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Forex MarketWeek ending 9 January 2009: The first full week of trading for the year found many currency pairs seeking new balances as liquidity normalises, with ranges remaining generous. Australia’s November retail trade grew by 0.4% m/m with trend registering 0.1%, while dwelling approvals fell −12.8%, 34.7% y/y, and the trade surplus narrowed to AU$1.45Bn, significantly [...]
Week ending 2 January 2009, 2008 came to an end with a trading week abbreviated by holidays, light data calendars, and thin trading. Many currency pairs remained in narrow ranges despite the amplification effect of low volatility, while the VIX index eased below 40 and the TED spread fell below 150bps for the first time [...]
Week ending 19 December 2008: Market conditions continue fading to normal as reflected by the TED spread and the VIX index. USD’s role as a safe-haven currency was rocked by the cut to near-zero rates and commodity currencies were punished with crude oil falling to levels not seen since February 2004. The October Westpac-MI leading [...]
Week ending 5 December 2008: Massive rate cuts by multiple central banks around the world had little effect on forex trading markets as risk aversion remains investors’ main concern. More fundamental signs of the severity of the economic downturn were also ignored, with many currency pairs settling or remaining in well-marked ranges. The RBA cut [...]
State of Trading 4 November 2008: National economies around the world have been hit hard by the credit crunch. As these financial markets thaw, with risk acceptance returning to the forex trading market, and as currencies resume answering to economic fundamentals rather than fear and greed, here are some trading perspectives to consider. According to [...]
The long-rumoured coordinated central bank rate cuts finally occurred but did little to calm panic-stricken markets as equities bourses around the world collapsed to multi-year lows and some required closure, with VIX registering historic highs above 70 in this Apocalypse Dow. Commercial credit throughout much of the world remained frozen, and the U.S. dollar was [...]
Most currency pairs consolidated within new trading ranges and many of them fell against the U.S. dollar as the global slowdown intensifies. Commodities prices bounced as the credit crisis renewed investors’ risk aversion. The RBA’s August minutes confirm a probable rate cut of 25bps to 50bps at their next meeting on 2 September. The Westpac-MI [...]
The inflation debate and decoupling theory were quietly shelved as global growth fears resumed centre stage. Commodities prices continued to fall and currency pairs left trading ranges established months ago as the forex trading market reset relative values. As expected, the RBA left interest rates on hold at 7.25%; however, the Governor’s statement was much [...]
