Daily Archives: September 9, 2011
Behavioral Finance: Daily Forex Outlook: Right evaluation, wrong conclusion
EUR/USD (1.3905) By changing the its evaluation of the risks for eurozone growth and inflation to the “downside” and “balanced”, respectively, the ECB’s Governing Council precisely matched market expectations.
FX Pulse: Funding in Euros
Global Currency Research Conditions for further EUR weakness have fallen into place. The German Constitutional Court has supported the control rights of the German Parliament regarding future EMU support payments and guarantees. The ECB has underlined the need for fiscal consolidation and for peripheral countries to restructure their economies, which will be deflationary.
UniCredit EEMEA Daily
News BG: Mixed – Activity indicators show diverging results in July (p2) CZ: Neutral – 2Q GDP (final) comes in at 0.1% qoq, 2.2% yoy (p2) HU: Positive – AKK sells HUF54bn HGBs at auctions vs. HUF45bn original offer, demand strong for the shorter papers (p2) RO: Positive – July industrial production increases 1.7% yoy […]
European FX Daily – Markets quiet ahead of weekend G7 summit
– NZD leads modest rally vs USD, Asian equities mixed – Bernanke kept to Jackson Hole speech – Obama announced a bigger than expected $447bn jobs stimulus plan – Greece to announce participation rate for the debt exchange – G7 finance ministers meet for two-day summit – Conference Calls: Crunch Time – Outlook for the […]
HSBC: Bernanke presents the case for policy action
In a speech about the US Economic Outlook, Fed Chairman Ben Bernanke offered a litany of reasons why the FOMC will consider easing monetary policy further when it meets later this month on 21 September. He noted that there are “persistent” factors holding back the economic recovery that are not likely to fade soon.
Obama Unveils $447 Billion Jobs Plan
Sept. 8 (Washington Post) — The Obama administration has developed a $447 billion jobs plan that aims to put millions of unemployed Americans back to work through a mix of tax cuts and investments in modernizing schools and roads.
Technical Analysis: Technical Alert
The common currency under increasing pressure with the EUR index in a pre break position (already having confirmed a completed three wave corrective pattern to the topside). EURUSD is rapidly moving to the point of no return, 1.3838. EURJPY likewise with 106.50 in focus, EURGBP 0.8644 same thing,$ index on the verge of breaking higher […]
EUR thoughts
STUART SCOTT: EURO Thoughts – Daily close below trend support at 1.3982 and/or 200 dma at 1.4025 the key points to look for now as this move matures/consolidates … I remain bearish with a short term target at 1.3920 and medium term target of 1.35 HSBC Global Research
EUR and the ECB
The ECB’s Trichet signalled a clear change in tone at Thursday’s press conference, not only removing the reference to upside risks to inflation, but also highlighting that downside risks to growth had intensified. Indeed, Trichet even re-emphasised in the Q&A session the significance of these changes, saying that the balance of risks have changed.
Daily FX Technical Strategy – Falling inflationary expectations in Europe
FX investors are focused on European interest rate decisions today. Given sharply falling inflationary expectations over the summer months with EUR and GBP pressing against important support it would appear the market is positioning itself for dovish news.
ECB today: Fwd trader comment this am
Dovish Trichet to be expected. Signals pause to tightening policy Potential cut in deposit rate! Lower staff forecasts – growth and inflation No change to liquidity provision – ample liquidity provided until Jan’12
FX Techs: London Open
At a glance: Relax for now Yesterday’s EUR positive ruling of the constitutional court in Germany gave the already ongoing risk recovery an extra boost so that we received first evidence of a broader recovery unfolding, particularly in European indices, where 5-wave sequences seem to be complete in the Dax and the DJEuroSTOXX 50.