Thursday, December 31st, 2009 at 11:53 am
Currency Trading Daily Forex Report – USD rebounds, jobless claims at lowest level since 2008 Learn currency trading
USD: Mixed, jobless claims fall more than expected, continuing claims dropped by 57k, bond yields jump JPY: Lower, fiscal worries and widening yield gap, unexpected decline in US jobless claims EUR: Lower, IMF says EUR reserve holdings rose in Q3, gains limited by US jobs data, rising bond yields GBP: Higher, UK house prices rise at fastest pace in two years, a sign recession is ending CAD and AUD: AUD & CAD higher, Australia’s private sector credit growth slows, copper at 16 month high Overview USD traded mixed to lower on the last trading day of the year pressured by an IMF report which says that the US share of world reserves dropped to its lowest level in a decade during the third quarter of 2009. USD was also pressured by liquidation sales as investors close out long USD positions before year-end. GBP traded higher in reaction to report that UK house prices rose the most in two years and UK lenders expect credit conditions to continue to improve in Q1 2010. Commodity currencies traded higher supported by firmer equities and higher price of gold. Copper traded at a 16 month high.
Read the original here:
Daily Forex Report – USD rebounds, jobless claims at lowest level since 2008
Thursday, December 31st, 2009 at 7:47 am
Trading Tactics US Morning Notes – USD lower, USD share of global reserves fell in Q3 Learn currency trading
FX Highlights The USD is trading lower on the final trading day of the year pressured by firmer equity market trade in reaction to an IMF report which said USD share of world reserves dropped in Q3 to the lowest level in a decade, the Hang Seng index closed 1.5% higher and equity markets are firmer in Europe and the US, GBP supported by report of firmer UK house prices and improving lending conditions, commodity currencies supported by equity market gains and a rally in the price of gold, AUD traded higher despite report of slower private sector credit growth Focus turns to today’s release of US jobless claims, the trade expects today’s jobless claims report to show continued improvement in the US labor market and confirm optimism about the US recovery Australia’s November private sector credit rose by 0.1%, AUD higher UK December Nationwide house prices rise by 0.4%, UK lenders expect credit conditions to improve in Q1, GBP higher IMF says USD share of world reserves declined in Q3 ECB’s Bini Smaghi says that unemployment may continue rise in the months ahead, French Finance Minister Lagarde expects French Q4 GDP growth to be positive, EUR higher US equity markets set to open higher, European equities .25% higher, Nikkei closed for holiday Upcoming Events US – Thursday, initial jobless claims for week ending 12/26 will be released expected to rise by 5k to 457k CAN – Thursday, no major Canadian economic data is due for release today
Go here to see the original:
US Morning Notes – USD lower, USD share of global reserves fell in Q3
Wednesday, December 30th, 2009 at 8:31 pm
Forex Trading Daily Forex Outlook – Pound Soars into the New Year Learn currency trading
Pound Soars into the New Year CURRENCY TRADING SUMMARY – 31st December (00:30GMT) U.S. Dollar Trading (USD) had an interesting trading day as strength remained but only against certain currencies. Underpinning the USD was December Chicago PMI jumping to 60.0 vs. 56.1 previously. DJIA +3 points closing at 10548, S&P +1 points closing at 1126 and NASDAQ -2 points closing at 2291. Looking ahead, Weekly Jobless Claims forecast at 460k vs. 452k previously. Market’s closed New Years Day The Euro (EUR) slipped under 1.4300 after strong Chicago PMI data before rebounding later in the US session.
Read the original here:
Daily Forex Outlook – Pound Soars into the New Year
Wednesday, December 30th, 2009 at 2:24 pm
Forex Trading Special FX Report – Some thoughts on the US economy in 2010 Currency exchange
The general consensus of economists is that the US will experience 2 to 2.5% growth in 2010 with equity market gains limited to single digits and the USD likely to post a modest recovery. Aggressive fiscal and monetary stimulus from the Fed and US government helped to stabilize the financial markets and end the US recession. The USD posted 2.2% growth in Q3. The rise in US Q3 growth reflects an increase in consumer spending sparked by government programs like the cash for clunkers and tax credit for first-time homebuyers. The rebound in US GDP was primarily fueled by government action. It is not clear that the recovery can be sustained when these government programs expire and the Fed begins to withdraw stimulus. There is a great deal of uncertainty about the outlook and sustainability of the recovery for GDP in 2010. In the past, deep recessions historically lead to strong recoveries. Financial crisis produce weak recoveries. Because the global recession was caused by a financial crisis the GDP recovery may be weak.
Read more here:
Special FX Report – Some thoughts on the US economy in 2010
Wednesday, December 30th, 2009 at 12:13 pm
Currency Trading Daily Forex Report – USD higher on surge in Chicago PMI Learn currency trading
USD: Higher, stock rally stalls, optimism about US recovery fuels debate over timing of Fed tightening JPY: Lower, fiscal worries and widening yield gap pressure JPY, fear JAL will file for bankruptcy EUR: Lower, EU M3 unexpectedly declined in November, Madrid downgrade by S&P GBP: Higher, concern about UK debt, sharp rebound in cross to EUR and JPY CAD and AUD: AUD & CAD lower, tracking the decline in the price of gold and equities Overview USD traded higher Wednesday supported by fiscal worries in Japan and the UK and optimism about the US recovery. S&P warns that Japan’s sovereign debt rating may be cut if Japan does not take action to reduce its debt. The Telegraph reports that UK debt is worse than Italy’s. Weaker equity market trade and a Moody’s downgrade of Abu Dhabi Commercial Bank rating sparked safe haven demand for the USD. JPY was also pressured by report and Japan Airlines may be on the verge of filing for bankruptcy. EUR was pressured by report of an unexpected decline in EU M3. The decline in M3 generates concern about economic recovery in the EU. GBP experienced a sharp rebound in cross trade to the EUR in reaction to report that S&P has downgraded too regions in Spain. The downgrade raises the risk of a downgrade of Spain’s sovereign debt rating.
