Looking for a range trade in any one pair at this point is essentially a call on overall currency market conditions over the coming week. EURUSD has the most conducive setup for congestion; but at the same time, it also offers the best terms for a breakout.
The dollar mostly fell Friday as stocks surged nearly 500 points on reports that President-elect Barack Obama plans to name New York Federal Reserve President Timothy Geithner as Treasury secretary.
The Canadian Dollar continued its dramatic descent against the US Dollar, as fast-falling oil prices sunk the Loonie while the US Dollar benefited from similarly sharp losses in the Dow Jones Industrials Average.
The Canadian dollar generally brushed off the weaker-than-expected results of Canadian CPI on Friday, as the currency ended the day up nearly 4 percent versus the greenback.
The Japanese yen tumbled on Friday as a last-minute surge in risk appetite lifted carry trades. Indeed, the Dow Jones Industrial Average ended the day up 6.55 percent at 8,046.66, but all of those gains were made during the final hour of trading.
On a day when the market had nothing to be happy about, the leak of President-elect Barack Obama’s Cabinet announcements have erased one major uncertainty for the financial markets, helping equities and currencies recover. The NY Times reports that Hillary Clinton has accepted the post of Secretary of State and NBC reports that Timothy
USD/JPY rallies through 95.00 hitting 95.50 as equities make a U turn to the upside AUD/USD strong move off 6100 lows to hits 6260 in early Europe are risk appetite returns GBP/USD flies to 1.4990 as 1.50 calls after persistent liquidation this ……
- Early trading this morning has been volatile once again, with US indices opening higher, sagging into the red and then rallying back to positive territory. The relentless selling in shares of Citigroup continues to weigh heavily on markets, dragging dow…
- In equities news overnight, reports circulated that Citigroup [C] could be looking for new investors or even merger opportunities. The board is planning to hold a formal meeting on Friday
A hopeful early session on Wall St. following a mid-day rumor of a compromise for the auto sector bailout turned into a rout in the last hour, when a conference of Democratic Congressional leaders sent the CEOs of the Big 3 home emptyhanded. Instead of a …
