Updated May 22, 2012 4:15:00 PM By Eric Viloria, CMT
The dollar was broadly higher amid continued talk about a possible Greek exit and after better than expected U.S. housing data. Former Prime Minister Papdemos was on the wires saying that preparations for Greece to exit the euro are being considered which weighed on the euro despite an easing of sovereign yield spreads. The euro tumbled to current levels of around 1.2670 but sees a decade long trendline support just below (see here) and [...] Continue Reading
Updated May 22, 2012 12:00:00 PM By Kathleen Brooks
Trading in the London Session was choppy with the market unwilling to take any clear direction as we lead up to tomorrow’s informal EU summit. The market toyed with the idea of Eurobonds (they like that idea and risk assets may rally tomorrow on any signs they are on the horizon.) Then they focused on the prospect of a showdown between Germany and France, Europe’s de facto leaders, which caused a mild sell off. Right [...] Continue Reading
Updated May 22, 2012 9:40:00 AM By Eric Viloria, CMT
• USD stronger today against most of the majors amid higher global equities and higher U.S. treasury yields. A ratings downgrade in Japan, dampened EU Summit expectations and low growth projections in Europe, and slowing inflation in the UK are benefitting the USD. The dollar index rebounded from the 81.00 figure but remains below the double top around the 81.75 level and the dollar is currently strongest against the JPY as UST yields advance. On [...] Continue Reading
Updated May 22, 2012 1:39:45 AM By Chris Tedder
Nervousness underpinned price action today. Despite voices from throughout Europe attempting to reassure the market that Greece will remain in the euro, stock markets in Asia didn’t significantly build on their opening gains and the euro slowly drifted lower throughout the session. Why is the market behaving like this? In one word – caution. Investors are acutely aware that the talk from Europe may just be that, and when push comes to shove nothing [...] Continue Reading
Updated May 21, 2012 8:30:00 PM By Chris Tevere, CMT
Whether you’re an experienced trader or brand new to Forex, you should be aware of the strong positive correlation between U.S. Equities & AUD/USD (although it has been somewhat weaker than normal over the past few weeks). This historical intermarket relationship is predominantly due to the fact that the Aussie is considered a ‘high beta’ currency and consequently will trade roughly in-line with other ‘risk markets’ (equities being a major proxy for this) – Other [...] Continue Reading
Updated May 21, 2012 4:10:00 PM By Eric Viloria, CMT
Markets consolidated amid a lack of fresh data and the US dollar traded mostly softer as sentiment improved. The dollar index was rejected from a horizontal resistance level and appears to have formed a double top within a bullish channel suggesting that a pullback may be forthcoming. The broader trend remains higher and we would therefore prefer to be buyers on dips (see chart here). Equities gained and 10-year Treasury yields edged higher. The [...] Continue Reading
Updated May 21, 2012 10:00:00 AM By Kathleen Brooks
It has been a lacklustre day post the G8 meeting at the weekend (yawn), the drop in Mark Zuckerberg’s net worth seems to be more of a talking point than the continuing Eurozone crisis. But, the Eurozone banking index gives it all away. Bankia, Santander and the usual Spanish suspects all turned lower as we headed into London’s lunchtime, which dragged the overall European banking sector down to its lowest level since November 2011. Within [...] Continue Reading
Updated May 21, 2012 1:08:36 AM By Chris Tedder
The dollar and the yen were lower across the board as Chinese Premier Wen spurred hopes of more growth stimulating measures from Beijing. At the same time, equity markets were lifted by the risk-on sentiment, but gains were limited by lingering fears about a possible Greek exit from the euro. Furthermore, the G8 summit over the weekend failed to provide any guidance for investors, with those in attendance simply repeating well used comments about [...] Continue Reading
Updated May 20, 2012 9:06:54 PM By Chris Tedder
It was a jumpy open for currencies, with the aussie pushing towards a support level around 0.9800 against the dollar, before reversing course and smashing through a resistance level around 0.9850. Equity markets in Asia are also on the rise after a big sell-off on Friday, with the ASX200 and Nikkei 225 both in opening in positive territory. Overall, the lack of risk-negative headlines over the weekend is acting as floor for risk assets, [...] Continue Reading
Updated May 18, 2012 4:45:00 PM By Chris Tevere, CMT
XAU/XAG: Ominous signs are on the horizon for S&P500 – Interestingly, the ratio peaked around 57.11 on Wednesday & has made two lower lows S&P500: How low can it go? – Today it closed just abovethe second level noted between 1285/95 & 200-day sma resides just below near 1278/79 USD/JPY: Approaching the critical 79.50 level – Alternative EW count is now invalid, which opens the door open to further downside. USD/JPY sees [...] Continue Reading
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