Euro moved higher yesterday, extended the gains after a broken resistance line, which suggests that we have a temporary bottom in place. We are now looking at the updated wave count which suggests that Euro trades in the first leg of a recovery; wave (A) which is part of a 3-wave corrective bounce that should … “EUR/USD: Temporary Change In Trend”
Month: October 2011
Fears About Europe Again Hit Forex Again, Rand Feels Impact
The South African rand dropped today as the concerns about the sovereign-debt crisis in Europe reminded about itself by dissipating risk appetite among Forex traders. The unwillingness to risk was felt by higher-yielding currencies such as the rand. European Central Bank President Jean-Claude Trichet said the crisis reached a “systemic dimension” and threaten Europe’s financial system. The rand reversed losses as the European Union and the International Monetary Fund hinted that Greece may receive … “Fears About Europe Again Hit Forex Again, Rand Feels Impact”
Euro Lower as Slovakia Presents Last EFSF Roadblock
Euro is struggling today as risk aversion sets in, and as concerns about Slovakia‘s approval of the EFSF come to light. Slovakia is the last eurozone country to vote on expanding the bailout fund meant to contain the sovereign debt crisis. One of the ruling parties in the Slovak government has said that it will abstain from voting on the EFSF expansion deal, and that means that the Slovak government will have to scramble to find support … “Euro Lower as Slovakia Presents Last EFSF Roadblock”
Soft Data in UK Could Mean Slide for Pound
Once again, the UK economy is in focus as the latest data release offers disappointment. Manufacturing production in August fell 0.3 percent, and analysts are once again returning to the fact that the British economy saw quarter two growth at just 0.1 percent. It’s really no surprise that, given the extremely slow nature of the economic recovery in Britain, the MPC announced another round of quantitative easing. QE in Britain is meant … “Soft Data in UK Could Mean Slide for Pound”
Recent Losses Attract Traders to Franc, Will SNB Intervene?
The Swiss franc advanced today against all other most-traded currencies as the recent weakness of the currency attracted Forex traders. There are various reasons for the rally of the Swiss currency. The recent losses of the franc attracted bulls to the franc, while the prevailing risk appetite made bears to cover positions. The advance of the euro was benefiting for the franc since the Swiss currency is tied by the shared European currency by the Swiss Central Bank. Most economists don’t … “Recent Losses Attract Traders to Franc, Will SNB Intervene?”
FXCM Partners with Bourse Direct to White Label Forex
Bourse Direct, a French financial broker, will white label the Trading Station platform of US Forex broker FXCM. This partnership is another move that extends the activity of FXCM. Bourse Direct has over 50,000 registered account holders that will now have access to the capabilities that FXCM France account holders have. This expansion follows the … “FXCM Partners with Bourse Direct to White Label Forex”
Japanese Yen Weaker Against Most Currencies (Not the Dollar, Though)
Japanese yen is weaker against most major currencies today, thanks to the risk appetite that is spurring demand for higher yield assets. Global equities are rallying, and Forex traders are ready to earn a little more. The only exception is the US dollar, which is down against the yen. With the latest news out of the eurozone, there are new hopes that the sovereign debt crisis really will … “Japanese Yen Weaker Against Most Currencies (Not the Dollar, Though)”
US Dollar Slumps on Risk Appetite, Higher Gold
US Dollar is slumping today as risk appetite makes an appearance. Gold prices are also heading higher, and that is putting some downward pressure on the greenback, as it appears that gold might not be a safe haven any longer, and it is ready to resume its inverse relationship to the US dollar — at least for now. Optimism is making a showing on the Forex market today, brought along by the latest … “US Dollar Slumps on Risk Appetite, Higher Gold”
Merkel & Sarkozy Return Hope for Euro Bulls, Euro at Monthly Record
The euro reached today the highest level this month as leaders of Germany and France maintained their stance to keep Greece in the Eurozone and promised to find a solution to the current crisis. German Chancellor Angela Merkel and French President Nicolas Sarkozy said yesterday they set a three-week deadline to themselves for recapitalizing banks and finding a “durable” solution for the problems of the Eurozone. Merkel promised they will do “everything necessary” to ensure the European banks have enough … “Merkel & Sarkozy Return Hope for Euro Bulls, Euro at Monthly Record”
MahiFX Launches in February 2012 – Provides Nice Inforgraphic
A new forex broker, MahiFX is getting ready to launch in February 2012 in Christchurch, New Zealand. Before they launch, they have provided a funny teaser comparing your annual income with that of John Paulson. Here are all the details, the press release is below. And here is another opinion about this campaign. High Tech Meets … “MahiFX Launches in February 2012 – Provides Nice Inforgraphic”