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 822b7d54-a452-4362-ab2e-2906299ec896 Fri, 20 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-20.aspx Elizabeth Gregory The consolidation of the USD and moderation in risk appetite continues today as a barren data schedule provides little impetus for a break out in major currency pair ranges. Today’s docket is solely occupied with policy maker speeches, but even yesterday’s offerings from Geithner, Fisher and Trichet were muted in impact on FX markets.   The most newsworthy element from... 72e96114-b40a-4a8f-8409-9eb3b78cf228 Thu, 19 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-19.aspx Elizabeth Gregory It seems that neither economic releases nor unexpected Fed remarks about interest rate policy has been able to coerce major currency pairs out of their entrenched ranges this week. Despite comments from Bernanke on Monday, San Francisco Fed President Yellen on Tuesday, and St Louis Fed President Bullard yesterday, the USD seems unable to force a break out from the well-trodden consolidation... 6df7751b-d8c1-416e-a7b5-dc3ee22c842d Wed, 18 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-18.aspx Peter Rosenstreich The currency rhetoric continues to come out hard and fast from policy makers. Yesterday, we heard for the European side of the equation, as Trichet stated that Bernanke’s recent “strong USD“ comments were correct and that he was "fully aligned with Bernanke's analysis." Euro group Chairman Junker was kind enough to agree and stated that the EUR had not reached worrying levels. While the verbal... b04b0da2-4601-4781-b816-4b0738029cd8 Tue, 17 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-17.aspx Elizabeth Gregory Yesterday’s speech from Fed Chairman Ben Bernanke provided a quick shake up of risky asset longs for indolent markets that have grown accustomed to easy profits from improving global confidence and the assurance of low rates. Immediate attention was drawn to the statement that the Fed’s policy and underlying strength of the US economy “will help ensure that the dollar is strong” – a remark that... 940ff7a4-c374-4592-8e66-ba5c277eac19 Mon, 16 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-16.aspx Peter Rosenstreich Last week ended on an interesting note, as the University of Michigan Consumer survey dropped for the second straight month (66.0 vs. 71.0 exp, 70.6 prior), however, the market reacted in selling USD. The move that was also interesting, considering the risk APEC's weekend meeting posed to short USD positions. The markets reaction of selling the greenback, anecdotally suggests that the... f09f8b97-3ae2-4eec-ae34-4dc22e48aa49 Fri, 13 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-13.aspx Elizabeth Gregory It has been a week of consolidation and reflection for FX markets as a minimalist data calendar has allowed the risk-asset rally to catch its breath from the drama of the week prior. On balance, the economic releases of the week have provided very few new developments likely to change the market’s fundamental outlook; the one exception possibly being Mervyn King’s comments after the BoE inflation... 146dd006-5bd4-4e61-aae5-8bd3d09d71e4 Thu, 12 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-12.aspx Elizabeth Gregory The flurry of rhetoric from policymakers in the past day seems to affirm that conditions conducive to continued USD-selling are likely to persist; with further assurances this morning from US Treasury’s Timothy Geithner, Chinese Finance Minister Zhu, and Canada’s Jim Flaherty. All have echoed the same message that an early exit from stimulus could be severely disadvantageous, and that economies... 07ec5566-ef9c-4c64-bc9e-99d820bdf27f Wed, 11 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-11.aspx Elizabeth Gregory Risk appetite remains the persistent driver of FX markets, with a deluge of encouraging Chinese data released overnight continuing to stoke sentiment into the middle of the week. Trade balance figures highlighted that the surplus grew yet again in October, a fact which will likely bring calls for Yuan appreciation back to the fore. Against this backdrop, Retail Sales were shown to have grown an... 95fc64c0-5eb2-4bff-9c82-7fbd57a0c476 Tue, 10 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-10.aspx Peter Rosenstreich With three of the world’s largest central banks reassuring the markets that accumulation of risk is secure, it seems like clear sailing ahead for high beta currencies. In no uncertain terms last week the Fed and ECB indicated that they would support growth, stated that inflation is a far distinct concern and it was too early to signal any exit from their ultra loose monetary policy. While over... 075a5cde-3bcf-4c66-83bf-f7a6e80c5ed6 Mon, 09 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-9.aspx Elizabeth Gregory As another weekend G20 meeting has passed without comment on FX and with continued commitment to maintaining stimulus, the USD has slid appreciably against the majors and gold. The shock headline on Friday that US unemployment hit 10.2% initially sent investors scrambling for the exit of risk-correlated trades, with gold plunging and EURUSD skidding precariously towards downside support. However,... e72d77f4-03a0-4e00-aadf-9890328e7a18 Fri, 06 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-6.aspx Elizabeth Gregory With the major central bank meetings of November out of the way and Q3 corporate earnings on the table, investors have already digested most of the major risk events likely to sculpt FX markets up until year-end.  