Thursday,
11 March 2010,
02:05 GMT
AceTrader
by AceTrader Research Team
Daily Market Outlook by AceTrader
Market Review - 10/03/2010 22:51GMT
Euro rebounds on improved risk appetite and Greece's plan to cut deficit
http://www.acetraderfx.com
The single currency rebounded strongly on Wednesday after Greece submitted a report to EU on its plans to tame its budget deficit while the greenback slipped against most currencies but rose against the yen, as gains in global stocks brought a return of risk appetite, boosting demand for higher-yielding currencies.
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Wednesday,
10 March 2010,
15:08 GMT
Forexyard Daily Forex research
by Forexyard Research
FOREX Analysis - Riskier Assets in Demand; Europe Debt Worries Remain
Investors raised their appetite for riskier assets during yesterday's
trading, but still avoided European and British currencies because of
debt worries. The big gainers yesterday were the AUD and CAD, both
currencies are linked to commodities, in particular crude oil. Crude oil
had recently gained in positive momentum, although it closed slightly
lower yesterday. The question remains whether the EUR and GBP will
attract some of the appetite for riskier assets.
Economic News
USD - USD Firm against EUR; Declining vs. AUD and CAD
The U.S. Dollar remained strong against the Pound and the Euro
yesterday. Credit downgrade warnings by rating agencies regarding some
European countries such as Greece, Portugal and the UK continued to
worry investors.
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Wednesday,
10 March 2010,
12:20 GMT
Forex.com
by Jane Foley, Research Director
Stering in the limelight again. Chinese exports and imports surge. Aud higher, JPY lower.
Sterling
again stole the limelight this morning.
After a weak start (which took it down to USD1.4888) on the back of
yesterday’s warnings from Moody’s on the banking sector, cable found support as
PM Brown gave an address on the economy.
With only weeks to go before the general election (favoured to be May
6), Brown acknowledged the need to address the budget deficit suggesting that
senior civil servants will have their wages frozen and stressing that the UK
will not lose its AAA credit rating.
That said Brown also underpinned his party’s line that real risks to the
recovery remain and that “we must be alive to them”.
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Tuesday,
09 March 2010,
15:36 GMT
Forexyard Daily Forex research
by Forexyard Research
FOREX Analysis - Greece Debt Concerns Ease, EUR Currently Bullish
Some of the latest price movements in the EUR have reflected a growing sense of optimism in the Euro-Zone, given the mild easing of debt concerns in Greece. Switzerland also appears to be having a positive effect on the region with a recent report which showed retail sales climbing much higher than forecast last month. Investor confidence in the region also appears to have risen slightly better than was anticipated. Whether Europe can sustain this bullish momentum is yet to be seen, but so far the regional currencies appear to be holding their gains.
Economic News
USD - Dollar Trading Lower as Investors Regain Confidence in Euro
Following last Friday's less-than-inspiring Non-Farm Payrolls data,
the US Dollar has entered what appears to be a diverse array of price
movements.
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Tuesday,
09 March 2010,
11:38 GMT
Forex.com
by Jane Foley, Research Director
Mkt will demand improved fiscal controls from EMU. Sterling on the back foot. JPY likely volatile this mth
Yesterday’s austerity pledges by the Portuguese Finance Ministry may have been timed to deflect speculation that the country could be the next most vulnerable EMU member after Greece.
However, the pledges were insufficient to stop Fitch stating this morning that Portugal may be downgraded if fiscal consolidation is insufficient.
The EUR took a tumble on this news falling back towards the USD1.3580 level.
Even though Fitch also stated that the contagion risk to Portugal and Spain from Greece is not great, there are sufficient worries in the market concerning EMU to keep the EUR on the back foot.
Fitch underpinned concerned that it could not be assumed that Greece would be successful in implementing it budget.
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Tuesday,
09 March 2010,
00:37 GMT
AceTrader
by AceTrader Research Team
Daily Market Outlook by AceTrader
Market Review - 08/03/2010 21:36GMT
Sarkozy's comments help euro but gains are capped after Greece PM's comments
http://www.acetraderfx.com
The greenback has a mixed day on Monday against its major counterparts while euro was slightly up against the dollar on Monday on short covering as concerns about Greece's fiscal crisis eased.
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Monday,
08 March 2010,
12:03 GMT
Forex.com
by Jane Foley, Research Director
Risk appetite wanes in Europe; Greece moves away from the abyss but fiscal issue could weigh on the EUR long-term
Risk appetite wilted in European hours.
Enthusiasm for risk during Asian hours was built around the positive implications from last Friday’s US payrolls report in addition to the indications from President Sarkozy that the Eurozone is ready to help Greece if needed.
EUR/USD reached an intraday high of 1.3701 in early European trading but subsequently pushed down towards USD1.3630.
While last week’s oversubscribed Greek bond sale and the passing by the Greek parliament of an addition EUR4.8 bln austerity package has driven Greece await from the edge of the abyss and increased the likelihood that the EU will produce some sort of guarantee that will help cap lending costs for Greece, there is still plenty of work to be done.
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