Forex News

Greek PSI+ aside for now with NFP report on the schedule today The risk-on rally lost some steam by the end of the NY trading day with US equities ending the day basically flat while USD strengthened against most of G10 FX; Asian markets have settled into the usual pre-NFP lull.

Nothing standing in the way of the risk rally? Global PMIs have added support to the overall risk environment, hinting that a more significant global downturn has been averted. PMIs from China, UK, Norway, Sweden and the Eurozone confirmed that growth remains steady.

G10/USD (still) content to rally on any moderately positive Greek news The FX markets remain content to latch onto any positive catalyst they have with regard to Greece, and for a second day running. This time yesterday, it was a reaction to comments from Greek PM Papademos that a PSI+ accord may be reached by […]

US data upsets the risk apple-cart, raising stakes for today’s IS While perhaps a little early to conclude that the trend of stronger US data has been broken, yesterday’s weaker than expected prints caused enough concern to upset the ‘risk on’ mood. Aside from an ‘as expected’ Q4 Employment Cost index, the S&P Case-Schiller house […]

EU Summit passes without reaction, focus remains on prospects for Greek PSI+ agreement Yesterday’s EU Summit – the 16th of the last two years – did little to boost confidence. The focus was on agreeing the terms of the new European fiscal pact – and in this 25 of 27 EU nations have signed up […]

EURUSD squeeze continues into weekend but Greek obstacles weigh at the start of the week The FOMC-inspired rally held its ground through Friday as US Q4 GDP came in on the soft side and in the absence of hard news headlines out of Europe; short covering and an evident desire to be long into the […]