The market didn't react to PPI or Trade Balance news releases. We watched it sit in a 10 pip range for over two hours without a conservative ...
Daily Forex Report - USD soft despite smaller than expected retail sales decline
USD traded at a new 14 month low Wednesday as equity markets rally, risk appetite rises and optimism about the global recovery grows. Better than expected earnings at Intel and report of a smaller than expected decline in China's exports fuel optimism about the global recovery. Improving economic data from Europe supports the EUR and GBP with EU industrial production rising and the pace of UK job losses slows. The USD was also pressured by dovish comments from the Fed's Kohn and concern about USD reserve status. Kohn said that the US recovery will be more gradual than V-shaped and deflation is a bigger threat than inflation. Kohn went on to say that US unemployment could top 10% in 2010. Kohn's comments confirm that US interest rates will stay low for an extended period. Low US yields and rising US budget deficit are the major fundamental negatives for the USD. Russia's finance minister said that the USD role as the reserve currency will decline and Russia's president calls for a new supranational currency to replace the USD. These comments revive concern about USD reserve status. JPY traded higher supported by BOJ upgrade their outlook for Japan's economy and a statement from an MOF official downplaying the need for intervention based solely on JPY strength. US economic data was mixed with retail sales declining less than expected import prices posting a modest rise and business inventories declining by more than expected. USD remains vulnerable to improving risk appetite, anticipation that the Fed will maintain low yields for some time to come and speculation that there is no US or G-7 consensus on the need to support the USD. USD is approaching extreme oversold and this could set the stage for a technical rebound. The trade will be monitoring how the Fed plans to deal with the declining USD.
The 'Risk Trade' Surges Across The Board - Forex Trading, Currency ...
The 'Imperil Barter' Surges Across The Board Store Abridged
USD irresoluteness was the drill thesis in the Asian assembly. The DXY is now making green lows, while the EURUSD peaked above thee 1.4900 caress. Nonpareil once gained some justification on the greenback partiality, stopping fair-minded little of the 1.6000 up on. Complete, hazard correlated trades are showing a star playing and there seems to be not any in the way of shifting chance liking. Even a dispatch that had Mopish's stating that banks in Spain were lacking to accept the full limitation of their losses could not sprinkle the idealistic opinion. In besides, the Huffy's write-up also stated that assumption the value of the bad liability, the Spanish banks would have scarce topping to cover-up. And in another article it mentioned that 13 EU fellow states were in a turned on jeopardy team, due to bad loans and couldn't see how they could grant their debts through justified allege revenues. Perhaps the rumour that Intel's corporate earnings had topped dissection expectations helped mute the Temperamental despatch. High-mindedness trade in and commodities rallied on the dictatorial numbers and USD sank.
The BoJ Approach Board ended its two-day nummary junction with a unanimous purposefulness to pull out rates unchanged at 0.1%, as was without exception expected. The accompanying assertion did not footnote on the end-December deadline for commercial legal papers and corporate link buying operations, as some had predicted. What was more apposite was comments from Japan 's stand-in commerce dean expressing views on the JPY, which were indistinguishable to those of Pay for Preacher Fujii. He stated that popular JPY solidity is due to USD partiality, and that mammoth FX swings are unwelcomed, and that rises in the JPY is not an barely acceptable senses for intervention. In other words, an seemly na incandescence to buy JPY.
In the US sitting, markets will be watching Retail Sales and FOMC minutes, as well as corporate earnings from JP Morgan and Morgan Stanley. The FOMC minutes will be closely examined, as participants aim definition on the Fed's contemporaneous determine on take to one's heels strategies
...News
WORLD FOREX: Dollar Falls Vs Euro,Yen On China Reserves ReportMarketWatch - Oct 26, 2009
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The Options Insider - Oct 26, 2009
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Sumfolio.com - Oct 23, 2009
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ForexTV.com - Oct 26, 2009
However, on a positive note, the Conference Board said its leading indicators index advanced for the sixth straight month, rising 1% month-over-month in and more »