.3%. Bond yields are near their lows as well, as prices are driven up. 2-year notes are at 0.875% from 1.20% on New Year's eve. Oil is down a buck, at $78.40 and gold is around $1130. The dollar is holding its own today despite ...  |
| Fed’s Lacker: Reasonable growth pace this year Posted: Richmond Fed president Lacker says the US economy will grow at a reasonable pace this year. He sees increased inflation risk edging up in the future. He expects some pent-up demand in the economy. Monetary stimulus should be removed when the recovery is well-enough established, he said. He is opposed ...  |
| Canada’s Flaherty: Concerned with inflexibility of China’s currency policy Posted: Host of the upcoming G7 meeting Canadian finance minister Jim Flaherty says he is concerned with China's currency inflexibility. Expect that to be a major theme coming out of the G7 meeting early next month. On other topics, Flaherty says he does not believe Canada now has a structural fiscal deficit, ...  |
| Stark: Money supply likely to shrink in coming months Posted: Don't expect the ECB to hike anytime soon. Former Bundesbanker and present ECBer Stark says he sees money supply growth coming in flat or below zero in the coming months.  |
| Stark: Euro zone will not break up Posted: ECB vice-president Stark says the Euro zone will not break up. There. I think every member of the ECB has now answered that there will be no break-up. More important than a break up is the question as to what will happen if Greece is downgraded to the point where its bonds ...  |
| EUR/GBP rises on short-covering as 0.8845 resistance breaks Posted: EUR/GBP is rallying sharply late in London as resistance at the top of the hourly consolidation range at 0.8845 has given way. Prices have jumped to 0.8864 resistance as shorts rush to cover ahead of the weekend. GBP has been a safe-haven of sorts from Greek turmoil this week but it ...  |
| Cable on a search and destroy mission Posted: Cable has reverted to its dastardly self and stopped out a bunch of longs on the break through 1.6250 support. A group of stops was clustered around 1.6240/45 and were dispatched with extreme prejudice. Cable being cable, it will probably bounce 50 pips just to laugh in the face of ...  |
| ECB’s Stark: Certain amount of imbalances in Euro zone are quite natural Posted: ECB vice presidet and chief economist Stark is on the wires noting that imbalances between euro zone states are quite natural. I can't say that I disagree. I suspect Rhode Island has a trade deficit with California, for example...  |
| Modest demand emerges for EUR at fixing Posted: EUR/USD found some modest demand at the 16:00 GMT fixing, which is a bit of a surprise. The flight-to-quality being seen in the markets this morning does not seem to extend to US institutional investors. If they were pulling money out of Europe in a big way, we would have ...  |
| EUR/USD chipping away at central bank bids Posted: Bounces are hard to come by at the moment in EUR/USD as the market chips away at bids from Asian reserve managers in the 1.4350/60 area. The latest foray saw a low of 1.4357. Greek concerns remain top of mind among traders this morning, helping spark a broad spate of ...  |
| Eurogroup: Greece is on its own Posted: Eurogroup head Juncker says it is wrong to presume other countries could solve Greece's problems. Greece will not go bankrupt but but it has to undertake enormous effort, he says. Additionally, France and Germany differ greatly on policy coordination in the eurogroup, Juckers said. Just another day in European paradise! EUR/USD ...  |
| University of Michigan consumer sentiment 72.8 Posted: Michigan sentiment was a bit weaker than expected, at 72.8 versus the consensus view of 73.9. Fixed income markets are rallying strongly at the moment, suggesting some risk aversion today. Gold is at session lows of $1130, a level we stalled near yesterday, while Oil is 0.60 lower at $78.75. Equities ...  |
| Posted: Now that the US data is out of the way and there have been no major surprises, EUR/USD may gravitate toward the 1.4400 level where a significant options expiry is rumored. In quiet markets, prices tend to gravitate close to strike prices as the holder of the option and the ...  |
| Industrial production rises 0.6%, as expected Posted: November production was revised down to +0.6% from 0.8% previously. Capacity use was 72.0%, a shade stronger than the 71.8% consensus.  |
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