A report today showed the unemployment rate in the U.S is at 6.5%, a 14 year high.
This is certainly a weak figure which points out how the damage of the credit crisis is starting to affect the real economy in America.
As a result the dollar traded weaker against the EUR taking the EURUSD back to [...]
The Forex market opened this week with dollar falling against Euro and Yen after news of a massive stimulus package launched by China.
The package is worth nearly 600 billion dollars, and is aimed at bolstering China’s weakening economy.
The package may also help the fight against the global economic slowdown, and that was the reason investors [...]
EURGBP has printed 0.8214 today , a level last seen in 1996. This pair is in a very steep up trend which started on Sep ‘07,
Since then, the Euro gained almost 21% against the Sterling.
Only in the last three weeks EURGBP managed to climb from 0.7758 (its main support level) to over 0.82 due to [...]
(13:00 GMT)
The British Sterling continues to drop against major currencies after the bank of England revealed in its quarterly inflation report that inflation in UK would slow beneath 1% throughout the year 2009.
This was taken as further indication that the BOE will proceed slashing rates as we move into 2009.
As I mentioned yesterday, traders bet [...]
Europe’s biggest economy has now officially entered a recession, as it contracts the most in a dozen years this morning (GDP figures -0.5 lower than the expected -0.2). All around the world the toll of the financial crisis is starting to effect the real economy - meaning people losing their jobs and not just numbers [...]
The British pound opened the week on the strong side after last week’s 6 year low against dollar (1.4556).
The recovery came as a natural process of taking profit by investors. A process we only see so often in the forex market - After so many traders joining to the party and shorting GBPUSD, making hundreds [...]
The last few weeks were good to those who chose to swing trade EURUSD, selling this pair on tops, and buying it back on bottoms…
However, you should notice that this pair is actually narrowing its trading range since Oct 26, forming what we call in technical analysis -” a triangle shape”. this shape is bound [...]
The Forex market opened today with most major currencies gaining against the Yen, however around the second half of the London session the tide has turned, and we see EURUSD and USDJPY back where they started.
We are ahead of an election week in U.S which revolves around the dark shadow of the financial crisis and [...]
(16:00 GMT)
The results of the U.S election today will certainly have a long term effect over the Forex market.
The first mission of any chosen candidate would be dealing with the current financial crisis.
It is believed that a victory for Obama would be good for the dollar in the long term. However, some believe that even [...]
Obama’s victory yesterday was most expected by the markets, maybe this is the reason why wall-street did not share the same joy and excitement displayed in the streets of New-York and Chicago. At least not at the opening bell of the NYSE.
The dollar did trade lower against most major currencies today, EURUSD crossed above the [...]