The US dollar sold off against the Euro and the British Pound to start the trading week. With minimal event risk on the economic calendar, near term forex price action looks likely to fall in with stock market performance. Read More …
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Overall, the currency market is getting ready for the trading week ahead. The Asian session had been slow, not like in recent weeks, when the market opened with some huge gaps. However, the market followed in the Asian session a more recent pattern, failing to break any important support or… Read More …
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U.S. Dollar Trading (USD) was relatively stable going into the weekend although slightly stronger as stocks gave up gains into the US session close. US data was predictably weak with the October UoM Consumer Sentiment falling to 57.5 vs. 70.3 previously as the Stock market Volatility took its toll. Also… Read More …
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The Rightmove house price index for the month came at 1 percent following September?s fall of 1.0 percent. For the year prices came in lower by 4.9 percent after an annual fall of 3.3 percent in September. The average home price rose to 229,961 pounds. In London, the price of… Read More …
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Producer prices in Australia increased by 2.0 percent for the third quarter of 2008 reports the Australian Bureau of Statistics. Main price increases were seen in building construction (1.8%), electricity, gas and water (7.4%), and dairy product manufacturing (5.5%). The producer prices have increased 5.6 percent from the begining of… Read More …
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Interbank lending, an obviously vital cog in the global credit system, had been virtually shut down in recent weeks as banks became reluctant to lend to one another. Rates on all terms had been rising throughout the credit crisis, but the situation greatly intensified after Lehman Brothers went bankrupt in… Read More …
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Flight-to-safety triggered major gains for the US dollar on Friday, as volatility remained exceptionally high in the market. In fact, the CBOE’s VIX Index surged to a record high as Moody’s Investors Service said that they may cut their rating on Morgan Stanley, stoking already-high anxiety amongst traders about the… Read More …
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The Group of Seven (G7) issued a joint statement following its meeting in Washington DC addressing the ongoing financial crisis. The text is copied below. “The G-7 agrees today that the current situation calls for urgent and exceptional action. We commit to continue working together to stabilize financial markets and… Read More …
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The price action in the equity markets today was nothing short of impressive. We literally had a W shaped trading day where stocks opened down 600 points, rallied back into positive territory, sold off again by another 600 points before recovering most of its losses by the end day. The… Read More …
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The dollar rose against most major currencies Friday. The yen fell modestly and other key currencies cut losses after US stocks partly recovered from steep losses on hopes that the G-7 will take coordinated steps this weekend to confront the global financial crisis. The Australian and Canadian dollars dropped as… Read More …
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