Batten down the hatches

10 June, 2016

The single currency was feeling the pain yesterday on the back of comments from ECB President Draghi, who was again underlining the ability of the ECB to enact further policy measures if needed. In the wider picture, it was last year that I set-up my German 10 year yield below zero alert on my terminal. It’s not that far from being triggered, the yield moving below 0.03% yesterday and trading below that level this morning. This is indicative of a wider risk-aversion move, helped by the expectation of no near-term easing from the Fed and also the wider concerns on the EU referendum vote in the UK later this month. The UK 10 year has fallen by around 20bp so far this month, making another cycle low just above the 1.20% level. We’re getting a similar story from stocks and also gold, the latter having rallied by more than 5% so far this month. Stocks in Asia are trading to the downside, with a cautious start also being seen in Europe.

For today, we’re seeing some dollar weakness emerge in the early part of the European session, with cable reversing towards the 1.4410 area, whilst USDJPY has reverted back below the 107.00 level. The data calendar is on the light side, with jobs data in Canada the main standout, together with Michigan confidence data in the US later on. USDCAD has been forming a base since mid-week, so jobs data going to be pretty key in determining if this can be built upon or if fresh push towards 1.25 level is more likely. Overall, the outlook looks more consolidative vs. the moves we’ve seen through most of the year.


Source link  
Oil down over 4% from Friday's open

OPEC and non- OPEC members are meeting in Vienna on Thursday for the start of a 3 day summit where production cuts are on the agenda...

ECB sparks huge moves in the Euro

The ECB dominated markets yesterday as they shifted their policy stance and signalled their exit from QE. The Bank is looking to reduce its bond buying by...

FOMC meeting results in a weaker dollar

The FOMC raised rates by 0.25 bps yesterday evening to a 1.75% to 2.00% target range in a hawkish move and reaffirmed its expected forecast of 2 more...


Progress made between Trump & Kim

US President Trump and North Korean Leader Kin Jong Un met in Singapore overnight. Progress was made between the two leaders during this first meeting...

Poor British statistics presses on sterling

Britain's statistics continue to indicate a slowdown in the UK economy. Today's data showed a decline in industrial production by 0.8% during April against...

Markets pause in anticipation

Yesterday's trading session saw a rotation from the NASDAQ and Tech into the Dow Jones and Industrials. The European Indices have under preformed this week...


RBA leaves rates at on hold 1.50%

Yesterday's session was quite after a pickup in volatility last week and there has been little in the way of movement overnight. This is despite some negative...

Inflation threats troubling markets

On Thursday the markets failed to develop growth momentum. Investors favoured a cautious tone towards riskier assets as the US imposed import tariffs on Canada...

News provide support to euro

Reports suggesting that Italy has a chance to avoid new elections had a positive impact on world markets. European and American markets retraced the previous...


In the past 24 hours Bitcoin has gained 4.0% and reached $6734.26. Open your trading account with the best cryptocurrency brokers on special terms today.

In the past 7 days the EUR/USD pair has lost -1.4373% and is now at $1.1592. Start trading and making money on Forex today.

In the past 7 days Ethereum has lost -2.7% and is now at $519.14. Have the most popular cryptocurrencies compared online 24/7.


Top Brokers offering Daily Forex Market Reviews


Forex Currencies Forecasts


Top 10 Forex Brokers 2018

# Broker Review
1easyMarketseasyMarkets88%
2FXTMFXTM87%
3HYCMHYCM85%
4FIBO GroupFIBO Group80%
5FxProFxPro77%
6FXCMFXCM74%
7Alfa-ForexAlfa-Forex72%
8HotForexHotForex71%
9XMXM70%
10Blue TradingBlue Trading67%
  


Share: