Cable is in uptrend for a few weeks now, and a recent decline does not signal for any change in trend. In fact, a personality of a current fall from 1.6275 is clearly corrective; slow and choppy waves, which means that larger uptrend is incomplete. As such, on the 4h chart a recent decline is … “Cable: It’s just a corrective pull-back- Elliott Wave”
Month: February 2011
Rumor: Mubarak Death Imminent
There are more reports that ex-Egyptian president Hosni Mubarak is very sick and that his death is imminent. Reportedly, Mubarak refused to accept medical treatment, fell into a coma and will die at Sharm el-Sheikh. Initial rumors about his coma were heard a few days ago, but now these reports are heard from various sources. … “Rumor: Mubarak Death Imminent”
South Korean Won Gains on China’s Inflation
The South Korean won recovered from its earlier losses today as the lower than expected growth of China’s consumer prices reduced probability of further tightening by Chinese government to reduce inflation. China’s annual inflation grew 4.6 percent last month, compared to the analysts’ expectations of 5.4 percent growth. Chinese government was trying to reduce the growth of inflation by performing tightening measures, but now the government may for some time refrain … “South Korean Won Gains on China’s Inflation”
Japanese Yen Weakens as Demand for Safety Wanes
The Japanese yen weakened today as the slower than expected inflation in China and improving economy of Europe decreased demand for safer currencies. China’s statistics bureau reported that the consumer prices advanced 4.9 percent in January from a year ago, compared with the growth by 4.6 percent in December. The median forecast promised an increase by 5.4 percent. The slowing inflation reduces the probability of further tightening measures by China’s government. The reports from Europe today … “Japanese Yen Weakens as Demand for Safety Wanes”
Canadian Dollar Weakens After Crude Declines, Still Looks Good
The Canadian dollar weakened against its US counterpart today after crude oil declined, but the speculation that Canada’s central bank will raise the interest rates before the European Central Bank allowed the Canadian currency to erase the losses versus the euro. The loonie strengthened at the beginning of today’s trading session as crude oil, the key export of Canada, advanced after the report that China’s imports surged 51 percent last month. … “Canadian Dollar Weakens After Crude Declines, Still Looks Good”
New Zealand Retail Sales Declines, Kiwi Remains Flat
Today’s report about the decline of New Zealand retail sales weakened the nation’s currency, but the New Zealand dollar regained its strength later and currently trades almost flat versus the US dollar and the Japanese yen, and even posted gains against the euro. Statistics New Zealand reported today that the seasonally adjusted total retail sales value decreased 1.1 percent in December, following the 1.2 percent increase in November. The decrease … “New Zealand Retail Sales Declines, Kiwi Remains Flat”
Money in Motion Currency Trading Sponsored by FXCM
CNBC is airing a new show, solely dedicated to forex trading. The new show, starting on February 25th, will be sponsored by US forex broker FXCM, that puts its foot in the mainstream media. The show on Friday’s will likely summarize the week, as it’s aired in the US afternoon. But Money in Motion will … “Money in Motion Currency Trading Sponsored by FXCM”
Euro Drops as Nations Argue Against Debt-Reduction Measures
The euro fell against most of 16 major currencies today as some nations criticized the plans for battling the debt issues, causing concerns that the sovereign-debt problems won’t be resolved soon. Greece criticized demands of the European Union and International Monetary Fund to sell state assets in order to raise â¬50 billion by 2015 for paying debts. The nation also joined Italy in arguing against annual debt-reduction targets. Irelandâs largest opposition party … “Euro Drops as Nations Argue Against Debt-Reduction Measures”
Poland’s Current Account Deficit Weakens Zloty
The Polish zloty weakened today as Poland’s current account deficit surged. The currency is expected to depreciate further. Poland’s current account deficit almost doubled in December from a year ago as the accelerating economic growth increased consumption. BNP Paribas predicted that EUR/PLN may continue to rise, but it’s required to break through the resistance level of 3.94 to post significant gains. USD/PLN rose from 2.8940 to 2.9222 as of 11:42 GMT, … “Poland’s Current Account Deficit Weakens Zloty”
Dollar Index: Weekly Spike Reversal
After a significant five wave reversal on dollar index from 76.85 region, we decided to look on the weekly chart, which is showing a very bullish set-up for the weeks ahead. You will notice a trend line connected from early 2008 which holds dollar index up for almost 3 years now. In fact, each time … “Dollar Index: Weekly Spike Reversal”