Latest Forex News 4-12

USD: Stocks proving to be soft into the NY close, down around 0.5%, but notable that the dollar was reluctant to show any perkiness as would normally be expected. Fiscal cliff seems to be giving it more of a headache.

EUR: Holding steady overnight. Eurozone finance ministers meet today and Greek bond buy-back continues, the success of which is key to ensuring Greece gets its next aid tranche.

JPY: Relatively steady overnight, but still a modest downward bias on USD/JPY owing to the extent of short JPY positions which some are deciding to cover; the upward momentum has waned.

AUD: The RBA cut rates by 0.25% to 3.00% as broadly expected. The Aussie was slightly firmer on the news, reflecting some hopes of bigger cut. Around half of initial bounce unwound.

GBP: BRC retail sales data showed 0.4% YoY on line for like retail sales. Up from -0.1% Oct number, but weaker than expected. Eyes firmly on level of Christmas demand this month.

Source

Latest Forex News 3-12

USD: The grand-standing around the fiscal cliff shows both sides retaining their entrenched positions with no signs of compromise. The dollar implications are becoming less clear as the market struggles to buy the dollar on a ‘risk-off’ strategy - at the same time that the country is heading for a fiscal car crash.

EUR: German Chancellor Merkel suggesting that in time, Greece could see some of its debts written-off. Comments reported in Bild newspaper, but caveat is it could only happen once budget is on sustainable footing

JPY: Weekly CME data showing yen shorts at highest for several years, keeping risks of further down-moves in USD/JPY as short yen positions are covered.

AUD: Retail sales data on the soft side, holding flat in October, having risen by a month average of 0.3% over the past year. AUD falling for 3rd consecutive day on the back of the release, which cemented view that RBA will cut rates on Tuesday.

GBP: House price data overnight (Hometrack) showing holding in negative territory at -0.3% YoY. Focus turning to Wednesday’s Autumn Statement from the Chancellor, in which further fiscal demands are expected to be imposed on the economy.

CNY: Various purchasing managers' data released over the weekend and today, all showing modest increases and offering further comfort to the view of a controlled soft landing in China.

Latest Forex News 30-11

EUR: Through the day-to-day noise, the euro has done reasonably well over the past two weeks. Still, to really attract attention, this current push higher would need to break through the September/October high and get above 1.32. Some worries that the Greek debt buy-back proposal is already unravelling.

JPY: Weaker overnight, some talk that it was related to Softbank’s purchase of Sprint. Japan’s government announced a JPY 880bn stimulus package, as mooted a few days ago.

AUD: Since early October, has respected a gently-sloping uptrend, although with an occasional wobble. These days trades more like a safe-haven currency than a high-beta one – yesterday it fell despite the fact that risk assets strengthened.

GBP: Had a healthy bid despite total lack of new news. Indeed, has looked comfortable for two weeks now, without really breaking any new ground. Needs to trade above 1.61 to really test the mettle of the bears.

Source Fxpro

Latest Forex News 28-11

EUR: Yet another case of buy the rumour (of a Greek debt deal) and sell the fact, with the euro retreating after running into a determined wall of sellers up at 1.30. Upbeat economic news out of the US helped the buck, as did month-end flows. Single currency may drift lower near term.

JPY: Yen shorts headed for cover again overnight, amidst rumours that the government in Japan would announce a massive fiscal stimulus on Friday. May see yen climb further in the very near term in what will be a big test of conviction for the bears.

AUD: Struggling very slightly, although not in a way that should cause too many alarms. Asian equities off by around 1% overnight and yet Aussie still fairly firm. Some traders alert to rising prospect of a rate cut next week.

GBP: Sterling got a lift yesterday as traders and investors alike responded positively to the news that Mark Carney had been appointed BoE Governor. Month-end flows probably helped the pound as well. Some of yesterday's gains have been diluted overnight

Source FXPRO

Latest Forex News 28-11

EUR: Yet another case of buy the rumour (of a Greek debt deal) and sell the fact, with the euro retreating after running into a determined wall of sellers up at 1.30. Upbeat economic news out of the US helped the buck, as did month-end flows. Single currency may drift lower near term.

