The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3245 level and was supported around the $1.3140 level. As expected, the Federal Open Market Committee decided to keep interest rates unchanged. The FOMC reported "Information received since the Federal Open Market Committee met in March suggests that economic activity has continued to strengthen and that the labor market is beginning to improve. Growth in household spending has picked up recently but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software has risen significantly; however, investment in nonresidential structures is declining and employers remain reluctant to add to payrolls. Housing starts have edged up but remain at a depressed level. While bank lending continues to contract, financial market conditions remain supportive of economic growth. Although the pace of economic recovery is likely to be moderate for a time, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability. With substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time. The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period. The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability. In light of improved functioning of financial markets, the Federal Reserve has closed all but one of the spec [...]
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Thursday, April 29, 2010
Wednesday, April 28, 2010
Forex managed trading monthly support line
Forex day trading, Spain is down graded. Greece needs more and more, 120 billion euro package to flow there at the end of next month. [caption id="attachment_839" align="alignleft" width="263" caption="Forex managed funds monthly eurusd"]
[/caption] 8 year trend line tested at 1.3102 with a further supporting TL at 1.2745 on the EURUSD monthly chart. 1.40 falls into a 50% retracement here but with all the EU countries asking for money there is no end in site. 1.21 by summer and Par by the year on the USD. All asset classes came under heavy selling pressure after the S&P rating agency downgraded both Greece and Portugal's sovereign debt yesterday. In the wake of the downgrade: Greek 2-year debt skyrocketed to 22.00%, 1 year credit-default swaps stand at 1290, the EURUSD fell through the 1.3200 level for the 1st time since April '09 as equity markets sold off globally. Overall, we remain bearish on the EURUSD. The EU/IMF rescue package may provide some temporary reprieve for the EURUSD, but there are still considerable financial obstacles before the Eurozone is in the clear. On the US side, we do not expect any significant shift in language nor policy from the FOMC today and maintain that asset sales are a distant prospect.
[/caption] 8 year trend line tested at 1.3102 with a further supporting TL at 1.2745 on the EURUSD monthly chart. 1.40 falls into a 50% retracement here but with all the EU countries asking for money there is no end in site. 1.21 by summer and Par by the year on the USD. All asset classes came under heavy selling pressure after the S&P rating agency downgraded both Greece and Portugal's sovereign debt yesterday. In the wake of the downgrade: Greek 2-year debt skyrocketed to 22.00%, 1 year credit-default swaps stand at 1290, the EURUSD fell through the 1.3200 level for the 1st time since April '09 as equity markets sold off globally. Overall, we remain bearish on the EURUSD. The EU/IMF rescue package may provide some temporary reprieve for the EURUSD, but there are still considerable financial obstacles before the Eurozone is in the clear. On the US side, we do not expect any significant shift in language nor policy from the FOMC today and maintain that asset sales are a distant prospect. | 08:30 | [...] Forex trading - live day trading course and currency trade room. Tuesday, April 27, 2010Forex day trading system eurusd new lows
Forex day trading new lows on for the EURUSD EURJPY weakened 0.2% to 125.51 as the JPY rose against all of its major counterparts and Asian stocks declined as concern about Greece's bailout plan and the effect of tightening measures in China drove investors away from higher-yielding assets and after reports that BOJ may upgrade its 2011 CPI forecast on April 30. Investor sentiment turned bearish after German Chancellor Angela Merkel said she won't release funds for Greece until the nation has a "sustainable" plan to reduce its deficit. The USDJPY traded near its strongest level in almost three weeks to 93.81, the most since April 6 on speculation the Fed is moving closer to withdrawing stimulus as the US economic recovery gathers momentum. After the market closed, US Senate Republicans blocked Democrats from advancing their plan to overhaul Wall Street regulation, saying they want to force changes before beginning full debate. The NZDJPY fell to 67.53 after trading 68.31, the highest since Jan. 14 and AUDJPY fell to 86.76 after touching 87.77 yesterday, the strongest since Sept. 29, 2008 on concerns the EU aid package for Greece won't keep the deficit crisis from spreading, damping demand for higher-yielding currencies. The AUDJPY also retreated from an 18 month high as Asian stocks dropped. The NZDUSD dropped to 0.7201 after it reached 0.7256, the most since Jan. 20 while AUDUSD traded 0.9251 after German Chancellor Angela Merkel yesterday said she won't release Greek rescue funds until the country shows it's got a "sustainable, credible" plan to cut its budget deficit. Australia's producer prices index gained 1% in Q1 (prev. -0.4%) as cost of petroleum refining advanced 8.1%, building construction prices gained 0.6% while utilities rose 3.3%. The EURUSD may weaken to less than 1.3000 this year should the Fed start raising interest rates before the ECB, according to market estimates. If the Fed does hike before the ECB, BOJ and BOE, th [...]
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