EN news@ac-markets.com news@ac-markets.com ACM Newsletter http://www.ac-markets.com/forex-news/daily-forex-news.aspx Copyright © 2007 Advanced Currency Markets SA. All rights reserved. Tue, 06 Nov 2007 14:11:24 GMT http://www.ac-markets.com/forex-news/daily-forex-news.aspx 528592a5-43b8-4d45-8eac-c858edbc0d63 Fri, 03 Jul 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-7-3.aspx Loic Bondiguel The dollar rose against major currencies yesterday after bleak U.S. jobs data renewed concerns about the economy and enhanced the greenback's safe-haven appeal. The Euro was down 1.1 percent at $1.4002, retreating from $1.4201 hit on Wednesday, its highest level since early June. Adding to pressure on the Euro were comments from the European Central Bank President Jean-Claude Trichet that... c14f4f35-35f4-47e9-ae74-ffec83b8c552 Thu, 02 Jul 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-7-2.aspx Philippe Meyer After having hit a high at 1.4201 yesterday on reports the Vice-finance minister of China wasn’t aware of his government’s request to discuss use of the IMF’s SDR as an alternative. This doesn’t come as a surprise on the part of the Chinese government as we all know they are the largest holders of foreign exchange reserves and U.S Treasuries and have been very vocal about the massive spending on... 9d0a97c8-64df-424e-8916-e914774ea478 Wed, 01 Jul 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-7-1.aspx Loic Bondiguel The Canadian dollar fell against the U.S. currency on Tuesday as lower U.S. consumer confidence data for June dampened hopes for an early economic recovery, and pushed the market toward safer havens. Sterling reached an eight-month high against the dollar on Tuesday due to surprisingly strong UK house price data, but its gains fizzled out after a moderating decline in U.S. home prices which later... f880b36e-ec74-4d52-9c45-074f579acb53 Tue, 30 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-30.aspx Loic Bondiguel The Yen slipped across the board on monday due to higher oil price, gains in share prices and a better-than-expected sentiment in the euro-zone which boosted hopes of a global recovery, helping investor risk appetite. Investors seem to feel more confident these days and risky assets are bid again. The EUR carried on the trend set in London with continued buying versus the USD, consolidating on... 246b9347-a9cf-4efe-b998-6aab40818e26 Mon, 29 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-29.aspx Philippe Meyer As we draw nearer to this year’s half-way mark it is clear that reports of a V-shaped recovery back in March we’re greatly optimistic. The sheer complexity of the global economic crisis and it’s repercussions on business climate has greatly hampered the economy’s ability to right itself. The rapid cutting of interest rates, vast amounts of liquidity injections have central banks tackling... 8192d7cb-753b-487d-84b3-2806492a3eb8 Fri, 26 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-26.aspx Loic Bondiguel Thursday’s trading can best be described as ‘scrappy’. There was no dominant theme for traders to cling to so they were cautious and reverted to type, following equity markets moves as a signal for risk appetite and as a barometer for the Dollar. The CHF seemed to be the subject of intervention (again there was no official comment from the SNB) as, on two occasions, the Swiss Franc took a sharp... bdd2a8d8-a660-48fc-9279-63f1f5a3e601 Thu, 25 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-25.aspx Peter Rosenstreich While the FOMC failed to excite the market, it was SNB's currency intervention which provided the day's fireworks. Overall, the Fed stuck to the company line (perhaps a slight hawkish lean) stating "conditions in financial markets have generally improved in recent months" and "the pace of economic contraction is slowing" in regard to growth. In regard to inflation, stated “substantial resource... 2da89dbc-33f4-49e1-9413-69c2711ac8e0 Wed, 24 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-24.aspx Peter Rosenstreich In light trading, risk appetite has stabilized with USD weakening, while equities and commodities temporarily halted their downside slide. The S&P closed slightly higher, CRB Commodity Index closed back above its 200d MA on the back of stronger crude, which closed up $2.07 to $69.22bll. However, the rationale for the sudden shift in sentiment for a third time this week is difficult to... 347dd4ae-d865-4cc8-b64a-b7e44cf129f7 Tue, 23 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-23.aspx Peter Rosenstreich With any market move, pundits (such as myself) are forced to assign a rationale. This has been the case with the recent sell off in commodity prices and spillover effect into FX. Yesterday, price move were conveniently attributed to the World Bank's downgrade of its global growth estimates. We have our doubts that an international organization forecast would have such a profound on market... b0c8bc15-27ce-4c48-9445-cd0ec7967a98 Mon, 22 Jun 2009 12:21:29 GMT http://www.ac-markets.com/forex-news/forex-2009-6-22.aspx Peter Rosenstreich Uncertainty seems to be the core theme in FX markets, with the USD stuck in limbo. With a busy week ahead, markets are taking a wait and see approach to pricing. With Eurozone PMI, US durable goods, UK CBI distributive trades, Swiss KoF and the FOMC announcement on the docket, we would expect the EURUSD to be pushed out of its subtle bearish channel (horizontal support 1.3750). The key event for... 1220f087-6f5e-4241-85b0-23b14765018f Fri, 19 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-19.aspx Peter Rosenstreich We are seeing a return of buying risky assets. However, movements have been choppy and of little significance. Yesterday's Philly Fed survey positive surprise help give markets the lift they needed after a difficult week. In early Asian trading, Reuters reported that the British Bankers' Association (BBA) said it will allow more institutions to take part in the daily survey that sets the London... 