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Forex Trading MarketWeek ending 23 January 2009: Fear continued to drive forex trading this past week, with JPY and USD appreciating as safe havens, and further weakness in GBP, EUR, and commodity currencies. January Westpac consumer confidence printed at −2.2 from 7.5 previous. New motor vehicle sales in December rose 1.8%, nevertheless are down −15.7% y/y, while [...]
Week ending 28 November 2008. In a trading week with few fundamental announcements, further diminished by the U.S. Thanksgiving holiday, the E.U. proposed an economic stimulus package of EUR200Bn and the U.S. government planned bailouts for Citigroup and the frozen consumer credit markets. Although some equity markets rebounded, risk aversion and uncertainty remain high, and [...]
Week ending 21 November 2008. Global stock markets have suffered losses of USD16T since the collapse of Lehman Brothers and crude oil fell beneath USD50 per barrel as investors continue to flee risky assets and unwind carry trades. In a week marked by currency consolidation, fear remains the paramount driver, with VIX touching 89, recovering [...]
Week ending 14 November 2008: As credit markets continue thawing, stimulus packages are unveiled around the world. Leaders from the G20 nations meet this weekend to discuss increasing transparency and stability in global financial markets. The November Westpac-MI consumer sentiment index rose to 85.5 although economic pessimists still outnumber optimists by 14.5 index points. September [...]
Week ending 7 November 2008: U.S. stock markets greeted their new president-elect with the largest two-day drop since 1987. Rate-cut fever hit Switzerland (50bps), Denmark (50bps), and Czechoslovakia (75bps) and the LIBOR fell to 2.29% by week’s end in a forex trading market that remained generally rangebound, with currency pairs seeking a new balance in [...]
Week ending 31 October 2008 Halloween can hold no terrors for survivors of October 2008. Credit markets continued to thaw, while equities and other markets emerge from arguably the worst month in financial history. Central banks around the world continue slashing rates as the global slowdown intensifies, with only forex trading remaining potentially profitable. The [...]
Week ending 24 October 2008 The safe haven flow of funds, from collapsing emerging markets to the U.S., continued full strength. With the global slowdown looming bigger and rougher than previously anticipated, currency markets are equalizing from USD multi-year lows, and only the yen’s appreciation through the unwinding of carry trades could top it. The [...]
Week ending 17 October 2008 Although credit markets began thawing, there is no suggestion of normalcy and economic growth continues to stall worldwide. Currencies consolidated within new levels and volatility remains high. The Westpac-MI leading index for August fell −0.1% with annual growth slowing to 2.5%, below trend of 4.0%, and the September NAB business [...]
