Chinas calls for creation of the super-national currency specifically for the global foreign exchange reserves state not only the Chinese point of view that the dollar is going to depreciate in the long-term perspective but also that China is going to play a major role in the process of creation of the new global financial structure. After the U.S. dollar fell at a fastest pace in its history against the … “China Wants “Super-Currency” for Reserves”
Author: admin_mm
Yen Drops on Toxic Assets Disposal
The Japanese yen declined against the other major currencies today as the Forex traders speculated that the U.S. plan to buy out the toxic assets is going to hurt the «safe haven» currencies, spurring the risk-hungry carry trade. During the early Asian trading session the U.S. dollar was also bearish against the euro and the pound as the investors dumped … “Yen Drops on Toxic Assets Disposal”
Aussie Settling Above 0.7000
AUD/USD encountered short term resistance on the psychological 0.70 level, but with the help of Philip Lowe, RBA assistant governor, it now trades above this level, looking up to major resistance. AUD/USD, one of my favorite currency pairs, began the forex trading week with a weekend gap of about 60 pips. During the Asian and European … “Aussie Settling Above 0.7000”
American Housing Is Above The Bottom
Existing Home Sales in the US were better than expected, and better than last month. This adds to last week’s housing data that also gave some hope. Is there a house at the end of the tunnel? American Existing Home Sales in the US stood on 4.72 million in February. Early expectations were for a … “American Housing Is Above The Bottom”
Dollar Vulnerable on Bank Help Plans
The dollar continued its decline against the euro and the pound today as the currency traders believe that the bank help plans by the U.S. administration will boost the demand for the high-yielding assets, including the currencies with higher interest rates. The U. S. currency wasnt alone in its depreciation today, the yen declined as well, as its safety became less attractive … “Dollar Vulnerable on Bank Help Plans”
Toxic Asset Plan – Toxic for the Dollar
Timothy Geithner is due to present the plan to relieve US banks from toxic assets. While this is intended to be a Public-Private plan, funding this scheme may, yet again, result in printing US dollars – sending the greenback down. It already happens now, before the announcement. US Secretary of Treasury, Timothy Geithner, is due … “Toxic Asset Plan – Toxic for the Dollar”
Forex War – Will Europe Join?
In this deep economic crisis, everyone wants a weak currency. Europe’s export-oriented economy is suffering from a strong currency, especially after the moves from Switzerland and from America. Will they stay on the sidelines or intervene? The Japanese economy is export based, and has significantly suffered from the global economic crisis. A strong currency is … “Forex War – Will Europe Join?”
EUR/GBP Bounced on Resistance Line
EUR/GBP tested the 0.95 resistance line and bounced back down. This came on the background of falling Industrial Production in Europe and stablization of the dollar selling. EUR/GBP tried breaching the 0.95 resistance line, which was the high point in the end of December. The EUR/GBP reached a high of 0.9475 before retracting significantly back to … “EUR/GBP Bounced on Resistance Line”
Dollar Ready to Post Worst Week vs. Euro
The U.S. dollar is currently heading for its worst week against the single European currency since the inception of euro on the markets prolonged reaction to the Feds pledge to increase dollar liquidity. The dollar is currently ready to renew its more than 2-month low against the euro, which was set yesterday. The spree of bullish days on EUR/USD lasts for 9 days already and the Forex … “Dollar Ready to Post Worst Week vs. Euro”
Aussie Reached Initial Target – Resting Before Next Move
AUD/USD continues it’s march upwards, breaking the 0.68 resistance line. It rose on the wave of massive dollar selling that began with the shocking FOMC statement yesterday. The next resistance line is much stronger for the Aussie. AUD/USD was trading in a narrowing channel for a very long time. Downtrend resistance and uptrend support were … “Aussie Reached Initial Target – Resting Before Next Move”