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Market WrapThis forex trading week has been sharp and abrupt, with gains made one day fully retraced the next. On the other hand, data release has been quiet, with a major United States holiday and the build-up to the Australian national elections superseding the usual announcements. Risk aversion and many currencies are at record highs, and [...]
Australia’s approaching federal elections and potential tax cuts seem to have buoyed consumer confidence. Economic indicators remain positive despite the RBA’s increased inflation forecast, and point toward an interest rate hike, probably deferred until the first half of 2008. Amid the international credit crunch the world’s major banks scramble for liquidity and are likely to [...]
This week, forex trading suffered returning pessimism regarding the global credit crunch. The U.S. dollar continued to soften amidst huge assets write downs from major international banks; rumors of Barclays being the next victim prompted a temporary suspension of shares trading to ease volatility. Rising risk aversion again made carry trades seem rather heavy and [...]
This week, Forex market cynicism noted the low U.S. consumer confidence, and ignored surprisingly hawkish rhetoric and equally surprising strong U.S. job market and export growth numbers, and the dollar continued down against almost all of the world’s major currencies. Even more major financial institutions report massive losses following the global credit crunch and continuing [...]
Of special note in this week’s trading is the dramatic climb of the Australian dollar against the U.S. dollar, with a 350-pip surge this week due to speculations on a possible RBA rate hike in November and still rising gold and copper prices. This is the strongest position for the AUD in 23 years, as [...]
The trading week has been rife with concerns. Phrases like retreating stocks, declining carry trades, and global credit crunch filled analysts’ reports, as risk aversion based on the weakening U.S. dollar led investors out of speculative markets and into safer financial harbors, such as Treasury notes. Stocks slid in both the Asian and United States [...]
