Updated May 21, 2012 10:00:00 AM Written 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 Written 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 Written 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 Written 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 ...
Updated May 18, 2012 8:00:00 AM Written by Kathleen Brooks
The Facebook IPO today has temporarily knocked Europe from the headlines as the world’s eyes are focused on the Nasdaq at 1430 GMT/ 0930 ET when Facebook will start trading for the first time. CNBC anchors have been wearing honorary hoodies to mark the occasion so it must be big. I still find it hard to reconcile how FB is worth $140 billion when the site is used by both advertisers and cyber bullies, but [...] Continue Reading ...
Updated May 18, 2012 1:24:01 AM Written by Chris Tedder
The aussie was sold-off during the session, after proving somewhat resilient overnight. Yet, this is not entirely surprising given the recent price action in interbank cash rate futures, which are currently pricing in a cash rate of around 2.50% by early next year. Also, equity markets are taking a hammering but, interestingly, the yen is not making any more ground against the dollar. Will the RBA really lower the OCR to around 2.50% by [...] Continue Reading ...
Updated May 18, 2012 12:00:00 AM Written by Daniel Hwang
Both the euro and kiwi plunged to fresh multi-month lows hitting limit targets for potential short plays vs. USD highlighted within the FX VIEWS series. I can go on and on about Greece, Spain, and China risks – which I’ve done time & time again – but I think by viewing below.......ENOUGH SAID:
[...] Continue Reading ...
Updated May 17, 2012 6:15:00 PM Written by Chris Tevere, CMT
Today’s price action was interesting as yesterday’s FOMC meeting minutes, which hinted that further quantitative easing may be needed if economic conditions deteriorate, was put to the test on the back of the abysmal U.S. Philadelphia Fed data which came in at -5.8 vs. expectations of 10.0. This sent the buck, which at the time was near its respective highs on the day, reeling as it sparked speculation of QE3. Interestingly, the USD managed to [...] Continue Reading ...
Updated May 17, 2012 9:00:00 AM Written by Eric Viloria, CMT
• USD continues to trade mostly firmer against the major currencies as risk sentiment remains negative. European equities are trading in the red after the ECB paused lending to some Greek banks until they recapitalize and US stock futures are marginally lower at time of writing. The dollar index is nearing the highs of the year around 81.78 which occurred in mid-Jan and we would expect to see this level act as near term resistance [...] Continue Reading ...
Updated May 17, 2012 5:00:00 AM Written by Kathleen Brooks
The big event of the morning was the Spanish bond auction, however it failed to generate anything more than an immediate ripple in the FX market. The auction raised just below the top of its target amount of EU2.5bn, at EU 2.49bn. Although demand was strong, Madrid had to pay up to attract investors to its debt. The yield on the 2015 debt it sold jumped to 4.375% vs. 2.89% at an auction in April, [...] Continue Reading ...
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