Updated Feb 10, 2012 6:05:00 PM By Chris Tevere, CMT
European Finance Ministers expressed their displeasure with Greece’s austerity deal, seeking deeper deficit reduction plans before signing off on the second bailout agreement. Consequently, this saw risk aversion rear its ugly head for the first time in several sessions – Equities lower, commodities lower, treasury yields lower and most importantly for the land of FX, the USD strengthened. This saw the high beta currencies suffer the greatest losses relative to the buck, with the South [...] Continue Reading
Updated Feb 10, 2012 3:45:00 PM By Brian Dolan, Chief Currency Strategist
Down to the wire on Greece It would seem we’re finally about to see the last act of the never-ending Greek debt drama, but even that’s likely wishful thinking, not the least because so many prior deadlines have been moved. This weekend is expected to see the full Greek parliament vote on approving the latest Greek budget needed to obtain the next installment of the second EU/IMF bailout package. (But it may not even [...] Continue Reading
Updated Feb 10, 2012 10:15:00 AM By Eric Viloria, CMT
AUD/USD has been trading inside of a bullish channel since making lows in mid-December and last night’s decline following a dovish RBA statement on monetary policy has seen the pair fall to test key support. The recent drop in AUD/USD looks to have been halted by the nearly 2-month long trendline support and the 100-period simple moving average on 4-hour candlestick charts. Additionally, the 4-hour RSI indicator is also testing a long term horizontal support [...] Continue Reading
Updated Feb 10, 2012 9:15:00 AM By Eric Viloria, CMT
• USD is rebounding as the recent risk rally deteriorates. Global equities are trading significantly lower and U.S. 10-year yields have dropped back below the 100-day SMA and 2.00% level and are currently around 1.97%. The buck is stronger against all of the G10 currencies with the largest daily gains currently against the AUD (+1.19%) and the Dollar Index is trading above the daily Tenkan line ahead of the convergence of the Kijun line and [...] Continue Reading
Updated Feb 10, 2012 4:00:00 AM By Kathleen Brooks
The London session has opened to the news that the Eurogroup finance ministers have rejected the EUR 3.3 bn of budget cuts presented to them by the Greek fin min yesterday. The rest of the currency bloc is playing hard ball with Greece: its wants EUR 300mn more cuts, a wide-ranging economic reform package and a commitment from all political parties that the measures will be implemented after general elections due in April, before signing [...] Continue Reading
Updated Feb 10, 2012 2:25:00 AM By Daniel Hwang
It seems Greek deities have passed their immortality on to Greek deadlines. Officials in Athens finally managed to agree on economic reforms just as Asian markets got underway. However, hopes for a drama-less ending in the current chapter of the Greek debt tragedy were quickly dashed by demands from a group of Eurozone finance ministers. Exasperated from previous grievances, some officials are requiring additional reforms and a written pledge stamped by the Greek parliamentary seal. Now Greece [...] Continue Reading
Updated Feb 10, 2012 1:02:55 AM By Chris Tedder
The RBA cut its growth and inflation forecasts for 2012 as uncertainty surrounding economic conditions offshore flow into the domestic economy. On Tuesday, the bank decided to keep interest rates at 4.25%, surprising a market that was looking for a 0.25% cut, however this recent report is more dovish than expected which means economists might get there cut next month. Australia’s 2012 growth forecast is now 3.5%, down from the RBA’s November estimate of [...] Continue Reading
Updated Feb 9, 2012 7:27:33 PM By Chris Tedder
A meeting of European finance ministers broke late in the NY session. The market remained fairly calm as Luxembourg’s PM Juncker and EU’s Rehn attempted to reassure the market that a deal would be reached by next week, but Greece’s Finance Minister Venizelos spooked the market with his comment that Greece faces the choice of staying in the euro, with the markets seemingly taking this to mean that Athens is considering leaving the euro. However, [...] Continue Reading
Updated Feb 9, 2012 4:15:00 PM By Eric Viloria, CMT
Sentiment was moderately higher after Greek leaders agreed on an austerity package ahead of a meeting between EU finance ministers. The dollar is mostly weaker against the majors with the exception of the JPY, AUD, and NZD as stocks and Treasury yields advance. Key central banks made policy announcements this morning with the Bank of England maintain rates at 0.50% and expanding its asset purchase target by 50B£ to 325B£ as expected while the European [...] Continue Reading
Updated Feb 9, 2012 3:45:00 PM By Chris Tevere, CMT
Charles H. Dow, founder of the Wall Street Journal and creator of the Dow Stock Market Averages we hear mentioned on a daily basis, developed a series of principles in order to better analyze market price action. Little did he know, his 255 published WSJ editorials would later come to be known as “Dow Theory”, and ultimately laid the foundation for which modern-day technical analysis was built upon. One of his more important beliefs for [...] Continue Reading
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