The Great Britain pound weakened today after the report showed that Britain’s services PMI dropped lower than was forecast by the analysts as a result of the poor weather and snow. The Markit Services PMI dropped from 53.0 in November to 49.7 in December. The predicted value was 52.9. The report attributed the decline to the bad weather and the weak demand from the public sector and said that “underlying trends remained subdued”. GBP/USD declined from 1.5513 … “Great Britain Pound Weakens After Bad PMI Services Report”
Author: admin_mm
GFT Rebates – Switch Brokers Easily?
GFT wants more forex traders, and offers a nice incentive to woo them from other brokers – a one pip rebate for every trade the trader made – as long as they prove they have another account. This promotion is very interesting because of the targeting – GFT targets only existing forex traders, excluding newbies. … “GFT Rebates – Switch Brokers Easily?”
Eur/Usd Triangle-Follow Up
Triangle formation is acting very well so far, as the Eur fell quite sharply yesterday against the US dollar down to 1.3120 region. You will notice that pair found the base exactly at the lower support line of a triangle, so a pull-back will likely appear from this region into a wave E, final leg … “Eur/Usd Triangle-Follow Up”
Canadian Dollar Rallies as Commodities & Stocks Gain
The Canadian dollar rallied today after the significant growth of the US employment boosted commodities, including crude oil, and stocks, increasing demand for the currencies linked to economic growth. Employment in the US posted the tremendous growth of 297,000 in December, which is almost three times as big as forecasts promised. The good news increased investors’ risk appetite and spurred commodities. February delivery for crude oil, the main Canada’s export, advanced as much as 1.1 percent … “Canadian Dollar Rallies as Commodities & Stocks Gain”
US Dollar Rises with Employment & Services Index
The US dollar surged today, experiencing a very good beginning of the year as the macroeconomic reports post good results virtually every day. Today we had the reports about employment and services industries in the US, which confirmed the positive trend. The ADP National Employment Report showed that private-sector employment increased by 297,000 in December from the revised November increase of 92,000. The analysts predicted the increase to only 101,000. The Report On Business of the Institute for Supply … “US Dollar Rises with Employment & Services Index”
Irish Bank Defaults Ahead?
A draft paper a senior EU executive suggests that also senior debt holders would also take losses. This may apply to Allied Irish Banks (nyse:aib) and Bank of Ireland (nyse:ire). Both AIB and the Bank of Ireland have already “enjoyed” such bad rumors, but now that it appears in an official paper, it means trouble. … “Irish Bank Defaults Ahead?”
Euro Declines on German Unemployment & Greece’s Troubles
The euro slipped today on the speculation about Greece’s default and after the report showed that the unemployment in Germany rose, renewing the talks about collapse of the Eurozone. The unemployment rate in Germany, which was steadily declining through 2010, unexpectedly rose by 3,000 in December, following the decline by 8,000 a month earlier. It was expected to drop by 12,000 in December. Greece’s finance minister stated that Greece is not discussing the debt restructuring, resulting … “Euro Declines on German Unemployment & Greece’s Troubles”
Intervention Causes 20-Year Record Decline of Chilean Peso
The Chilean peso dropped today most in twenty years after the central bank announced its intention to purchase $12 billion in the foreign-exchange market. Jose De Gregorio, the Governor of the Central Bank of Chile, also presented yesterday the plan to purchase $50 million per day from January 5th to February 9th. Previously the peso surged as the rally of copper prices improved the outlook for Chile’s economy. USD/CLP climbed today from 487.85 to 492.50 … “Intervention Causes 20-Year Record Decline of Chilean Peso”
Non-Farm Payrolls Preview – High Hopes
2011 begins with the last Non-Farm Payrolls report for 2010, and it will probably be a good one. Here’s what to look out for, and how it will impact currencies. The last Non-Farm Payrolls report, for November, was terrible. Only 39,000 were added, with weakness in all sectors. The expectations were for a much stronger … “Non-Farm Payrolls Preview – High Hopes”
British Construction Squeezes
The British construction sector contracted in December – the purchasing managers’ index fell under 50 points, meaning that the sector is contracting. The early expectations stood on growth – a score of 51.1 points. This is bad news, as the construction sector was supposed to be an engine of growth for the UK in Q4. … “British Construction Squeezes”