Friday, October 30th, 2009 at 12:11 pm
Foreign Currency Daily Forex Report – USD higher as stocks slide and risk appetite fades Lowest Spreads
USD: Higher, stocks slide, consumption slows, Chicago PMI strong, consumer confidence dips JPY: Higher, BOJ holds monetary policy steady and begins its exit strategy EUR: Lower, consumer prices fall ,unemployment rises, German retail sales slip GBP: Lower, Consumer confidence rises, Fitch downgrades seven UK building societies CAD and AUD: AUD & CAD lower, Australia’s credit demand slows, Canada’s GDP declines, CRB drops Overview USD and JPY edged higher Friday supported by a modest drop in risk appetite as the equity market rally stalls. JPY rallied in reaction to report that the BOJ will end its bond support plan. EUR was pressured by report that EU inflation outlook remains negative and unemployment continues to rise. GBP failed to hold early gains sparked by report of improving consumer confidence pressured by a Fitch down grade of seven UK building societies. Commodity currencies traded lower with AUD pressured by report of weaker private sector credit and CAD pressured by report of an unexpected a decline in Canada’s GDP. US economic data was mixed with personal income flat and personal consumption declining, labor costs remain soft, Chicago PMI came in much higher than expected and Michigan consumer sentiment was revised lower. Next week’s focus turns to the conclusion of the Fed’s policy meeting Wednesday and Friday’s release of US unemployment. The trade will be looking to see if the Fed begins an exit strategy and drops language about keeping interest rates low for an extended period. Risk sentiment remains the driving factor for FX trade with USD consolidating Thursday’s sharp losses sparked by report of better than expected US advanced Q3 GDP. US Treasury Secretary Geithner says the US economy is in the early stages of recovery but risks remain. Next week’s US unemployment report will be key to investor risk sentiment and speculation about whether the US recovery is sustainable
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Daily Forex Report – USD higher as stocks slide and risk appetite fades
Friday, October 30th, 2009 at 8:11 am
Forex Trading US Morning Notes – USD & JPY higher, BOJ to end corporate bond purchases Lowest Spreads
FX Highlights The USD is trading higher as the global equity market rally slows and investors try to assess risk, the BOJ leaves monetary policy unchanged and will end corporate bond purchases, EU inflation remains negative and unemployment rises, Fitch downgrades seven UK building societies, Swiss KOF rises more than expected, Australia’s private sector credit falls Focus turns to today’s release of US personal income and consumption, Chicago PMI and Michigan sentiment and Canada’s GDP BOJ leaves rate policy unchanged, will end corporate bond and commercial paper purchases in December, Japan’s core CPI falls 2.3% y/y, September unemployment falls to 5.3%, September household spending rises 0.1% housing starts fall 37% y/y, October manufacturing PMI falls to 54.3 from 54.5 in September, JPY higher UK October GFK consumer confidence rises 3 points to -13, Fitch downgrades seven UK building societies, GBP lower Australia’s September private sector credit falls 0.2%, AUD lower EU October CPI falls 0.1%, September unemployment rate rises to 9.7 from 9.6, EUR lower Swiss October KOF rises to 1.45 from 85 last month, CHF lower Treasury Secretary Geithner calls for an extension of the homebuyer tax credit which is scheduled to expire on December 1st and says the US economy in the early stages of recovery but risks remain US equity markets set to open lower, European equities mixed, Nikkei closed 144 points higher Upcoming Events US – Friday, September personal income and consumption will be released expected at 0.1% and -0.5% respectively along with October Chicago PMI expected at 49.1 compared to 46.1 last month and final Michigan sentiment expected unchanged at 69.4 CAN – Friday, August GDP will be released expected at 0.1%
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US Morning Notes – USD & JPY higher, BOJ to end corporate bond purchases
Thursday, October 29th, 2009 at 6:42 pm
Trading Tactics Daily Forex Outlook – Sharp Bounce Rescues Bulls Learn currency trading
CURRENCY TRADING SUMMARY – 30th October (00:30GMT) U.S. Dollar Trading (USD) gave back all the gains of the previous day as the US economy emerged from recession a blistering 3.5% pace in Q3. Major stimulus programs and large rebounds in asset values all helped the economy recover. Stocks soared and risk appetite came back to life. In US Stocks, DJIA +199 points closing at 9962, S&P +23 points closing at 1066 and NASDAQ +37 points closing at 2097. Looking ahead, September Core PCE Index previously at 0.2% vs. 0.1%. Chicago PMI for October is forecast at 49 vs. 46.1 previously. The Euro (EUR) stabilized in Asia on solid Central Bank support before gaining with the US data back above 1.4800. Helping sentiment towards the single currency was the better than expected German unemployment change of -15k vs.
