Posts Tagged ‘forex’

Spain and Greece remain centre-stage but markets pause for breath

Friday, September 21st, 2012

Mike Paterson’s Daily Forex Brief

It’s been a distinctly less than interesting 24 hours range-wise with Greece and Spain continuing to dominate the news wires but little of substance for traders to feed off.

The Euro had a brief rally when reports had Spain lined up to officially ask for aid as early as next week, and Greece seems to be winning a few friends in the Troika (ECB, EU, IMF) with talk of an agreement maybe as early as today, but we didn’t hold up there for long. (more…)

Euro rallies then dives again as Greece sells the family silver

Thursday, September 20th, 2012

Mike Paterson’s Daily Forex Brief

A lively 24 hours with first a dip in the Euro as Eurozone fears continued to rise, but then we saw a concerted rally as the buyers won the day and forced the shorts to run for cover.

But news of Greece starting to sell off the family silver put the skids under it again and then overnight poor Chinese PMI added to the risk-off sentiment as traders once again ran for cover. (more…)

Euro falls but finds buyers in the dips and Japan increases QE

Wednesday, September 19th, 2012

Mike Paterson’s Daily Forex Brief

The Euro did indeed come lower yesterday as I discussed but there seems to be enough buyers in the dips right now to prevent any major move south.

EURUSD fell through the first support at 1.3050 soon enough but then took its time to challenge the next decent line around 1.3020-30 whereupon we found some buyers happy to pick a few cheap ones up, (more…)

Euro under scrutiny again as Spanish bailout questions loom ever larger

Tuesday, September 18th, 2012

Mike Paterson’s Daily Forex Brief

The geo-political unrest around the globe not withstanding we’ve also seen a correction in the Euro as I suggested we might.

Yes the Yen’s weakened too as the anti-Japan protests spread across China but this morning’s comments from the Spanish Deputy PM that they’re still considering the conditions of a bailout shows an element of stalling. (more…)

It’s still risk-on sentiment but for how long?

Monday, September 17th, 2012

Mike Paterson’s Daily Forex Brief

Markets have continued to remain buoyant through Friday and over the week-end but amidst an increasing back-drop of global political unrest can the move be sustained this week?

EURUSD had moved up to 1.3168 on Friday but has since settled down into a 1.3100-1.3150 range as traders re-assess while GBPUSD has been up to 1.6247 before similarly settling back. (more…)

Bernanke delivers QE3+ and traders sell Dollars again

Friday, September 14th, 2012

Mike Paterson’s Daily Forex Brief

Fed Chairman Ben Bernanke yesterday delivered the much anticipated monetary easing, aka QE3, and we’ve seen further USD weakness as traders fully assess his action and statements.

The Federal Reserve said it will expand its holdings of long-term securities with open-ended purchases of $40 billion of mortgage debt (more…)

USD undermined still as markets wait for FOMC decision

Thursday, September 13th, 2012

Mike Paterson’s Daily Forex Brief

With the German Constitutional Court yesterday giving the nod to ESM, but with a few conditions, attention now turns to expectations of the US Fed introducing further monetary easing with this evening’s FOMC statement.

Traders have continued to work on the facts of Fed Chairman Bernanke’s recent rhetoric and the still ensuing weak economic data to conclude that he will introduce QE3 tonight and (more…)

USD weaker as Moody’s threatens downgrade. ESM ruling due now

Wednesday, September 12th, 2012

Mike Paterson’s Daily Forex Brief

The US $ has come under increased pressure in the past 24 hours undermined by a series of factors which now include Moody’s warning that it may downgrade the US AAA rating to add to the ongoing speculation the Fed will introduce QE3 tomorrow, and anticipation that the German constitutional court will today rule for Germany’s participation in the ESM bailout fund. (more…)

Markets settle down waiting for ESM ruling and FOMC

Tuesday, September 11th, 2012

Mike Paterson’s Daily Forex Brief

It’s been an understandably quiet 24 hours after the previous few sessions with focus firmly on the German ruling on ESM tomorrow and the US interest rate/QE decision on Thursday. (more…)

Weak US jobs adds fuel to US Dollar sales

Monday, September 10th, 2012

Mike Paterson’s Daily Forex Brief

Friday’s Non-Farm Payroll number came in at 96,000 versus expectations of 130,000 and markets duly concluded that the Fed will introduce further monetary easing when they meet this week. (more…)

Draghi delivers a plan but is it enough?

Friday, September 7th, 2012

Mike Paterson’s Daily Forex Brief

The ECB President yesterday got the approval from the majority of his Governing Council and delivered his “Draghi Plan” despite the opposition still coming from Bundesbank member Weidmann. (more…)

Hold on! Looks like the markets expect a D-raghi Day after all!

Thursday, September 6th, 2012

Mike Paterson’s Daily Forex Brief

The fickle finger of foreign exchange strikes again, and from this time yesterday when traders were running out of patience with ECB President Draghi their confidence of him making a move on bonds today returned and from risk-off it was smiley faces all round again-ish! (more…)