Continued improvement in the economic backdrop coupled with central bank assertions that accommodative policy will remain in place for the time being leaves us in a sweet spot of... 929c4954-3b37-49f1-84fd-7c285e3bbe7b Thu, 05 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-5.aspx Peter Rosenstreich As we expected yesterday, the Fed was unwilling to end the liquidity-fueled party just yet and that’s just what happened. The FOMC members voted unanimously at the meeting to hold rates steady and indicated its ultra loose monetary policy would remain "excessively low" for “an extended period.” The recent sell-off in risk correlated trades has been driven primarily by the worries that the Fed... 771e9d3a-9274-4b98-94d5-0a3c074a3b4b Wed, 04 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-4.aspx Elizabeth Gregory The news of India’s massive purchase of gold in the past 2 weeks has helped propel the precious metal to new all-time highs ($1093 at the time of writing) as speculation mounts that central banks are keen to increase holdings of gold to diversify their reserves. The enormous 200 metric ton acquisition from the IMF is the largest single purchase in at least 30 years, and comes after China revealed... fda1955b-9b9a-4cbe-ac20-52911ae446f2 Tue, 03 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-3.aspx Peter Rosenstreich Yesterday saw the US ISM manufacturing index improve to a three and a half year high and combined with the resurgence of residential construction, this suggests the pace of US fourth quarter growth is on track to meet Q3s whopper. However since the release of these impressive figures the USD and risk correlated trades have had a choppy ride. Wall Street closed the session slightly higher with the... 732cd117-59f4-4112-aa70-3fd105af8163 Mon, 02 Nov 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-11-2.aspx Elizabeth Gregory It is an exceptionally important week for economic releases this week, with four major central bank rate meetings; RBA (Tue), Fed (Wed), BoE and ECB (Thu), in addition to the minutes of the recent Riksbank and BoJ meetings on Wednesday. The RBA is likely to be the only one to alter monetary policy, as the market is anticipating another 25bps of tightening to 3.5%. There is an outside chance of... 2c1b6ccb-088d-43d0-946a-3e42e2541cf5 Fri, 30 Oct 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-10-30.aspx Elizabeth Gregory US GDP’s inspiring 3.5% annualized pace of growth has reignited risk appetite that just days ago was looking weary and nervous. The effect on equity markets was immediate, as European indices turned positive and US equities surged higher; however FX markets have been far less impulsive in resuming their trademark USD-selling on good data. Certainly, commodity currencies which have been the... 61102664-baa4-4911-9ee2-9e03dc956178 Thu, 29 Oct 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-10-29.aspx Peter Rosenstreich Dark clouds (in the figurative sense, not Japanese candlestick) are clearly forming over risk appetite. Wall Street's severely underperformed yesterday and Asian equity markets are broadly lower, with our favorite risk barometer, the Shanghai composite, down -2.33%. The Baltic Dry index has closed lower in the last two days. Both the Norges Bank and RBNZ were significantly less hawkish than the... 8885ba3f-6cbd-4e11-8e3f-cc9a62a867a4 Wed, 28 Oct 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-10-28.aspx Elizabeth Gregory There is a plethora of data coming up today including US Durable Goods Orders and New Home Sales, plus rate decisions from Norway and New Zealand. The Norges Bank rate announcement will likely see Norway follow Australia as the second G10 economy (and first in Europe) to begin tightening monetary policy since the onset of the financial crisis, with markets expecting a move of 25bps to 1.50%. The... 0091ba30-98c7-4d3a-a519-18e2af0b30a3 Tue, 27 Oct 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-10-27.aspx Peter Rosenstreich In a day that was truly devoid of drivers, yesterday’s rapid sell off in risk appetite caught the market completely off guard. Just after peaking to the $1060oz, Gold shed nearly $23, while the EURUSD fell -1.3% down to 1.4845. Overall, the DXY gained 1.0% on the day. The trigger for the sell-off is still very much up for debate, with figures pointing to the slump in US equity markets, worries... 396a94a7-3809-4a24-8d53-e6f4886c94a8 Mon, 26 Oct 2009 00:00:00 GMT http://www.ac-markets.com/forex-news/forex-2009-10-26.aspx Elizabeth Gregory As Q3 earnings releases begin to wind down and their significance for risk appetite fades, the focus in FX markets returns to economic data – and despite today’s quiet schedule, we have a number of key issues in the week ahead.   For the US, the most significant will be Thursday’s first reading of Q3 GDP where consensus estimates are calling for a 1.4% expansion QoQ, up from...