After Spain “went Irish” by taking over Bankia, and Catalonia asked for help, the road to asking for external help became a slippery slope. There are reports that the German leadership already pressured Spain to accept a bailout program, and that Madrid refused. But now, a bailout program is becoming reality as Spain is running out … “4 Options for Spanish Bailout”
Month: June 2012
Fed Running Out of Options, Spain Running Out of Money
Hopes for QE3 rose after the terrible NFP, but with extremely low yields, the Fed is running out of bullets. Spain just doesn’t have enough money to go around, and is much closer to a bailout that European leaders admit, says David Rodriguez of DailyFX. In the interview below, Rodriguez discusses Spain, QE3, Japan’s debt, … “Fed Running Out of Options, Spain Running Out of Money”
USD/JPY: Trading the US Non-Manufacturing PMI
The US Non-Manufacturing PMI is based on a survey of purchasing managers in sectors other than manufacturing. Respondents are surveyed for their view of the economy and business conditions in the US. A reading which is higher than the market forecast is bullish for the dollar. Here are all the details, and 5 possible outcomes for USD/JPY. Published on … “USD/JPY: Trading the US Non-Manufacturing PMI”
June Monthly Outlook Released
The monthly forex outlook has been released. This follows the previous reports for May and quarterly reports beforehand. After a dramatic month in Europe, as expected, we will probably see another one in Europe and elsewhere. Apart from the worsening situation in Spain, a second round of Greek elections, the Fed’s “Operation Twist” ends in … “June Monthly Outlook Released”
Ringgit Falls as China’s Growth & US Recovery Slows
Asian currencies, the Malaysian ringgit among them, were down today as negative data from China on the weekend followed poor macroeconomic reports from the United States on Friday. China’s Purchasing Manufacturing Index fell to 55.2 in May from 56.1 in April. The report followed Friday’s US non-farm payrolls that showed employment growing by just 69,000. The data signaled that global economic recovery is slowing and that had a negative … “Ringgit Falls as China’s Growth & US Recovery Slows”
Euro Rebounds, Is Rally Sustainable?
The rebounded today, posting the second day of gains, but sustainability of the rally is highly questionable. Earlier, the currency declined as European leaders struggled to find a solution for the debt problems of the European Union. Concerns about the potential breakup of the eurozone grow as politicians cannot provide anything that resembles a meaningful plat to contain the crisis. Germany still objects implementation of joint euro-bonds, arguing that it would not help to resolve the issues. Such … “Euro Rebounds, Is Rally Sustainable?”
Canadian Dollar Mixed as Traders Consider Bank of Canada
Canadian dollar is mixed today, turning in a spotty performance, as Forex traders weigh the week ahead. Commodities are lower, which affects the loonie, but there is also a small element of risk appetite, which is helping. Right now, loonie is higher than the greenback, gaining ground on the idea that the Canadian economy is better off than the US economy. Against the UK pound, though, loonie lower. … “Canadian Dollar Mixed as Traders Consider Bank of Canada”
US Dollar Slips After Earlier Strength
Earlier, US dollar was higher against its major counterparts, gaining as Forex traders looked for safe haven as growth worries persisted. Now, though, the greenback is heading a little bit lower as a bit of optimism peeks through. US dollar is pulling back a little bit today, after some earlier strength. Concerns about declining Asian markets and other indicators of slower global economic growth prompted gains … “US Dollar Slips After Earlier Strength”
Forex Crunch Key Metrics May 2012
Market turmoil in May certainly had a positive impact on traffic, with higher page views, unique visitors, newsletter subscriptions and more. The market action that began with the Greek elections on May 6th continued as also Spain made many negative headlines. Excluding the one time leap in January 2012, this is the best month so … “Forex Crunch Key Metrics May 2012”
Yen Climbs on Worse-Than-Expected US Macroeconomic Data
The Japanese yen climbed against most other major currencies after US macroeconomic report left Forex market participants disappointed and made them seek a safe haven. US employment data was disastrous, signaling that growth of employment in the United States is stalling. Non-farm payrolls grew by just 69,000, more than two times below the average estimate of 151,000. The unemployment rate unexpectedly ticked up by 0.1 percentage … “Yen Climbs on Worse-Than-Expected US Macroeconomic Data”