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COMMENTARY

• Euro Drops to Fresh Lows as Draghi Fails To Impress
  Written by Boris Schlossberg
  Last updated 12/8/2011 10:13:35 AM ET
  The EUR/USD dropped to fresh weekly lows despite the fact that the ECB lowered its benchmark rate and announced a series of non-standard measures to help ease credit conditions in the region. The pair hit a low of 1.3311 in morning North American trade after ECB President Mario Draghi refused to entertain the idea of using the central bank as a lender of last resort stating that this was against its mandate.
  3 comments
• Risk FX Treads Water While USD/JPY pressured below 77.50
  Written by Boris Schlossberg
  Last updated 12/8/2011 5:13:29 AM ET
  Currencies were quiet in Asian and early European trade as markets awaited the ECB meeting and the EU summit results with EUR/USD essentially treading water around the 1.3400 mark. Commentary from various EZ officials had very little impact on trade, including statements by French minister for European affairs Jean Leonetti who said that the “euro could unravel” if the crisis was not resolved.
  0 comments
• Aussie Tumbles on Labor Shocker
  Written by Boris Schlossberg
  Last updated 12/7/2011 8:03:39 PM ET
  Australian employment data missed forecasts by a wide margin contracting by -6K versus projections of 10K gain. The unemployment rate increased to 5.3% from 5.2% the month prior as it remained above the 5% level for the fifth month in a row.
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• Euro Hits a Wall As Dollar Demand Rises in Swap Facility
  Written by Boris Schlossberg
  Last updated 12/7/2011 6:02:28 AM ET
  Risk FX was slightly bid but remained in essentially a holding pattern in Asian and early European trades as currency markets awaited the ECB meeting and EU summit scheduled for tomorrow. The EUR/USD ran to take out the 1.3450 level in pre-European trading but backed off those levels after the ECB revealed that dollar demand via its swap auction came in at 50 Billion versus expectation of 20-40 Billion suggesting that the banking sector in the region continues to experience funding difficulties. In contrast the BOE saw no bids and the SNB only saw 75M demand for its swap facility.
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• Aussie Rallies on Strong GDP
  Written by Boris Schlossberg
  Last updated 12/7/2011 4:30:15 AM ET
  Australian dollar rallied in Asian and early European trade today boosted by better than expected GDP data and overall positive risk appetite ahead of the EU summit this Friday. Australian GDP printed at 1.0% versus 0.9% eyed on a quarter on quarter basis and soared 2.5% on an annual basis as mining investments contributed strongly to growth.
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• Mutliple Opportunities Forming On The EUR/GBP
  Written by Bradley Gareiss
  Last updated 12/6/2011 8:02:05 PM ET
  A bullish Gartley pattern and a bearish Gartley pattern are both forming on the EUR/GBP.
  2 comments
• FX: Waiting With Bated Breath
  Written by Kathy Lien
  Last updated 12/6/2011 4:35:31 PM ET
  Investors around the world, currency traders included are waiting with bated breath for Thursday’s EU Leaders Summit to begin.
  2 comments
• CAD Soars After Rate Announcement, Stakes are High for EU Leaders
  Written by Kathy Lien
  Last updated 12/6/2011 9:24:24 AM ET
  Central banks around the world are ready and willing to do whatever it takes to protect their own economies
  0 comments
• Will BOC Turn Dovish Like the RBA?
  Written by Boris Schlossberg
  Last updated 12/6/2011 5:32:26 AM ET
  After testing session lows at the start of European trade, risk currencies stabilized and consolidated in mid morning London dealing as traders continued to digest yesterday’s unexpected credit warning from the S&P. The EUR/USD fell to a low of 1.3340 but recovered somewhat as equities in Europe turned positive. The general lack of follow through on the S&P news which put all 17 members of the EZ on credit warning, suggests that markets are taking a wait and see attitude ahead of this Thursday’s critical EU summit meeting in anticipation that the region’s leaders will provide a more comprehensive plan towards fiscal integration.
  0 comments
• RBA Cuts Benchmark Rate by 25bp
  Written by Boris Schlossberg
  Last updated 12/6/2011 3:30:44 AM ET
  As expected the Reserve Bank of Australia cut its benchmark rate by 25bp to 4.25% citing the sovereign debt crisis in Europe and precautionary behaviour from firms and individuals as key risk factors that could weigh on economic growth going forward. The move the Australian dollar below the 1.0200 level in late Asian trade.
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• GBP/CHF to Test Resistance at 1.4492?
  Written by Bradley Gareiss
  Last updated 12/5/2011 8:00:42 PM ET
  A bearish Gartley pattern is forming on the GBP/CHF.
  0 comments
• EUR: Reality Check from S&P Kills Rally
  Written by Kathy Lien
  Last updated 12/5/2011 5:02:26 PM ET
  It has been another busy day for the euro, which traded as high as 1.3485 against the U.S. dollar only to reverse and end the day virtually unchanged. The problem for the EUR/USD is that every rally has been triggered by nothing more than blind optimism. When
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• EUR: Another Week of Hope Versus Reality for Europe
  Written by Kathy Lien
  Last updated 12/5/2011 9:10:33 AM ET
  With currencies and equities up across the board this morning and European bond yields down, this busy trading week
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• Risk FX Rallies as EZ Credit Spreads Compress
  Written by Boris Schlossberg
  Last updated 12/5/2011 5:19:00 AM ET
  Much more constructive tone in the currency market as we start the week’s trade with high beta FX rallying on speculation of possible new financing scheme for trouble EZ sovereign credit involving central banks and the IMF. A story in German newspaper Die Welt suggested that the Fed along with 17 central banks from Europe would create a lending consortium that would provide the IMF a “triple-digit billion” loan that would be used for a special fund to help finance troubled credits in the Eurozone region. US Secretary of Treasury Timothy Geithner will be in Europe this week to presumably discuss the details of such a proposal with European fiscal and monetary officials.
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• Euro Rebounds on Reports of CB to IMF Proposal
  Written by Boris Schlossberg
  Last updated 12/5/2011 3:09:18 AM ET
  The EUR/USD was mildly higher at the start of week’s trade rising to 1.3450 just before the European open on report that central banks are considering lending money to IMF to help stabilize the credit crisis in Europe. A story in German newspaper Die Welt suggested that the Fed along with 17 central banks from Europe would create a lending consortium that would provide the IMF a “triple-digit billion” loan that would be used for a special fund to help finance troubled credits in the Eurozone region. US Secretary of Treasury Timothy Geithner will be in Europe this week to presumably discuss the details of such a proposal with European fiscal and monetary officials.
  0 comments