32242ce6-5861-40df-8c1d-bb1a49464fb7 Thu, 18 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-18.aspx Peter Rosenstreich With the EURCHF heading towards the 1.5000 level, perhaps the main event in European session will be the SNB's announcement. There is little room for a surprise rate change of 3-mth Libor target, so speculation revolves around if the SNB will increase the scale of its QE and/or continue its efforts to weaken the CHF. Originally, the SNB announced its unsterilized FX intervention policy would... e7b32df5-969c-4ac0-8e6f-c1fc51a7187e Tue, 16 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-16.aspx Peter Rosenstreich The USD lost some ground, as European markets opened higher and risk appetite seems to be cautiously creeping back. The EURUSD rallied to 1.3900, while the JPY crosses, which had been under significant selling pressure, rallied across the board. Yesterday, the S&P closed down almost 2.4% and major indexes in the Asia-Pacific region all closed lower. European indexes, which opened notably... 9a0bd5d1-5699-4596-ac79-34b387636e06 Mon, 15 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-15.aspx Peter Rosenstreich This weekend's G8 conference ended with no real surprises. The final communiqué left the impression that ministers have formed a united front on the need to develop “exit strategies” from unconventional policy measures (however obvious division among countries with respect to individual nations current strategies exist) to head off inflation. While forward looking thinking is always commendable,... f49a03ef-e509-4a65-8d0f-a833b465ab15 Thu, 11 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-11.aspx Peter Rosenstreich Today’s US retail sales release will be an interesting test that FX market's reaction to US data might be shifting. Currently the trend is counter intuitive and positive US data is viewed as “pro-risk” causing USD selling. The recent discussions from FOMC members and participants globally over the timing of ending the entrenched accommodating monetary policy, prompted the market to price in 50bp... 403fdb8d-b465-40f3-92ac-22b83aba4343 Wed, 10 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-10.aspx Peter Rosenstreich The recent support the USD has garnered on speculation that the Fed would begin to drain liquidity and tighten rates seems to be waning. Mounting positive economic data (Friday's NFP) and hawkish comments from ECB members (Trichet's press conference comments) fueled USD buying and a decline in demand for risky assets. However, the foundation of the trade was thin and since Tuesday has seen a... 197aa040-59a4-42b2-8335-9c92696e60cc Tue, 09 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-9.aspx Philippe Meyer Reports that the Fed will announce 10 banks are ready to pay back the TARP funds they benefitted from at the height of the crisis has added to the general idea that the larger economies are steering clear of the worst part of this economic crisis – this should amount to $50Bn in funds being returned. This is expected to be a Dollar and Yen bear signal as the haven currencies throughout this... 8efb8364-4d53-42a0-ba6d-3d71ccfdc6e5 Mon, 08 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-8.aspx Peter Rosenstreich There has been a stark change in the markets’ sentiment regarding the USD since last Thursday. The obvious question is: is this shift a complete reversal or just a temporary correction before a continued USD weakness? The markets reaction to the large upside surprise to private sector payroll employment (improvements across all sectors) seems to us slightly misguided. The USD initially sold off... 04bc0595-1524-4617-9244-4fc389e5d97f Fri, 05 Jun 2009 14:40:01 GMT http://www.ac-markets.com/forex-news/forex-2009-6-5.aspx Peter Rosenstreich When the smoke cleared, not much really happened at yesterday's much hyped Central Bank announcement. In fact, we would venture to say that the day's only real fireworks occurred when rumors spread of the resignation of PM Gordon Brown and/or Alistair Darling. The GBPUSD fell from 1.6400 to 1.6090 on the false news. The once untouchable Sterling has now taken on a decidedly bearish tone.... 5ac1eecd-2a5e-4e47-9dcc-9f449c26b6d4 Thu, 04 Jun 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-6-4.aspx Peter Rosenstreich Recent market developments and commentary from government officials has refocused the dollar as the only available reserve currency. India, Japan and Korea have all expressed their conviction that only the dollar could be considered a viable option as a global reserve currency – this and the Chinese government reassuring Treasury Secretary Geithner that they would continue hold their...