JPY: Yen shorts headed for cover again overnight, amidst rumours that the government in Japan would announce a massive fiscal stimulus on Friday. May see yen climb further in the very near term in what will be a big test of conviction for the bears.

AUD: Struggling very slightly, although not in a way that should cause too many alarms. Asian equities off by around 1% overnight and yet Aussie still fairly firm. Some traders alert to rising prospect of a rate cut next week.

GBP: Sterling got a lift yesterday as traders and investors alike responded positively to the news that Mark Carney had been appointed BoE Governor. Month-end flows probably helped the pound as well. Some of yesterday's gains have been diluted overnight

Source FXPRO

Black Friday online sales reach $1 billion

 

Black Friday retail sales online this year topped $1 billion for the first time ever as more consumers used the Internet do their early holiday shopping, Online sales jumped 26 percent on Black Friday to $1.04 billion , comScore source

Via reuters

Bank of America Sued Over Alleged Mortgage Fraud

Bank of America Corp. (BAC) was sued by the U.S. attorney in Manhattan for allegedly engaging in a scheme to defraud Fannie Mae and Freddie Mac.

The complaint alleges that Countrywide Financial Corp., which was later bought by Bank of America, implemented a loan- origination process that generated thousands of fraudulent or defective loans that were sold to Fannie Mae and Freddie Mac, according to a statement today from the Manhattan U.S. Attorney’s Office

Via bloomberg

US Dollar Sinks Past Support

Prices turned lower from resistance in the 9928-38 area, marked by the late August swing bottom and the top of a falling channel set from the early June high. Sellers have now broken rising trend line support set from the September 14 low, exposing the next downside objective at 9823. A further push below that targeting 9740. Alternatively, a reversal through resistance initially aiming for 9985

Via Dailyfx

AAPL stock buyback program begins

Apple has now launched its plan to buy back some $10 billion in stock . The purchase plan spans three years and, although technically underway, is controlled by the discretion of the board, which will determine the best times in the coming 36 months in which to buy stock and in what quantities

US Dollar Grinds Higher

US Dollar continues to grind higher through near-term resistance levels

Prices are testing through resistance at 9893, the 50% Fibonacci retracement level, to challenge the top of a rising channel set from the September 14 swing low (9905). A break above this boundary exposes the 61.8% Fib at 9929. Initial support lines up at 9857, the 38.2% retracement.

Via Dailyfx

Fed's Plosser: Exit may come well before mid-2015

The Federal Reserve may have to raise short-term interest rates "well before" the current guidance of mid-2015 . 

Charles Plosser, FA Society of Philadelphia and The Bond Club of Philadelphia today . President and Chief Executive Officer of the Federal Reserve Bank of Philadelphia is speaking to the C

He said the that further easing wasn't appropriate nor likely to be effective. In additions, the actions carry with them "significant risks" to the Fed's inflation fighting credibility, he remarked. Plosser was relatively optimistic about the economy, forecasting 3% growth in 2013 and 2014.

Via marketwatch 

S&P lowers forecast for eurozone GDP growth in 2012 and 2013

Standard & Poor's Ratings Services said today that it now expects -0.8% GDP growth in the eurozone in 2012 and flat growth in 2013. For Spain, the forecast is now for a 1.4% contraction next year.

This compares with our previous projections in July for 2012 and 2013 GDP growth of -0.7% and 0.3% for the eurozone, and -0.6% for Spain in 2013.

Via reuters

US Dollar Rebound

Prices re-testing the previously broken bottom of a rising channel set from the September 14 low (now at 9831). A break higher initially exposes the 38.2%Fibonacci retracement at 9857. Near-term support lines up at 9783, the 23.6% Fibonacci expansion, with a break below that targeting the 38.2% expansion at 9738

  



Via Dailyfx