Feds Plosser joins in the rate cut camp
Feds Plosser joins in the rate cut camp
On the spot market, according to the BIS study, the most heavily traded products were:
EUR/USD: 28 %
USD/JPY: 18 %
GBP/USD (also called sterling or cable): 14 %
and the US currency was involved in 88.7% of transactions, followed by the euro (37.2%), the yen (20.3%), and the sterling (16.9%) (see table). Note that volume percentages should add up to 200%: 100% for all the sellers and 100% for all the buyers.
Feds Plosser joins in the rate cut camp
Stock and housing market undermining wealth; See slower growth but not a recession; Too early to guess at possible fiscal remedy; Fed is the only institution that can deliver price stability; Biggest worry is weakness in consumer. ...
Read full post here. Feds Mishkin on wires
The disruption in financial mkts poses a substantial downside risk to the outlook of economic growth; Adverse economic or financial news has the potential to cause further strains; Turmoil in financial mkts is endangering the US ...
Read full post here. USDJPY consolidates in the middle of 7 day range
The stock market is holding on to losses as the markets consolidate into the European and London close. USDJPY is trading near the New York highs of 109.08. The NY low was higher than the overnight lows, indicating a more positive bias. ...
Read full post here. Stocks Open. We will see how Countrywide/Merrill news move the market
Dow down 100. S and P down 10.8. Nasdaq down 19.65.
Read full post here. Feds Rosengren on wires
Potential for credit crunch remains; Housing slum may weaken spending; Might have longest housing decline in 50 years; Says banks well capitalized but potential for credit crunch remains.
Read full post here. DEC Monthly Budget Statement 48.3B versus 50B Estimate
No real effect on currency rates.
Read full post here. GBPUSD making new highs. GBPJPY back above the LT trendline
GBPUSD moves to new New York highs as short covering/profit taking continues into the London close. GBPJPY has also moved back above the 213.63 Long term trendline support (see earlier posts). The moves at this time can be influenced by ...
Read full post here. GBPJPY reached a low of 211.93 overnight, testing long term support
The low price of 211.93 tested the longer term 200 week MA AND the 38.2% retracement level of the longer term move up from September 10th, 2000 (at 211.77 area). The pair also moved below the long term trendline from the same low. ...
Read full post here. US Trade Deficit at 8:30ET
The US Trade Deficit is to be released at 8:30. Improvement in this series has been the bright spot for the US economy as the weak dollar has helped make US goods more competitive overseas. On the flip side is the effects of oil imports ...
Read full post here. BOJ Governor Fukui speaking
Says strives to ensure stable economic growth before stagglation risk emerge.
Read full post here. Eur/Gbp Trading Higher after breaking threw a wedge.
We see Eur/Gbp trading much higher after breaking threw a wedge. There might be some pull back be for it makes it's next move higher.
Read full post here. GBP/USD Staying in a downward channel
We are seeing Gbp/Usd Staying in a downward channel find some small support around 1.9550.
Read full post here. GBPJPY testing key support again.
The 213.64 is key trendline support The market tested the suport level, hitting a low of 213.55. However, it was able to bounce back above from the extreme. A move below this level again (probably accompanied by a sell off in the stock ...
Read full post here. Stocks initially move higher, but give back some gains
GBPUSD also moved higher, while USDCHF came off on the easier Fed policy stance. USDJPY is being supported by the better stock market. However, the stocks have given back a lot of gains. This should lead to lower Yen and Yen crosses if ...
Read full post here. BOJ Governor Fukui speaking
BOJ Governor Fukui saying Japan economic growth slowing due to housing slump. Economy remains on moderate expansion trends.
Read full post here. USDJPY/GBPJPY approaching the top of the range
Needs to get through 109.75 to squeeze higher. GBPJPY needs to get through 215.05, the 100 hour MA.
Read full post here. USDJPY gets a boost from Stocks/Countrywide news
The price is above the 100 hour MA (109.29). It will have to hold this level to signal a short term bottom.
Read full post here. UK Trade Balance data out at 4:30 am EDT
Market lookinng for a deficit of GBP 7.2 bil as compared to 7.1 bil previuos. With the Rate announcement coming at 7:00 am EDT the trade numbers maybe a bit muted as market nervously awaits the rate decision.
Read full post here. Bernanke Q and A starting
His prepared text is completed.
Read full post here. ECB Weber on wire
Says that ECB has zero tolerance for persistent faster inflation. See no recession in Germany. Still sees EUR15 growth around 2% or less. Satisfied with prospects. His comments, like those of Trichet, are in sharp contrast to the Feds ...
Read full post here.
Feds Plosser joins in the rate cut camp
The most common type of forward transaction is the currency swap. In a swap, two parties exchange currencies for a certain length of time and agree to reverse the transaction at a later date. These are not standardized contracts and are not traded through an exchange.
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