Excerpt from:
Daily Forex Report – USD higher on surge in Chicago PMI
Wednesday, December 30th, 2009 at 7:27 am
Trading Tactics Morning Notes – USD higher, fiscal worries pressure GBP and JPY Guidance and resources
FX Highlights The USD is trading higher as stocks decline and worries over sovereign debt risks re-emerge, Moody’s downgrades Abu Dhabi Commercial Bank, UK Telegraph reports that UK debt position is worse than Italy’s, S&P warns of a Japanese rating cut if steps aren’t taken to cut debt, USD trades at two month high versus JPY, Swiss KOF indicator continued to show improvement, EU money supply growth unexpectedly fell in November, US consumer confidence improved in December fueling optimism about US recovery, optimism about US recovery and speculation that the Fed will withdraw stimulus measures as the economy recovers supports the USD, commodity currencies pressured by drop in the price of gold to one-week low Focus turns to today’s release of Chicago PMI and US bond auction S&P may cut Japan’s sovereign debt rating if steps aren’t taken to reduce Japans deficit, Japan announces a long-term strategy that aims to boost growth to 2%, JPY lower EU November M3 falls by 0.2%, a 0.3% rise was expected, November leading index rose by 0.7%, EUR mixed UK PM Brown pledged to reduce the deficit and support the economy, GBP lower Swiss December KOF indicator rose to 1.68 from 1.62 last month, CHF flat Moody’s downgrades Abu Dhabi Commercial Bank, the downgrade rekindles credit worries US five year treasury yields rose to the highest level since July at 2.66%, indirect bids in Tuesday’s five year note auction were just 44%, the recent average for indirect bids was 48.2% One fifth of US employers plan to add fulltime jobs in 2010, this is up 14% from last year, just 9% said they plan to cut head count in 2010 down from 16% in 2009, 61% plan no change in staffing ABC news reports that it’s US 2009 consumer confidence survey was the worst in 24 years US equity markets set to open lower, European equities 0.5% lower, Nikkei closed 91 points lower Upcoming Events US – Wednesday, Chicago PMI for December will be released expected at 55 compared to 56.1 last month CAN – Wednesday, no major Canadian economic data is due for release today
Visit link:
Morning Notes – USD higher, fiscal worries pressure GBP and JPY
Wednesday, December 30th, 2009 at 4:55 am
Currency Trading EU Morning Report – Bernanke-proposes-the-creation-of-a-new-mechanism-deposit-facility- Learn currency trading
Bernanke proposes the creation of a new mechanism “Deposit Facility” FED Chairman Ben Bernanke, now running as man of the year in various polls, proposed lately to create a new mechanism which he called “term deposit facility” as one of the innovative exit strategies which the FED promised to deliver. The main goal of the new mechanism is to help the central bank’s policy makers withdraw money from the banks on the occasion a decision is take to start tightening the policy. Economists expect that in 2010, more exit strategies would be suggested and may be in effect, in such a case, those strategies will dominate the capital markets, and may help further strengthen the US dollar if perceived as expected. Crude remains higher in both US and Asian trading sessions on speculations of inventories falling and increased demand as economies are recovering. A tough winter may also help support crude prices as more snow will increase demand on the black liquid. Gold managed to break below 1100 dollar an ounce after the dollar strengthened against the yellow metal. Analysts expect some pullback as many traders are waiting to hunt dips which are considered as good buys. Currency to watch out for: NZDUSD and EURCHF The NZDUSD pivot point is at 0.7225 with a preference to enter into short positions below that level. The EURCHF pivot point is at 1.4850 with a preference to enter into long positions above 1.4855 Today’s calendar and market movers: Swiss KOF Economic Barometer expected to rise to 1.73 US Chicago PMI expected to fall to 55.2 Now onto Stocks: US stocks ended flat with a slight negative bias
More:
EU Morning Report – Bernanke-proposes-the-creation-of-a-new-mechanism-deposit-facility-
Tuesday, December 29th, 2009 at 6:00 pm
Forex Trading Daily Forex Outlook – Dollar Buyers Return Learn currency trading
Dollar Buyers Return CURRENCY TRADING SUMMARY – 30th December (00:30GMT) U.S. Dollar Trading (USD) initial Dollar weakness during the European session was reversed aggressively in the US session as Dollar buyers returned in force. Stocks remained buoyant globally and this helped risk currencies such as the AUD outperform. December CB Consumer Confidence jumped to 52.9 vs. 49.5 previously. DJIA -1 points closing at 10545, S&P -1 points closing at 1126 and NASDAQ -2 points closing at 2288.
View original post here:
Daily Forex Outlook – Dollar Buyers Return
