The Great Britain pound fell today as the split in the ruling Conservative party led to concerns that Prime Minister David Cameron may have problems in holding his party together in voting for staying in the European Union. Iain Duncan Smith, Secretary of State for Work and Pensions, announced an unexpected resignation on late Friday. He explained his decision with “unfair” cuts in welfare. Smith is a known Brexit supporter. GBP/USD declined from … “Great Britain Pound amid Political Turmoil”
Month: March 2016
‘Going Up Is Hard To Do, But Dollar Will Go
CIBC is not alone, thinking the dollar’s fall was an overreaction. While the road to recovery may be hard, the team at Goldman Sachs sees the greenback rising: Here is their view, courtesy of eFXnews: Over the past year, the Fed has repeatedly arrested the Dollar rise and this week’s FOMC, with the shift in rhetoric … “‘Going Up Is Hard To Do, But Dollar Will Go”
Australian Dollar Recovers from Initial Losses
This week’s trading started with risk aversion that has dragged commodity currencies down. Yet the Australian dollar recovered after initial losses following the rally of Chinese stocks. Chinese regulators loosed limits on short-term margin lending for stock trades. This made the Shanghai Stock Exchange Composite Index rally more than 2%. The Aussie followed in a rally, recovering from the pressure of falling commodity prices and the risk-negative market … “Australian Dollar Recovers from Initial Losses”
ABX expands with Finemetal Asia deal
Allocated Bullion Exchange (ABX) makes a deal with Hong Kong based physical precious metals trading house Finemetal Asia. This will boost liquidity: All the details are available here in the official press release: 10 March 2016 – Allocated Bullion Exchange (ABX), the world’s first global institutional electronic exchange for allocated physical precious metals, has today announced established … “ABX expands with Finemetal Asia deal”
GOLD: Consolidates With Upside Bias
GOLD: With GOLD retaining its broader uptrend, further bullish offensive is expected. On the downside, support comes in at the 1,240.00 level where a break will turn attention to the 1,230.00 level. Further down, a cut through here will open the door for a move lower towards the 1,220.00 level. Below here if seen could … “GOLD: Consolidates With Upside Bias”
Less Hawkish Fed Makes Week Miserable for Dollar
The US dollar has ended the week on a weak footing, being the biggest loser among major currencies. The reason for the underwhelming performance was the monetary policy announcement from the Federal Reserve. The Fed did not announce any changes to its policy, making no surprise to market participants. Yet the central bank found the way to shock markets as it scaled back the outlook for monetary tightening, predicting fewer interest rate hikes compared … “Less Hawkish Fed Makes Week Miserable for Dollar”
EUR/USD: ‘That Was The Week That Was’ – BofA Merrill
EUR/USD had another exciting week, with significant moves, this time inspired by the biggest central bank. Here is a digest of the events: Here is their view, courtesy of eFXnews: That was the week that was It has now been a week since the ECB delivered its latest package of measures and so far, the initial … “EUR/USD: ‘That Was The Week That Was’ – BofA Merrill”
Can the US Dollar Rise on Carry Trade Buying?
Forex markets are looking for the next major trends in each of the most commonly traded currencies, and recent clues have shed light on some of the ways major central banks are likely to proceed in coming months. In the US, the most recent jobs data showed an increase that is well above the historical … “Can the US Dollar Rise on Carry Trade Buying?”
Dollar Index Recovers Slightly From 2016 Low
US dollar index is recovering slightly today after hitting a 2016 low yesterday. Following send remarks, the US dollar went into a tailspin. Now, though, the greenback is trading mix against its major counterparts, the dollar index is slightly higher, thanks to a lower euro. Late Wednesday and yesterday the US dollar index lost a lot ground following the announcement from the Federal Reserve that interest rates … “Dollar Index Recovers Slightly From 2016 Low”
Euro Backtracks After Praet Remarks
Euro is a little lower across the board today after remarks from Peter Praet. Indications from Praet seem to contradict the decision announced by ECB last week. The euro is weaker, but it is not below the general range that it has been trading in for the last few months. Last week, Mario Draghi, the President of the ECB, indicated that they would not cut rates anymore. Policymakers would … “Euro Backtracks After Praet Remarks”