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And so the potential double top in EUR/USD (and its correlated currency pair, USD/CHF) appears to have fizzled out, alongside repeated expectations of a U.S. dollar bounce. This returns forex traders to the original call of ongoing USD weakness and possible parity with CHF, with a run on the historic EUR/USD high of 1.6037 not [...]
USD continued to lose ground this forex trading week, as cautious optimism sought risk and rewards, pushing select commodities and equities ever higher. Gold set another historic record at $1070.45, crude oil topped $77/bbl. Australia’s September NAB business confidence fell slightly to 14, business conditions to 3, while October consumer confidence improved 1.7% m/m. October [...]
The big forex trading news this week is the RBA rate hike. Although only 25bps, from 3.0% previous to 3.25% current, it’s the first amongst the G-20 nations since the global financial crisis began and Governor Stevens didn’t hesitate to mention more can be safely expected. AUD/USD jumped on the news, rallying almost 140 pips [...]
Positive glimmers among light data kept traders engaged this forex trading week. Commodities rocked and equities rose on general risk acceptance. Corporate earnings season could well drive markets next week. Several majors set new 2009 highs versus USD and gold set historic highs four days straight. The RBA astonished markets with a 25bp rate hike, [...]
The battle between risk acceptance and risk aversion continues, with equities, commodities, and global political rhetoric driving currency movements. General risk aversion returned from disappointing U.S. consumer and employment data. The RBA meets Tuesday, 6 October, and is expected to maintain rates at 3.0%. August retail sales increased 0.9% m/m, with private sector credit rising [...]
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 [...]
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 [...]
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 [...]
