Cautious optimism is helping the Canadian dollar right now as stocks recover from the last two days of big losses. Risk appetite is making a cautious appearance on good news out of the US. The FOMC is meeting today, wrapping up a two-day conference. However, with the latest ADP news indicating that jobs were added to the US economy, it looks as though it will be a non-event — and QE3 … “Canadian Dollar Moves Higher as Cautious Optimism Shows”
Month: November 2011
Euro Finds Some Support in Forex Trading
After yesterday’s struggles, the euro is finding some support to day on the currency market. Euro is making gains, despite the problems that continue to plague the eurozone. Concerns about what happens next with Greece are still causing some trouble, limiting gains by the euro, but the 17-nation currency is moving higher today. Greek Prime Minister George Papandreou managed to get his cabinet to agree to a referendum on the eurozone … “Euro Finds Some Support in Forex Trading”
British Construction PMI Jumps, GBP/USD Unconviced
According to the latest purchasing managers’ index for October, Britain’s construction sector is growing nicely once again: the score rose from 50.1 to 53.9 points. Early expectations stood on no change. 50 points is the line that separates contraction from expansion. GBP/USD rose a bit at first, but then dropped back down to around 1.60. … “British Construction PMI Jumps, GBP/USD Unconviced”
GBP/USD: Trading the British Services PMI
The British Services PMI (purchasing managers’ index) is an important leading indicator which focuses on the services industry. As the PMI comes out at the beginning of each month, analysts and traders look closely at the index for any hint of a market trend. Here are all the details and 5 possible outcome for GBP/USD. Published … “GBP/USD: Trading the British Services PMI”
Yen Again in Favor of Traders
The Japanese yen returned its strength as the unclear prospects of the Greek referendum make traders to seek safer currencies and Japan’s one remains an obvious option in such cases. The expected referendum in Greece makes Forex traders anxious. What if the referendum would end in “no” vote? A default is most likely outcome, and a disorderly one. And a negative vote is a definite possibility, considering how bad most of Greece’s citizens are feeling … “Yen Again in Favor of Traders”
Franc Down as Swiss Economy Loses Momentum
The Swiss franc dropped today as the declining retail sales and the PMI spurred the speculation that Switzerland’s economy is losing steam. The retail sales fell 0.9 percent in September from a year ago after declining 0.8 percent in August. The actual reading was nowhere near the forecasts of a 2.3 percent growth. The SVME PMI was at 46.9 in October, while the index was at 48.2 in the previous month. Economists hoped for a smaller drop to 47.8. … “Franc Down as Swiss Economy Loses Momentum”
NZD/USD: Trading the New Zealand jobs November 2011
The New Zealand employment change indicator, which is released quarterly, provides the earliest indication of the employment situation. The importance of employment numbers, coupled with their publication early in the month could have a significant impact on NZD/USD. Here are the details and 5 possible outcomes for NZD/USD. Published on Wednesday at 21:45 GMT. Indicator … “NZD/USD: Trading the New Zealand jobs November 2011”
FOMC Disagreement Likely To Yield No Policy Changes
The ammunition that the Fed claims to have will likely stay in storage for now. David Rodriguez of DailyFX says that the disagreement within the members is likely to yield a unified message but no action. Mario Draghi will likely want to build credibility and skip a rate cut. And what about the credibility of … “FOMC Disagreement Likely To Yield No Policy Changes”
Forex Crunch Key Metrics October 2011
October was definitely a dramatic month, but after the extreme action in September and in August, October’s moves were somewhat less volatile. In October, the forex quarterly report was introduced. At the beginning of November, the new Trade Forex Responsibly eBook was launched, both through a new newsletter. The number of subscribers is presented here … “Forex Crunch Key Metrics October 2011”
UK Pound Lower Against US Dollar, But Up Against Euro
UK pound is down against the US dollar today — but what high beta currency isn’t? With all of the uncertainty surrounding Greece, China and MFGlobal, it’s really no surprise that stocks are being routed, and the pound is following suit. However, the pound is mainly down against the US dollar and the Japanese yen as investors look for safe haven. Against other currencies, the UK pound seems … “UK Pound Lower Against US Dollar, But Up Against Euro”