Apr 19, 2010

Your forexlive.com ENewsletter

Your forexlive.com ENewsletter

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Greek 5-year CDS widens another 24bps from the NY Close

Posted:

In what is becoming a repeat of last week and the week before that etc etc, Greek CDS 's continue to blow out and are now trading 460 points over German bunds. The Greek roadshow in the US this week looks like a lame duck in this environment. Greece is going ...

Germany’s FDP Set To Support Eventual Aid To Greece: Source

Posted:

By Thomas Widder BERLIN (MNI) - Germany's free-market orientated FDP, the junior partner in Chancellor Angel Merkel's coalition government, is prepared to support financial aid to Greece should the Greek government request it, a source close to the FDP parliamentary group told Market News International on ...

Bounce off the Lows so far (very) modest

Posted:

The bounce off the lows in EUR/USD, GBP/USD, USD/JPY and AUD/USD look a little bit like the dead cat variety. It seems"stop" drive-by in EUR/JPY down to 123.15 was the cause of most of the earlier angst with markets settling down down once the stops were out of the way. ...

EUR/CHF: SNB Not Prepared to Give up the Fight

Posted:

The Swiss National Bank's (SNB) desire for a weak CHF was evident again today reportedly intervening during the Asian timezone. Their "interventions" over the past few months have been spectacularly unsuccessful and in the current environment (risk off) are unlikely to prove any different; last trades at 1.4338.

Greece Debt Talks In Athens Postponed To Tuesday Or Wednesday

Posted:

PARIS (MNI) - Talks among Greek government officials, their EU counterparts, the ECB and the IMF, originally scheduled for today, have been postponed until Tuesday or Wednesday because of the disruption to air traffic caused by the cloud of ash from an erupting Icelandic volcano, ...

ECB: Market Participants Should Rely Less on Rating Agencies

Posted:

FRANKFURT (MNI) - Market participants should rely less on rating agencies, and instead should increase their own direct monitoring of developments to gain an accurate measure of a counterparty's creditworthiness, the European Central Bank said Monday. "In the recent crisis, ...

Shanghai Composite Closes Down 4.8%

Posted:

Whilst it can have a life of its own, today's sharp 4.8% drop is worrying, especially if you are long AUD. Reuters stated that the bourse was pressured lower by a tumble in the property sector after China ordered local governments to stamp out speculative activity. The property sector was down ...

Stocks – Bears Come out of Hibernation

Posted:

It was not surprising to read the weekend commentary and see how overloaded it was with bearish commentary. Given that we have been in  a stealth bull market for over 12 months, the bears have had little to cheers about. That may be about to change of course with the ...

GBP/USD: Remains Heavy – Hung Parliament Now Odds On

Posted:

We have seen a remarkable turn around in the bookies prices for the UK election on May 6. The Liberal Democrats not even in the picture before Thursdays televised political debate has caused the market to swing heavily in favour of a hung parliament whilst the chances of a conservative ...

ECB: E47.215 Bln Covered Bond Purchases Settled Apr 18

Posted:

FRANKFURT (MNI) - The European Central Bank said Monday that a total of E47.215 billion Eurosystem covered bond purchases had settled as of April 18. As of April 15, settled acquisitions had totaled E46.730 billion, the ECB said Friday. The ...

The “Magnetar Trade”

Posted:

As one well known market commentator put it over the weekend in his widely read e letter - there is always more than one cockroach. With Goldman Sachs now charged with fraud in respect to a lack of disclosure the question now is whose next. The so-called Magnetar Trade involved the ...

Early London Sell Risk Trades First Up

Posted:

Not surprisingly early London has hit the sell button before fixing themselves a nice cup of tea. From the opening in Asia on Friday it has been all downhill for the so-called risk trades. Greece, UK opinion polls, earnings season in the US and now the Goldman Sachs fraud case, ...

AUD/USD: Closing in Sydney with a Soft Tone

Posted:

AUD/USD appears to have got it from all sides today. Risk aversion continued throughout with Asian bourses posting mostly losses of between 1.5-3.0%. The pair previously supported by option protection at 0.9200 caved in the face on  onslaught of selling interests. The key "risk" trade AUD/JPY after losing 2% on Friday continued ...

Japan Mar Department Store Sales -3.5% Y/Y, Down 25 Mo In Row

Posted:

TOKYO (MNI) - Department store sales fell 3.5% from a year earlier in March to Y543.6 billion, with the rate of year-on-year decline decelerating thanks to improving sentiment, the Japan Department Stores Association said on Monday. Department store sales posted ...

Update: Japan Mar Cons Confidence Index Up 3rd Month In Row

Posted:

-- Adds Inflation Expectations From 18th Paragraph -- Japan Mar Consumer Confidence Index 40.9 Vs Feb 39.8 -- Japan Consumer Confidence Posts 11th Y/Y Rise In Row -- Japan Govt Upgrades View: Cons Conf Shows Signs of Pickup TOKYO (MNI) - Japan's consumer confidence index posted its third consecutive ...

EUR/GBP: next resistance .8864

Posted:

The pressure on the pound has not let-up all day and EUR/GBP remains very well bid, just now breaking above .8830 with next resistance at last weeks .8864 high. There is very solid technical resistance between .8870/.8900 but in these volatile markets I would not be depending solely on technical ...

Japanese consumer confidence on the rise

Posted:

The March index was up 1 point to 40.8, the third consecutive MoM rise. Crosses such as GBP/JPY and AUD/JPY remain close to session lows.

Japan Mar Consumer Confidence Index Posts 3rd M/M Rise In Row

Posted:

-- Japan Mar Consumer Confidence Index 40.9 Vs Feb 39.8 -- Japan Consumer Confidence Posts 11th Y/Y Rise In Row -- Japan Govt Upgrades View: Cons Conf Shows Signs of Pickup TOKYO (MNI) - Japan's consumer confidence index posted the third consecutive monthly gain, rising to 40.9 in ...

ForexLive Asian market wrap: JPY and USD gain amid risk aversion plays

Posted:

Weekend news that FSA to probe Goldman Sachs prompted more risk averse trading Sterling falls on latest election polls suggesting a hung parliament UK Rightmove survey shows rise in home asking prices Regional stockmarkets fall by up to 2% Oil price falls by over 1.5% Apart from the usual Monday morning volatility, it has been a ...

More stops triggered in the AUD/USD below .9190

Posted:

The AUD/USD has fallen below .9190 and AUD/JPY has fallen to 84.45 and the bearish sentiment is showing little sign of abating. Next support in the AUD/USD is hourly lows at .9125.
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