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July 29, 2009
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London Session – July 29, 2009 5:59 AM
July 29, 2009
The faltering rally in stock markets yesterday had drawn speculation that a correction could be brewing. As a consequence, the USD and the JPY were both favoured in Asia overnight as investors positioned for a pull back in risk appetite. However, the tone of earnings reports this morning has been positive and, as European stocks pushed higher, both the USD and the JPY have given back some of their overnight gains. EUR/USD bounced from a low of 1.4115 in to the London open, though gains back to 1.4170 have not been sustained. EUR/JPY saw a low of 133.82 as London markets opened but has retraced its losses back to last night’s close. The AUD has suffered a hefty correction following yesterday’s surge. AUD/USD hit a low of 0.8174 at the London open before stabilising. USD/NZD is little changed from the close ahead of tonight’s RBNZ policy meeting. Full text »
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Asia Session – July 29, 2009 1:45 AM
July 29, 2009
Currency markets stepped off the playing field today in Asia to take a well deserved breather after the dynamic moves that they had earlier in the NY session. Markets seemed to drift directionless and in smaller ranges today as traders looked for new clues as to what positions to take. For the most part, the dollar and yen were unchanged for the day as risk was not a major factor with Asian stocks trading softer on the day. EUR/USD dropped as low as 1.4140 and later made a high just near 1.4195 but for the day was pretty close to unchanged near 1.4170 going into London. The moves were a bit bigger in the GBP/USD pair as an early low near 1.6390 was erased by a high short of 1.6470. This pair as well looked to end the session unchanged near 1.6430. After a 94.55 open, USD/JPY dropped almost 50 pips to 94.20 for the trade day. The Yen crosses showed no emotion for the day, all mostly unchanged for the Asia session. The Kiwi dollar dipped early due to poor Building Consents, but regained ground after NBNZ Business Confidence came out better than last month, thus boosting the pair back near opening levels. Aussie dollar stayed unchanged. Full text »
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New York Session – July 28, 2009 5:03 PM
July 28, 2009
The NY session saw a sharp reversal in risk appetite as poor economic data led stocks lower. The S&P managed to eke out a late day rally and lost only -0.3% on the day after falling more than -1.0% in early trading. US consumer confidence surprised to the downside and printed 46.6 in July after a 49.3 read in June. The real rub was the decline in the labor differential which slipped to a 17-year low of -44.5 and is not a good sign for the employment outlook. Bonds saw a mixed day as early gains were reversed somewhat by an overall messy 2-year Treasury auction. The bid/cover came in at 2.75 and this compares with a three-auction average 2.95. Indirect bidders (typically foreign central banks) accounted for just 33% versus a three-auction average 51%. The auction was a USD negative at the margin but the downward momentum in risk supported the buck nonetheless. Full text »
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Only a few days left to take advantage of GFT’s account bonus
July 28, 2009
Forex traders in the U.S. can become eligible for an additional 0 when they open an account with GFT
Only three days left for foreign exchange traders in the U.S. to take advantage of a special offer from GFT. We’re offering an account bonus until July 31. Contact us via live chat now.
The 0 bonus is available to new GFT customers who open a standard trading account with a minimum balance of ,500. However, GFT President and CEO Gary L. Tilkin said traders who open larger accounts may be eligible for even more perks.
"Traders with accounts larger than ,500 will be not only receive this limited-time account bonus, but could also be eligible for even more bonuses through our new account packages program," he said. "It’s quite appealing given that you get free tools, news and other benefits."
