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Market WrapThis forex trading week saw continued weakening of the U.S. dollar against many major currencies as the world’s largest economy enters, if not a recession, then something remarkably similar. No bottom has yet been reached for the global financial crisis, with current loss estimates at $181bn and investors again reducing high-yielding risky positions. With carry [...]
The third attempt was the charm: EUR/USD breached the psychological 1.50 barrier, breaking free from the 1.43–1.49 range in which it had been trapped since November 2007 and touching 1.5239 before closing at 1.5179. Several other currency pairs reached record levels during this forex trading week, including NZD/USD at 0.8213 and EUR/GBP at 0.7677, while [...]
Inflation was the watchword for the week, with record high commodity prices continuing to boost consumer and business prices across the globe, but mainly highest within the energy and food sectors. Inflationary pressures continue to drive the Australian economy, with wages, motor vehicle sales, construction activity, and investment spending all either expected to rise or [...]
A rather mundane week for the forex trading market, with most of the major currencies rangebound and traders unwilling to force new boundaries. All concerned await the outcome of the monoline bond insurance fiasco and whatever is coming next in the ongoing credit crunch and increasingly global financial crisis. As the RBA has confirmed higher [...]
The long-expected about-face of M. Trichet came on Thursday 7 February: although the ECB maintained Eurozone interest rates at a steady 4%, the statement released, rather than containing the usual hawkish focus upon inflation, instead admitted the downside risks to economic growth and the Euro began to slide as investors feared the ECB, unlike the [...]
Another 50bps interest rate cut by the FOMC, another open-ended statement allowing room for additional cuts, and still the U.S. dollar holds its own as risk aversion buoys safe-haven currencies. A consortium of major banks team together to rescue their insurers in a fascinating example of financial incest. The forex trading market seemed to pause [...]
The big news remains the FOMC’s 75bps emergency rate cut Tuesday, the largest single U.S. interest rate cut for 25 years. Although the FOMC’s released statement discussed “weakening of the economic outlook and increasing downside risks to growth,” the move’s timing suggested an unspoken intention of controlling the butchery amongst global stock markets, ironically moderate [...]
The big news remains the FOMC’s 75bps emergency rate cut Tuesday, the largest single U.S. interest rate cut for 25 years. Although the FOMC’s released statement discussed “weakening of the economic outlook and increasing downside risks to growth,” the move’s timing suggested an unspoken intention of controlling the butchery amongst global stock markets, ironically moderate [...]
