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In a light data week, the first intimation from the FOMC regarding withdrawing liquidity supplies from financial markets caused resurgent risk aversion and some USD strength. Commodities and equities weakened, taking the commodity dollars with them, but still not beyond current ranges.
Australia’s August new home sales surged 11.4% m/m but September DEWR skilled vacancies rose [...]
The Bank for International Settlements is preparing to initiate its triennial survey of the forex trading market. 54 central banks and more than 4,000 financial institutions are expected to cooperate with and contribute to the survey, scheduled for April and June of 2010.
This survey assumes a significance not shared by its predecessors. The twelve months [...]
A bullish forex trading week turns jittery, with gold nearing historic highs and the U.S. dollar striking 2009 lows against multiple currencies.
September RBA meeting minutes indicate a rate hike isn’t likely in October. 2Q2009 dwelling starts fell −3.7% q/q and the July Westpac-MI leading index growth rate slid to −1.8% annualised. AUD/USD pushed through previous [...]
Dealer chatter increasingly focuses on the possibility that USD has become the funding currency of choice for the carry trade, due to its emergence as the cheapest to borrow on the global block. The theory certainly explains the strong negative correlation between USD and risk acceptance, as well as the strong direct correlation between AUD/USD [...]
Ranges broke this forex trading week as investors positioned for global growth and stronger inflation, pushing gold and crude oil higher with the commodity dollars in tow, while ignoring warnings from central bankers regarding the weak and bumpy recovery expected.
Australia lost 15K jobs in August; a fall in the participation rate kept unemployment at 5.8%. [...]
The long-awaited break may finally be shifting forex trading summer ranges. EUR/USD, AUD/USD, NZD/USD, XAU/USD, and USD/CHF all pushed through stubborn support and resistance levels as USD set new lows for the year; USD/CAD initiated an attempt but turned at support and reversed its run as the day’s only Canadian fundamental announcement, July building permits, [...]
Despite undeniably improving fundamental data, investors continue to question the sustainability of the recovery. In the week, volatility spiked higher, taking the VIX close to 30 before easing, while currency liquidity remained thin, most ranges held, and gold spiked to close at US$993.65.
The RBA left rates at 3.0% and issued a cautious statement, as 2Q2009 [...]
