Japanese finance minister Akira Amari sounded warnings this week that the dramatic fall of JPY had gone far enough, yet the fundamentals of Japan’s economy are so dire that further falls in the currency are highly likely. The verbal intervention stabilised USD/JPY just above the psychologically key 100 level. However, it looks like 110 is … “Abenomics will accelerate Japan’s descent into financial crisis”
Month: May 2013
UK Pound Falls after Retail Sales Data
After showing signs of mild recovery, the latest economic data out of the United Kingdom is proving disappointing. The result of the latest retail sales data is a lower pound, and speculation that things might not be turning around after all. Instead of gaining by 0.1 per cent, as many economists had expected, retail sales in the United Kingdom fell by 1.3 per cent, reports the Office for National Statistics. This represents … “UK Pound Falls after Retail Sales Data”
Euro Gains Today as US Monetary Policy is Expected to Remain Loose
Euro is gaining ground today, heading higher as Ben Bernanke’s testimony to Congress gets under way. Expectations of loose monetary policy in the United States are helping the euro today. Even though Federal Reserve Chair Ben Bernanke is likely to share optimism about the economy while testifying before Congress, there are enough doubts about inflation and the speed of the economic recovery that the loose monetary policy is … “Euro Gains Today as US Monetary Policy is Expected to Remain Loose”
Vietnamese Dong Rallies as Interest Rate Cut Is Not Expected
The Vietnamese dong rallied today as central bank Deputy Governor Nguyen Dong Tien said that an interest rate cut is unlikely to happen this year amid the ongoing banking reform. Tien said yesterday: The pressure on inflation still remains and there are still some factors that will cause inflation to quicken toward the end of the year. A further rate cut by the central bank is difficult. Thereâs a small chance. … “Vietnamese Dong Rallies as Interest Rate Cut Is Not Expected”
Hungarian Forint Rallies, Ending Sell Recommendation from Goldman
The Hungarian forint advanced today, breaking the level above which Goldman Sachs recommended their customers to close sell positions. The breakout added to the upward momentum of the currency. Goldman predicted last month that the forint would fall and recommended that clients to close positions if the currency appreciates beyond the 290 per euro level. The forint was rallying as the Hungarian economy expanded 0.7 percent in the first quarter of 2013 from the previous … “Hungarian Forint Rallies, Ending Sell Recommendation from Goldman”
USDCHF: Sideways Within Uptrend; Be Aware Of a Break
USD/CHF is trading in a slow, choppy and sideways manner during the last few days. This is a personality of a corrective price action. Therefore, we think that Dollar/Swiss is trapped in a wave four position, which could be forming a triangle in the 0.9580-0.9760 range. If that’s the case then the pair will stay … “USDCHF: Sideways Within Uptrend; Be Aware Of a Break”
GBP/USD: Trading the British Secondary GDP
British GDP is a measurement of the production and growth of the economy. Analysts consider GDP one the most important indicators of economic activity. Thus, publication of British Secondary GDP could have a significant impact on the movement of GBP/USD. A reading which is better than the market forecast is bullish for the pound, especially … “GBP/USD: Trading the British Secondary GDP”
Tradenext Adds Jason Gibson as Head of Trading
Indian owned forex broker Tradenext hired Jason Gibson as a strategic hire. Gibson will work as the head of trading in the company. He has around 20 years of experience, working in RBS among other firms. Tradenext recently won the “Best New Company” award at City of London Wealth Management Awards 2013. Here are more details … “Tradenext Adds Jason Gibson as Head of Trading”
MahiFX asks public if to add MetaTrader 4 to its
New Zealand based forex broker MahiFX is considering adding support for MetaTrader 4 in addition to its proprietary platform, and is conducting a short online survey about this. Here is how it looks like, and there is some more background information below: MahiFX is in process of its latest development phase for its proprietary platform, developing features … “MahiFX asks public if to add MetaTrader 4 to its”
Swiss Franc Mixed After IMF Report
The Swiss franc fell against the euro today, extending yesterday’s drop. The currency recovered a bit against the US dollar following the decline on the previous session and advanced versus the euro. The IMF released its assessment of the Switzerland economy, which was fairly optimistic. It said that “the Swiss economy has been relatively stable” and predicted: The economy is expected to regain momentum only gradually, in line with a baseline scenario of subdued global … “Swiss Franc Mixed After IMF Report”