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Dollar Weakens as Obama Extends Tax Cuts

The US dollar weakened today as the investors’ demand shifted from the safer currencies to the higher-yielding ones after the US President Barack Obama said he’s going to sustain the tax cuts. The middle-class tax cuts, introduced by the administration of George W. Bush, were set to increase on December 31st. The news about prolonging of the tax cuts spurred the markets: the MSCI World Index of stocks went up 0.4 percent and the Stoxx Europe 600 Index … “Dollar Weakens as Obama Extends Tax Cuts”

Elliott Wave Video Analysis: Aussie, Euro, Gold and S&P500

European Stocks are higher today, pushing the US dollar lower across the board. One of the strongest currencies today is Australian dollar, which is up more than 0.50% today, threatening the parity level. We see even more upside for Aud/Usd confirmed by bullish Gold prices that reached new highs this morning around 1428.Guest post by Gregor … “Elliott Wave Video Analysis: Aussie, Euro, Gold and S&P500”

Yen Gains as China’s Economy Slows & Debt Crisis Threatens EU

The Japanese yen gained today as the concerns about the European debt troubles intensified and China continues the attempts to slow its economy, increasing demand for the safer currencies. The finance ministers from the countries of the European Union are scheduled to meet today in order to formally approve the bailout package for Ireland, which was announced in the previous month. They also will discuss the outlook for Portugal. On the yesterday’s meeting the EU leaders were divided in their opinion … “Yen Gains as China’s Economy Slows & Debt Crisis Threatens EU”

No More Rates Hike Expected â USD/CAD Goes Up

The Canadian dollar fell today against its US counterpart on the speculation that the Canadian central bank wouldn’t rise the interest rates on the tomorrow’s meeting. The euro was weakening today against other currencies, including the Canadian dollar. The Bank of Canada kept the interest rates unchanged, following the three consecutive increases, because of the weaker economy of the US, the main Canada’s trading partner. The analysts don’t think that the situation improved in any noticeable … “No More Rates Hike Expected â USD/CAD Goes Up”

[Video] Trichet No Hero, Technical Levels, Key Events and

The Euro bears are getting ready again, as Jean-Claude Trichet was only a hero for one day. In the weekly interview on Forex TV, I spoke with Julie Sinha about technical levels of EUR/USD, GBP/USD, USD/JPY and AUD/USD, as well as key events that will shape trading this week. Enjoy! The ECB revealed the amount … “[Video] Trichet No Hero, Technical Levels, Key Events and”

Wikileaks: Chinese GDP Unreliable

Wikileaks showed a message quoting a Chinese official, Li Keqiang, that said that most statistics, including GDP, are “for reference only”.f As China begins a tightening monetary policy, we can expect the GDP numbers to fall. Here’s more from Alpahville. Chinese growth was extremely high, even after the crisis broke out. The Aussie enjoys positive data from China, its … “Wikileaks: Chinese GDP Unreliable”

Irish Budget Vote Very Close

The Irish parliament will vote on the budget on Tuesday, and it will be very hard for the government to pass the budget. The vote currently depends on two independent members: Michael Lowry and Jackie Healy-Rae. Both are expected to announce their decision soon. The Irish Times reports that the budget may face opposition also … “Irish Budget Vote Very Close”

Forex Social Platforms Provide Transparency

With the exploding popularity of the Forex market and its supporting industry, the daily turnover has now surpassed the wild number of $4 trillion. This presents a very profitable opportunity for traders but it also announces to the scammers of the Web that there is money to be made here. It is for this reason … “Forex Social Platforms Provide Transparency”

Canadian Building Permits Drop – USD/CAD Up

Canadian Building Permits dropped by 6.5%, deeper than 2.9% initially expected. Also last month’s huge rise was slightly revised to the downside – 14.9% instead of 15.3%. This is a significant sign of slowdown in Canada and it sends USD/CAD further off parity. USD/CAD now trades at 1.0077, just above the minor 1.0070 line. The next resistance … “Canadian Building Permits Drop – USD/CAD Up”

Spain Has Better Control of Deficit than Eurozone

The European Commission and the IMF improve their expectations for the Spanish economy. They say that Spain has better control of public deficit, in comparison to other Euro-zone countries. They expect that the public debt will be 69.7% of GDP in 2011, better than a previous estimate that stood on 73%. The Euro-zone debt to … “Spain Has Better Control of Deficit than Eurozone”