Category: Forex News
Greece Already Misses 2012 Targets – Anti Austerity Government Could Emerge
A new year brings new disappointments in Greece. The debt struck country expected to see a year over year rise of 8.9% in budget revenue in January. Instead, tax revenue dropped by 7%, 1 billion euros short of target. The ongoing suffering in Greece could lead to an anti-austerity left wing government. Greek tax collection
EUR/USD Feb 8 – Bouncing from High Resistance on Slow Greek Progress
Euro dollar bounced off high resistance after the break higher yesterday. Political leaders in Greece made significant steps forward, and also the ECB may be willing to indirectly accept losses on Greek bonds, lowering the debt load on the Hellenic Republic. It seems that Germany counters this concession with a new idea to postpone the lion’s
EUR/USD Breaks Resistance On Greek Hope, Bernanke’s Gloom
Serious progress has been made among Greek politicians in accepting the troika’s demands. In the US, Ben Bernanke refused to cheer the drop in the unemployment rate and found negative aspects to cling to. Both events sent EUR/USD above the 1.3212 line and is now at the highest levels in 2012. It still has room
Growing Divide Between Stability of US and European Banks
Among the 28 officially identified Systemically Important Financial Institutions (SIFIs), there is a clear divide between the relatively low leveraged US banks, and some of their European peers, which are highly leveraged. European banks are still in the process of deleveraging. They received significant help from the European Central Bank via the LTRO, and are expected
EUR/AUD Plunges to All Time Low on Non-Farm Payrolls
The US Non-Farm Payrolls have the strongest impact on pair not involving the dollar: EUR/AUD. The rise of commodity currencies and the drop of majors, especially the troubled euro, are sending EUR/AUD to 1.22 – a new all time low. The US printed superb Non-Farm Payrolls: a gain of 243K jobs, and a drop in
EUR/USD Plunges After Non-Farm Payrolls, Commodity Currencies Rally
EUR/USD plunges after the superb US Non-Farm Payrolls. The lower chances of QE3 in the US send the dollar higher against the majors, including against the yen, which sometimes acts differently. Yet with commodity currencies the story is totally different, with gains seen in AUD, CAD and NZD. The US gained 243K jobs in January,
Excellent NFP Lowers Chance for QE3
The US job market gained 243K jobs and the unemployment rate stood on 8.3% in January. Early expectations stood on a gain of around 150K jobs and a steady unemployment rate of 8.5%. So, this is a huge upside surprise, totally unexpected. Another piece of good news comes from an actual rise in the labor
Canadian Unemployment Rate Rises – USD/CAD Jumps Above Parity
Canada gained only 2300 jobs (employment change) , much less than expected. Early expectations stood on a gain of 23.3K after last month’s 17.5K gain. The unemployment rate rose from 7.5% to 7.6%. It was expected to remain at 7.5%. It’s also important to note that full time jobs actually decreased by 3.6. So the
British Economy Doing Better Than Expected, But Pound Printing Still Coming
Purchasing managers’ indices in the UK were generally better than expected and pointed to growth in January. The chances of an official recession are now lower. Nevertheless, even if Britain escapes another quarter of contraction, the QE train seems unstoppable. The numbers The most important sector is services, which was the last to be released.
US Jobless Claims at 367K – Gradual Drops Continue
US weekly unemployment claims are at 367K. Early expectations stood on 373K. The initial report for last week’s numbers stood on 377K and was now revised to 379K. The gradual positive trend continues. The four week moving average slid from 377,750 to 375,750. It will likely slide more when the 402K number will drop off the average next week. EUR/USD