See Also
London Session – July 28, 2009 6:33 AM
July 28, 2009
Twice this morning EUR/USD has tested 1.4300. So far the EUR has failed to hold above this level with the slightly softer tone of stock markets in Europe draining some of the enthusiasm for risk and pushing EUR/USD back to the 1.4270 area. In Asian hours, the day belonged to the AUD. Comments from the RBA Governor Stevens that “upside risks balance downside risks” cemented the view that the next rate move by the RBA will be a rate hike. The AUD extended its gains into the London open with AUD/USD hitting highs just shy of 0.8340 before meeting resistance. AUD/JPY hit 79.29 before the JPY found buyers on the softer tone of stocks. Full text »
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Asia Session – July 28, 2009 1:29 AM
July 28, 2009
The Asia session belongs to the Aussie Dollar as Reserve Bank of Australia Governor Glenn Stevens spoke of a “glass half full” as opposed to a “glass half empty” in reference to the Australian economy. Steven’s speech was upbeat; stating that the current downturn may not be “one of the more serious ones of the post-War era” for the land down under, and that current upside risks will in turn counter the risks to the downside. The reaction in the AUD/USD was swift and serious, as the pair blasted to highs over 0.8285, levels not witnessed since September of 2008 on the news and the hint that rates could be moving higher in due time. Prior to the news the pair had drifted listlessly lower to the tune of 30 pips to just under 0.8200 as Steven’s took the podium and sent the pair higher. All Aussie based pair’s printed solid gains for the day, pulling the Kiwi and its components higher despite poor trade balance data that hurt that currency early on. The RBNZ will meet on Thursday for its rate decision. Full text »
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New York Session – July 27, 2009 5:08 PM
July 27, 2009
The NY session was choppy to say the least and the dwindling of risk appetite helped the US dollar rebound modestly. US stocks managed to close up on the day, but the 0.3% gain was meager compared to European and Asian marts. Not even a booming new home sales report could help make for a euphoric market. US new home sales shattered expectations by rising to 384K in June from a 346K prior result. The better number was on the back of massive price capitulation – median prices fell nearly -6% month-on-month – and this was cause for pause. Full text »
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Japanese Yen, U.S. Dollar Lower in Currency Trading
July 27, 2009
Safe haven currencies fall on risk appetite
Right now, the pound and the euro have the upper hand in forex trading. Safe haven currencies are falling on the FX market as risk appetite reduces the need for capital preservation. Forex traders are becoming a little more eager for higher yields, and that is resulting in some movement away from safety and some dabbling with riskier currencies.
Action Forex has some highlights from early trading on the FX market:
- The USD/JPY hits 95.16 in early trade on the heels of an 11 day stock market rally, continued speculation of an easing global recession drains demand for the currencies
- The EUR/JPY staged to break out of its previous range with 3 week highs at 136.89 being challenged
- The GBP/USD may find support on improving housing markets, this week’s economic calendar will give insight as National Building Society forecasts an increase of 0.2%
- The CAD remains on a positive note vs. USD, hits 2008 levels as greater risk appetite for commodity based currencies is seen
- EUR/USD posts a 7 week high, rising 0.6% to 1.4298, its highest level since June
- AUD/USD opened in Asia at 0.8125 before filling a small technical gap at 0.8150, remains somewhat range bound between 0.8100 – 0.8200 despite bullish outlook from the RBA and support from global equity markets
See Also
- U.S. Dollar in Currency Trading
Currency trading on the FX market
Pound, Euro Gain in Forex Trading
July 27, 2009
U.S. dollar pulls back in currency trading
The pound and the euro are both higher in forex trading on the currency market today. While the U.S. dollar made some moves to head higher in currency trading, things have changed, with the greenback now pulling back.
Global equities are rallying, and that is providing a bit of risk appetite. Additionally, it appears as though economic data is showing signs of recovery in Europe. GFT’s Boris Schlossberg reports in FX360 on the positive news coming out of the euro zone and Britain:
In Germany the GFK consumer confidence survey jumped to 3.5% from 3.0% eyed – its best reading in more than a year. The news suggests that conditions on the ground in Eurozone’s largest economy are beginning to stabilize, although a true test of that thesis will happen on Thursday after the market sees German unemployment data for June. Meanwhile stabilization was also the theme in UK where the Hometrack survey showed that prices were no longer declining with house prices holding their value for the third month in a row.
While things could change quickly in this volatile market, it does appear as though it could be a turning point fr the global economy.
See Also
- Sterling and Euro in Forex Trading
Trading on the currency market
