London Session – June 29, 2011 7:29 AM
June 29, 2011
Social breakdown in Greece = euro higher Full text »
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Asia Session – June 29, 2011 1:46 AM
June 29, 2011
Currencies in Asia were eerily silent as the markets awaited the outcome of the Greek parliament vote on the new austerity package. The new austerity measures which include budget cuts, tax increases and asset sales has become the lynchpin for a second round of rescue funding from the IMF and European Union. The Greek parliament will meet later today near 7:00 GMT and the meeting will conclude sometime later with a vote that the financial world will be eagerly watching. If the measures pass, as the markets expect, Thursday the measures will be put into law for the Greek nation. Full text »
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New York Session – June 28, 2011 4:06 PM
June 28, 2011
The greenback was softer against most of its counterparts with the exception of the Japanese yen and Swedish krona as risk sentiment was boosted by optimism that Greece will approve the medium-term fiscal plan (MTFP) outlining austerity measures in tomorrow’s vote. The common currency was also supported as ECB President Trichet spoke earlier and said that policy makers are in “strong vigilance mode” which suggests that the bank is likely raise rates at next week’s meeting. EUR/USD rose to session highs of nearly 1.4400 before correcting to current levels of around 1.4360. Full text »
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U.S. Dollar Down in Forex Trading
June 28, 2011
Greenback lower in currency trading
With all the optimism and risk appetite as a result of expectations of a Greek bailout, it is little surprise that the U.S. dollar is lower in forex trading.
Greenback is down in currency trading on the FX market today, thanks to renewed appetite for risk. The Aussie is gaining as gold prices rise, loonie is getting support from higher oil prices, and the euro is rising as China pledges its support.
Additionally, there is an expectation that soon forex traders will turn their attention to the U.S. economy, which is flagging. Recovery can’t seem to take hold, and that is causing concerns about what could help if the world’s largest economy can’t hack it. It is little surprise that, for now, the U.S. dollar is struggling.
See Also
- Economic News and Forex Trading
Currency trading on the FX market
Euro Zone to Get Help From China
June 28, 2011
Euro forex trading forecast looks up
Even though a bailout for Greece is widely expected, there are still concerns about the euro zone in general. Other countries, like Portugal and Ireland, still have debt issues. However, the euro zone might get some help from China.
China is pledging to buy European debt in an effort to keep the 17-nation currency zone running properly. China plans to invest in the sovereign debt market, to the tune of billions of euros.
Not only is the news helping in terms of providing help for the debt crisis in Europe, but the euro is getting a boost as well. If China turns more toward European assets, the U.S. dollar could lose some of its support.
See Also
- Euro in Forex Trading
Forex trading forecast
London Session – June 28, 2011 6:46 AM
June 28, 2011
Over to the Greek Parliament… Full text »
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Asia Session – June 28, 2011 1:32 AM
June 28, 2011
The Euro saw a bit of follow through from the earlier moves higher in New York, on the news that French banks had reached an agreement to roll over maturing Greek debt for 30 years. EUR/USD saw highs just shy of 1.4330, on a quick pop higher, but the session in Asia then became incredibly quiet as traders moved to the sidelines ahead of the upcoming Greek Parliament vote on the austerity package. The Greek austerity measures which are officially called the “Medium Term Fiscal Plan” are expected to be submitted to the Parliament today and should be voted on by Thursday. This vote should be considered the premiere risk event of the trade week. Full text »
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New York Session – June 27, 2011 4:02 PM
June 27, 2011
The dollar was mixed across the board and softer against the euro ahead of this week’s Greek austerity vote and amid soft U.S. economic data. The euro was given a boost earlier by comments from Chinese Premier Wen Jiabao that China will continue to support Europe. This stance has been made clear in the past and lacked specific details of the nature of support. The common currency was also supported by the beginning of talks on debt rollover. French Finance Minister Lagarde announced that the government has a first draft for a deal with French banks on Greek debt rollover. EUR/USD rose to current levels of around 1.4280. Full text »
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Aussie Struggles in Currency Trading
June 27, 2011
Australian dollar lower in forex trading
The Aussie is struggling in currency trading on the FX market today, moving lower as concerns about the global economy surface — and as gold prices drop.
Fears about what is happening in the euro zone are weighing on the Aussie. This is a little odd right now, considering the fact that the euro is rallying right now as forex traders wait for the results of a vote on austerity measures from the Greek parliament.
Indeed, other high beta currencies, including the pound and the euro, have moved higher in forex trading as the U.S. session has opened. Aussie is a bit left behind right now as many traders wait to see what’s next.
See Also
- Aussie in Forex Trading
Currency trading on the FX market
Euro Rallies Even with George Soros Warning
June 27, 2011
Euro higher in forex trading
The euro is seeing some strength in forex trading on the currency market after dealing with a degree of weakness. Fears about what’s next for the euro zone have been weighing on the 17-nation currency.
Worries expressed by billionaire investor George Soros regarding a possible economic collapse in Europe because of Greece have not been enough to bring the euro down. Indeed, some might be hoping that this will spur European leaders to action that will save the region.
Euro is still vulnerable, though, even with the current rally. There is a good chance that it will fall again, and many forex traders are waiting for the outcome of the vote in Greece‘s parliament.
See Also
- Euro in Forex Trading
Economic news for forex traders
