By Forex District -The pair is higher but still trades in a tight range as traders are unwilling to take decisive measures as earnings continue to be delivered. EuroZone economic releases were quite positve signaling stabilization is under way. The German Ifo business climate came in at 87.3, higher than the 86.6 expected and the 85.9 reading in June.
Meanwhile, the EuroZone’s flash manufacturing and services PMIs reported an increase to 46.0 and 45.6 in July, respectively. In Germany, the manufacturing PMI rose to 45.2, while in France the manufacturing PMI rose to 47.9. German services PMI increased to 48.4, while in France teh data reported below June’s reading to 45.5.
The news is somewhat encouraging as it suggests the worst of the recession may be over, however the data remains below the level of 50 which indicates contraction. Read More
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Three Types of Trends in Forex By AboutCurrency.com A trend reflects the average rate of change in price over time. Trends exist in all time frames and all markets. Forex Day traders may attempt to establish and take action in the short-term trends to within minutes. Position and swing traders may attempt to establish and take action ... ...
By Core Financial Group – The USD is about unchanged in early New York after a quiet two-way overnight session that saw tighter ranges in most pairs with a few new highs in the USD against some pairs. Overnight news was light but USD-positive and technical factors appeared to be the main focus as the ... ...
By ForexYard - News in Sweden has recently added the possibility of a rise in consumer confidence as the Riksbank has extended its 50 billion SEK bailout program by an additional 6 months in order to ease lending throughout the country. The program is designed to add liquidity to banks feeling the crunch ... ...
By Forex Hound - An opinion piece by Federal Reserve Chairman Bernanke is helping to put pressure on the GBP USD overnight. This is leading traders to call for a lower opening in New York The article in the Wall Street Journal highlighted Mr. Bernanke’s opinion that the Fed was “confident we have the necessary tools to ... ...
By Back Bay FX - Ever since the US Fed’s FOMC statement on June 24, we have held a fundamental position that the USD would strengthen vs. EUR and GBP (expressed as lower EUR/USD & GBP/USD). The price action of those two pairs in the last few days has caused us to close down those positions. Our ... ...
By Forex Magnates - NFA’s efforts to ridicule the mandate it has been given by the CFTC have finally reached the point where it simply becomes absurd. It appears that the agency has no idea what it should be doing or what the results of its actions are. If I wasn’t sure that the NFA could care ... ...
By Forex District - The pair fell sharply as the IMF warned UK on public borrowing and was downbeat on the growth outlook. The IMF said, “the economic downturn heightening the risk of further large credit losses, banks have tightened the supply of credit. The high level of household indebtedness is also likely to constrain the ... ...
By FXStreet - The Dollar is calm across the board. In Wall Street results are mixed: the Dow Jones is down 0.1% and the Nasdaq rises 0.15%. EUR/USD is moving sideways in a small range between 1.4100 and 1.4125. Earlier the Euro rose to a two-week high at 1.4163 but failed to stay above and pulled ... ...
By Daily FX - The New Zealand Dollar fell sharply late into the overnight session as credit rating agency Fitch downgraded the smaller antipode’s long-term credit rating to “negative” and warned the country could fall into a “low growth trap”. A slew of earnings reports from top companies including Carrefour and SAP are likely to guide .....