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Risk Sentiment StabilizesThe dollar was weaker against all of its G10 counterparts as risk sentiment stabilized. Asian equities finished to the upside and European markets are currently trading in positive territory. The SEK and AUD are the strongest performers against the buck and precious metals are currently down over -2.20%. US Treasury yields are higher on improving risk sentiment and crude oil is trading firmer by +0.81%. |
European Market UpdateDealers were eyeing several key factors in Europe for directional price action. Risk appetite did get a boost from the favorable ruling from the German Constitutional Court on the first Greek bailout package but the EUR/USD was off its session highs as dealers reassessed the implications that the German parliament must approved future bailouts if they impact the budget. The Italian confidence vote was delayed until after the European close. The EUR/USD tested the 1.4150 area following the German Court ruling but uncertainty over future bailouts waned the initial optimism. The pair was below the 1.4050 level as the NY morning approached. |
Still Pondering The SNBs ActionForex markets are broadly moving in a risk on pattern aided by the decent rally in regional Asian indices despite massive event risk looming in the not distant future. USD has come under selling pressure while Gold continues to see exodus from longs dropping the precious metal sharply from $1921 to $1827.57. We wouldn’t put to much value in the recent price action as nothing has changed in the macro environment and more likely seeing a short term correction after a few days of severe risk aversion. |
U.K. Manufacturing Production Shows A Slight Advance, Eyes On BoE Rate DecisionManufacturing production data from the U.K. showed slight advance, adding to worries that recovery is faltering and the sluggish growth pace engulfing global economies is likely to continue. The report released today showed that manufacturing production's growth expanded by 0.1% compared with the prior 0.4% contraction, while industrial production for the same month slipped by 0.2% from the previous month steady reading. |
Central Bank Intervention Is All The Rage!A positive American equity session led to stocks being in the green for a change in Asia, with a bid tone still looking like it is the starting point for today’s excitement. Adding some more fuel to the fire of exuberance was a far better than expected GDP print in Australia overnight, causing stops to get triggered and a small boost to the AUDUSD. Accompanying comments from the Reserve Bank of Australia chief made it fairly clear that this boost was almost expected on the back of a good first half year market performance, commodities and the mineral boom. However the longevity of this boom is now being brought into question in the wider context of the global decay we’re seeing. |
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