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From Forex 3:02 pm
"Several members indicated that additional monetary policy accommodation could be necessary if the economic recovery lost momentum or the downside risks to the forecast became great enough". This is just rhetoric, and actually not as strong as we saw in the previous minutes where stimulus was suggested.
From Forex 1:31 pm
The prevailing view amongst Keynesians is that the austerity measures being taken in Europe to prevent a complete currency and bond market collapse is the cause of their current recession. But blaming a recession on the idea that an insolvent government was finally forced into reducing its debt is like blaming a morning hangover on the fact that you eventually had to stop drinking the night before.
From Forex 1:29 pm
The dollar is evenly mixed this morning against its major counterparts as the continued stream of positive economic data out of the US offsets some of the ongoing European fears. Housing starts came in better than expected as builders broke ground on 717K new homes, erasing the previous month's shortfall. Industrial production also surprised to the upside, coming in at +1.
From Forex 10:47 am
The British Pound tumbled to a fresh monthly low of 1.5888 as the Bank of England kept the door open to expand monetary policy further, and the sterling may face additional headwinds over the near-term as the spillover effects from the sovereign debt crisis dampens the outlook for the region.
From Forex 10:42 am
Dollar-Swiss is not gaining strength to rise past its Resistance at 0.9460. At the same time we do not see much downside momentum as well. Our overall bullish view remains the same. We see Support at 0.9400 which is expected to hold. On the upside a strong rise past 0.9460 can open doors for fruther rally to 0.9800-9900 or even higher.
From Forex 10:42 am
We took Tuesday's long trade on the chin for -50 pips as the pair broke our resistance level and then almost immediately continued downward. We were bearish on the pair, as we stated, but thought the oversold hourlies would provide us enough of a platform to bank some long pips.
From Forex 10:41 am
USD/JPY indeed bottomed out in the short-term and broke above a declining channel resistance. The 1H chart shows the bottoming formation. There is resistance in the 80.50-80.60 area. This is the May high established in the beginning of the month.
From Forex 10:39 am
The USD/CAD finally breaks above the 1.0050-1.0060 resistance, suggesting a bullish trend developing after a period of sideways trading below 1.0050. Looking at the 1H chart we see that the previous resistance is being treated as the market rejects a throwback attempt. A throwback to 1.00-1.0020 area would not be against the bull run and could be seen as a level of possible buying into the uptrend.
From Politics & Policy 9:48 am
The euro fell to its lowest levels since January following the news Greece would have to hold a new round of elections, making the prospect of the dissolution of the euro zone economic union significantly more compelling.
From Politics & Policy 9:03 am
Signs that a Greek departure from the euro zone has become inevitable proliferated worldwide Wednesday with Hong Kong's main stock index plunging more than 3 percent, bank runs in Athens and Britain's central bank finalizing contingency plans for a euro zone breakup.
Global Markets Signal Imminent Greek Departure From Euro ZoneWe value your privacy. Your email address will not be shared.
