Forex Market
G10 Spot Trading Commentary
EURUSD: Support 1.4345 1.4260 1.4150 1.4100 1.4055/20 EURUSD: Resistance 1.4450 1.4480 1.4540 1.4586 1.4700 We continue to see accounts getting chopped up in EURUSD as we range ahead of Jackson Hole on Friday.
Americas FX Daily – FX weathers risk off trade in orderly fashion
What happened overnight – Surprisingly calm risk-off trading with modest FX price action FX markets traded in a surprisingly orderly fashion overnight, somewhat insulated from the extended plunge in equity prices. European stock markets are trading 1.9-4.0% weaker, following the 1.3-6.2% losses reported by Asian equity markets.
FX DAILY STRATEGIST: Europe – 19 August 2011
Philly Fed plunge brings double-dip fears to the fore, raising the stakes for next week’s Jackson Hole meet. Anxious wait now for Eurozone PMI/ZEW data next week. Another Lazarus-like revival in risk appetite looks unlikely into the weekend; USD, CHF and JPY to stay bid.
UniCredit EEMEA Daily
News KZ: Neutral – MinFin sells KZT 11.5bn (EUR 54.5mn) in 15Y GB, yield at 5.5% (p2) PL: Negative – July industrial production falls by 6.0% mom / Neutral – July PPI accelerates to 5.9% yoy (p2) RO: Negative – MinFin sells RON 400mn in 3Y ROMGB, yield at 7.34% (p2)
Australia and New Zealand Weekly: Keep your eyes on the PMIs
Central bank watch: Don’t be soured by sentiment. The RBA won’t be. Consensus appears to have shifted towards the idea that weakness in consumer and business confidence provides justification for RBA easing. We have reservations being “roped into the herd” on the grounds that: the “two-speed” economy is, in large part, by design; and “causality” […]
Behavioral Finance: Daily Forex Outlook: A general lack of direction
EUR/USD (1.4395) Two of the Fed’s most recent dissenters were on record explaining their actions yesterday, with Philadelphia President Charles Plosser saying that the FOMC decision was inappropriate and that its timing sent the signal that the Fed was in the business of supporting the stock market.
Looking for signs of growth
For a moment there, it looked as through all it would take for EUR/USD to break free above 1.45 was SPX to hold 1200. Just when EUR/USD was threatening to make a run for it out of its trading range, along came two stories to send it crashing back into neutrality. Firstly, the US equity […]
UniCredit EEMEA Daily
News KZ: Positive – 2Q GDP grows 7.1% yoy (p2) PL: Mixed – July Wages come is at 5.2%, employment – at 3.3% yoy (p2)
Behavioral Finance: Daily Forex Outlook: Visionaries in Paris
EUR/USD (1.4405) The euro came under pressure early in the European session yesterday after Germany’s Q2 GDP data came in far worse than expected. With the country’s growth just above a standstill at 0.1 percent, Chancellor Angela Merkel mapped out a Euro Zone Economic Council with President Nicolas Sarkozy in yesterday’s two-hour meeting, with the […]
UniCredit EEMEA Daily
News CZ: Neutral – 2Q GDP growth slows to 2.4% yoy / Dovish – CNB Vice-Governor Hampl said that he found no reason to tighten monetary policy at the moment (p2) HU: Negative – Economy stagnates in 2Q qoq (p2) RO: Negative – 2Q GDP comes in at 1.4%% yoy / Negative – MinFin sells […]
UK Employment / BoE minutes preview
Tomorrow AM the UK releases the minutes of this month’s MPC meeting as well as this month’s employment data see our econ group’s preview below UK BoE minutes (3-4 Aug meeting) 09:30 BST / 04:30 EST The projections in August’s Inflation Report struck a distinctly dovish tone, with inflation on a two-year horizon seen as […]
Preview: MPC minutes unlikely to have a large impact on GBP
The minutes from the August meeting are released today at 9:30. What is likely to matter for GBP is the extent to which the policy rate vote and content of the discussion reflects the more dovish Inflation Report. We expect no new information to be forthcoming in the minutes, with no change in the policy […]