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Week ending 26 June 2009 saw continued consolidation as the forex trading market sought direction in a light data week. The Swiss National Bank indirectly intervened through BIS to weaken CHF against EUR and USD, lending credence to the theory of 1.5000 as the EUR/CHF “line in the sand.” In a light data week, the [...]
By far the most important fundamental release scheduled for this forex trading week is the U.S. Federal Reserve’s FOMC interest rate decision, slated for Wednesday, 24 June 2009, 6:15 PM GMT (Thursday, 25 June, 4:15 AM Canberra time). There’s little suspense regarding the rate decision itself; markets widely anticipate steady rates at 0–0.25%; however, traders [...]
Week ending 19 June 2009: Further consolidation within the forex trading market in a light data week as economic bears and bulls await direction. Australia’s April Westpac leading index rose 0.7% m/m but is down −3.5% annualised, while the 2Q2009 Westpac-ACCI survey of industrial trends (PMI) improved to 47.6 from 35.3; however, 1Q2009 dwelling starts [...]
Recent fundamental data releases from the U.K. have shown signs of economic life. Retail sales, the lifeblood of many industrialised nations, remain in positive territory. In April, the latest month for which figures are available, sales rose 0.9% m/m and remained 2.6% higher than in April 2008. This is in stark contrast to the U.S., [...]
Week ending 12 June 2009: The forex trading week focused on increasing risk acceptance possibly beyond economic fundamentals, with many majors consolidating and commodity currencies gaining. Traders are encouraged to read Westpac’s weekly analysis for insights into global investors’ mindsets. Australia lost 26.2K fulltime positions and gained 24.5K part-time ones in May, for a total [...]
Week ending 5 June 2009 continued poor and marginal economic data were shrugged off by markets optimistically pushing the recovery angle in a forex trading week bracketed by the GM bankruptcy and major hedge funds unwinding currency positions entered in anticipation of a Rio Tinto-Chinalco deal; The RBA left rates steady at 3.0% but indicated [...]