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Daily Forex Outlook – Sharp Bounce Rescues Bulls
Thursday, October 29th, 2009 at 12:09 pm
Forex Trading Daily Forex Report – USD lower, Q3 GDP beats expectations Learn currency trading
USD: Lower, stocks rise, risk appetite improves as Q3 GDP beats expectations JPY: Lower, industrial and manufacturing output rise, tracking equities EUR: Higher, German unemployment falls, EU economic and industrial sentiment rise GBP: Higher, mortgage loans rise to 18 month high CAD and AUD: AUD & CAD higher, hawkish comments from Australia’s finance minister, risk is back on Overview USD and JPY traded lower Wednesday as US advanced Q3 GDP rises more than expected. The stronger than expected US GDP report sparked a rally in equities and helped to boost risk appetite as the data confirms that the US economy is emerging from recession. Jobless claims data was mixed, with first time weekly claims posting a modest decline and continuing jobless claims falling to the lowest level since March 21st. AUD outperformed supported by hawkish comments from Australia’s finance minister that interest rates won’t stay at current emergency levels. EUR was supported by report of improving EU economic sentiment and an unexpected decline in German unemployment. GBP rallied to a six-week high versus the EUR supported by report that UK mortgage loans rose to an 18 month high. The key question is whether today’s report of improvement in US GDP can be sustained or does the gain reflect a temporary rebound fueled by government incentive plans to boost auto and housing sales.
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Daily Forex Report – USD lower, Q3 GDP beats expectations
Thursday, October 29th, 2009 at 8:13 am
Foreign Currency US Morning Notes – USD lower, EU economic sentiment improves Currency exchange
FX Highlights The USD and JPY trade lower as US equities are set to open higher ahead of today’s release of US Q3 GDP, economic sentiment improves in the EU and German unemployment unexpectedly fell, UK mortgage approvals rise to an 18 month high, GBP trades at a six-week high versus EUR, Norway’s krone supported by 25bps rate hike from the Norges Bank Wednesday, commodity currencies supported by a modest rebound in crude prices and hawkish comments from Australia’s finance minister Focus turns to today’s release of US jobless claims and Q3 GDP, Canada’s raw material prices and Canada’s GDP Japan September industrial production rises 1.4%, September corporate service price index falls 0.2%, JPY lower Australian finance minister says interest rates won’t stay at current emergency levels, RBNZ holds rate policy steady at 2.5% and the policy statement was less hawkish than expected, AUD higher EU October economic sentiment rises to 86.2 compared to 82.8 in September, October economic sentiment improves to -21 from -24 last month, German unemployment rate falls to 8.1%, EUR higher UK mortgage loans rose to 56,215k from 52,970k last month, GDP higher Asian Wall Street Journal reports that deflation in Japan threatens recovery Russia cut interest rates 50 basis points and 9.5% Cleveland Fed reports that the USD is 11% undervalued against currencies of developed and emerging economies, no major USD appreciation expected soon Treasury Secretary Geithner expects USD to remain the reserve currency of choice US equity markets set to open higher, European equities mixed, Nikkei closed 184 points lower Upcoming Events US – Thursday, jobless claims for week ending 10/24 will be released expected at 525k compared to 531k last week along with advance Q3 GDP expected at 3.2% compared to -0.7% last quarter CAN – Thursday, September IPPI and RMPI will be released expected -0.2% and 0.7% respectively, GDP expected at 0.1%
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US Morning Notes – USD lower, EU economic sentiment improves
Wednesday, October 28th, 2009 at 10:05 pm
Forex Trading Daily Forex Outlook – Market Plunges, Dollar Soars Guidance and resources
CURRENCY TRADING SUMMARY – 29th October (00:30GMT) U.S. Dollar Trading (USD) was second only to the Yen as markets around the world were deep in the red and risk aversion came back into play. September Durable Goods Orders 1.0% vs. -2.6% previously. Hurting sentiment was the large drop in September Home Sales at 402k vs. 440k forecast. In US Stocks, DJIA -119 points closing at 9762, S&P -20 points closing at 1042 and NASDAQ -56 points closing at 2059. Looking ahead, Q3 GDP is forecast at 3.3% vs. -0.7% previously. Also released Weekly jobless claims forecast at 521k vs.
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Daily Forex Outlook – Market Plunges, Dollar Soars
