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Forex MarketWeek 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 [...]
Many currency pairs within the forex trading market remain balanced near technical tipping points, as if traders are uncertain which direction the various financial markets may take. With dealer and analyst chatter increasingly focusing on the probability of recent equities gains comprising no more than a “sucker’s rally,” as in this recent canny editorial by [...]
Week ending 24 April 2009: Continued consolidation in forex trading, with many currency pairs returning to the previous week’s levels in a short-term trader’s market. Australian 1Q2009 PPI printed −0.4% q/q, 4.0% y/y, and CPI printed 0.1% and 2.5%. April DEWR skilled vacancies fell −8.9% and tax receipts are expected to contract more than the [...]
Week ending 27 March 2009: More sharp gains in global equities markets, plus crude sustaining above US$50/bbl, increased speculation although yields in one-month Treasuries fell back into negative territory. Economic and political gaffes fueled market movements ahead of the G20 meeting. In a light Australian data week, the January Conference Board leading index improved to [...]
Forex traders face several fundamental risk events scheduled for release Thursday, 5 March 2009, including: • The second reading on the Eurozone’s 4Q2008 gross domestic product, due to be released 10:00 AM (all times GMT). The initial reading printed −1.5% q/q, −1.2% y/y, and no adjustments are anticipated at this time. • The Bank of [...]
Week ending 6 February 2009: Another round of mixed data saw investors developing tougher hides this forex trading week, ending in increased risk appetite benefiting mainly the commodity and higher-yielding currencies. As expected, the RBA slashed rates by 100bps to 3.25%, easing 400bps since September. December new home sales fell −1.7% m/m, building approvals −32.9% [...]
Week ending 30 January 2009: This forex trading week, signs of a gradual thaw in credit markets eased risk aversion early on, but week’s end saw renewed strength in safe haven currencies. The RBA meets Tuesday, 3 February, and is expected to lower rates by 50–100bps from the current 4.25%. The 4Q2008 PPI rose 1.3% [...]
Week ending 16 January 2009, another round of risk aversion as corporate earnings season emphasizes the undercapitalization still dogging many international banks and more government bailouts were required in the U.S. The disconnect between fundamental data and currency pair behaviour became sharper as fear dominated forex trading. The Australian economy shed −1.2K jobs in December, [...]
