Sep 12, 2011

Forex Crunch EUR/USD Sep. 12 – Licking the Wounds Below Gap Line

Forex Crunch EUR/USD Sep. 12 – Licking the Wounds Below Gap Line

EUR/USD Sep. 12 – Licking the Wounds Below Gap Line

Posted: 12 Sep 2011 02:04 AM PDT

Euro dollar is making some efforts to recover after starting with a gap and diving to a 7 month low. The growing fears about a messy Greek default and the implications for banks weigh heavily on the common currency.

Here's a quick update on technicals, fundamentals and what's going on in the markets.

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G7 offering little of substance so far

Posted: 12 Sep 2011 01:13 AM PDT

The official communiqué from the meeting of G7 finance ministers and central bankers over the weekend failed to provide any real inspiration for markets.  Whilst it did acknowledge that: "…there are now clear signs of a slowdown in global growth", there was no sense of common purpose with regards to the G7's approach to tackling this; rather a further reminder of what individual countries are doing and a commitment to "rebalance and strengthen global growth". 

What we don't know is what was discussed behind the scenes and what pressure was applied to certain countries to do their part.  The new Japanese finance minister pledged to take "bold actions" with regards to further yen strength, although this appeared to fall on deaf ears, with the yen the strongest performer in Asian trade.  The G7 meeting appeared to acknowledge that it was facing common problems, but was implementing individual solutions.

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USD/CAD Hits Parity on Greek Troubles, Global Slowdown

Posted: 12 Sep 2011 12:43 AM PDT

The Canadian dollar is weaker than the US dollar once again. The growing fear that Greek will default, as well as other local economic worries weigh on the loonie as the greenback surges across the board.

If the break is confirmed, USD/CAD will struggle to move higher, as the next resistance line is close. Update

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Forex Daily Outlook – September 12 2011

Posted: 11 Sep 2011 02:00 PM PDT

We start the week with Richard Fisher speech in Dallas and Trade Balance in Australia as the main highlight on today’s outlook. Let’s see what awaits us today.

In the US, Richard Fisher, Federal Reserve Bank of Dallas President is due to deliver a speech in Dallas.

Read the rest of the article Forex Daily Outlook – September 12 2011

EUR/USD Gaps Lower on Greek and Bank Troubles

Posted: 11 Sep 2011 01:24 PM PDT

EUR/USD starts off the week with a drop from 1.3649 to 1.36. This comes on the background of an imminent Greek default, despite last minute efforts by Greece to provide more measures. Trouble in the European banking system is also acute. 

While this is very early trading, it looks like the avalanche continues. Update.

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USD/CHF Outlook – September 12-16

Posted: 11 Sep 2011 12:11 PM PDT

The amazing intervention by the SNB was very successful, and sent Dollar/Swiss leaping up. Will it relax now? Or push on? The upcoming week consists of a rate decision. The SNB will be able to detail on future moves. Here is an outlook for the upcoming events, and an updated technical analysis for USD/CHF.

The Swiss authorities have failed in the past. This time seems different – with a pledge for “unlimited currency buys” and other strong words such as “not tolerate”. The SNB’s floor of 1.20 beneath EUR/CHF had extreme implications for USD/CHF and also indirect implications for EUR/USD.

Read the rest of the article USD/CHF Outlook – September 12-16

USD/JPY Outlook – September 12-16

Posted: 11 Sep 2011 11:39 AM PDT

Dollar/yen managed to drift higher and step away from the “intervention zone”. Will this hold? BSI Manufacturing Index and Tertiary Industry Activity are the main events this week. Here's an outlook for the Japanese events and an updated technical analysis for USD/JPY.

Last week The BOJ maintained the overnight call rate at 0.10%. Leading Indicators climbed more than predicted to 106.0 but Core Machinery Orders slid 8.2%, worse than the 3.9% drop predicted indicating a bumpy road to recovery.

Read the rest of the article USD/JPY Outlook – September 12-16
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