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COMMENTARY

• Draghi's Confidence Lifts the Euro
  Written by Boris Schlossberg
  Last updated 1/12/2012 10:01:37 AM ET
  The EUR/USD rallied in the wake of the press conference by ECB Chief Mario Draghi during which he noted that the central bank’s policy of extending low interest loans to financial institutions has been successful in stabilizing the region’s credit markets. Mr. Draghi stated that the LTRO program has been a successful transmission mechanism for providing liquidity into the EZ sovereign debt market.
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• USD: Does Weaker Retail Sales Mean the Recovery is an Illusion?
  Written by Kathy Lien
  Last updated 1/12/2012 9:01:38 AM ET
  Currencies took a hit this morning following weaker U.S. economic data. Risk appetite was dampened by fresh data that highlighted the ongoing challenges in the U.S. economy. There have been recent improvements in the
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• Euro Rallies Ahead of ECB on Strong Bond Auctions
  Written by Boris Schlossberg
  Last updated 1/12/2012 5:54:10 AM ET
  Strong Spanish and Italian debt auctions helped to lift EUR/USD to fresh session highs as yields on 10 year Italian bonds dropped markedly by more than 40bp in the wake of solid investor demand for periphery paper. Spain was able to sell more than twice of its 3 year bonds raising 9.98 Billion euros versus 4 Billion expected. Italy was able to fund its 1 year paper at yields of 2.735% - sharply lower than the period prior.
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• Euro Bid Ahead of Periphery Auctions
  Written by Boris Schlossberg
  Last updated 1/12/2012 4:09:48 AM ET
  The EUR/USD was mildly higher ahead of key Italian and Spanish auctions today trading above the 1.2700 as currency traders anticipated solid demand for the periphery bonds. Spain is scheduled to sell between 4-5 Billion of 3 to 4 year paper at around 9:40 GMT while Italy will auction off 8.5 Billion of 1 year BOT and 3.5 Billion of new flexi BOT at approximately 10:10 GMT.
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• CHF/JPY Short Opportunity at 81.57
  Written by Bradley Gareiss
  Last updated 1/11/2012 7:58:16 PM ET
  A bearish Gartley pattern is emerging on the CHF/JPY.
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• FX: Gear up for ECB, BoE, Retail Sales
  Written by Kathy Lien
  Last updated 1/11/2012 5:19:17 PM ET
  With two central bank rate decisions and the U.S. retail sales report scheduled for release on Thursday, investors should brace for a busy trading day. It has been quiet for most of the week particularly in USD/JPY, but with U.S. consumer spending numbers scheduled for
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• Euro Under Pressure, What to Expect from ECB?
  Written by Kathy Lien
  Last updated 1/11/2012 10:29:54 AM ET
  The sell-off in the EUR/USD stalled for two trading days but now appears to be gaining momentum. We have been skeptical of the EUR/USD's recovery since the beginning of the week and the latest price action in the
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• Euro Dives as Fitch Warns of "Cataclysmic" Collapse
  Written by Boris Schlossberg
  Last updated 1/11/2012 6:52:14 AM ET
  The EUR/USD took a quick tumble dropping below the 1.2700 level after Fitch rating warned that ECB must do more to prevent “cataclysmic” euro collapse. The pair dropped by more than 50 points in the wake of the warning as the ratings agency refocused market’s attention on the ongoing sovereign debt crisis in the region.
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• Euro Treads Water, Pound Weighed by Weak TB
  Written by Boris Schlossberg
  Last updated 1/11/2012 6:01:30 AM ET
  With little economic data on the docket today currencies spent a very quiet night of trade contained to relatively tight ranges. The EUR/USD spiked to 1.2885 at the start of European session trade on demand from Middle East investors but saw the rally fizzle as trading progressed. Cable in the meantime was driven lower by disappointing UK trade data which saw the deficit widen above the -8B GBP mark.
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• German GDP In Line, Euro Slightly Higher
  Written by Boris Schlossberg
  Last updated 1/11/2012 4:07:51 AM ET
  German GDP for 2011 grew at 3% as expected as Europe’s largest economy was able to shrug off the sovereign debt crisis in the region. The growth rate was slower than 3.7% recorded the year prior but was nevertheless right in line with analyst forecasts.
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• Patience: The Importance of Sitting Tight
  Written by Bradley Gareiss
  Last updated 1/10/2012 8:37:54 PM ET
  Patience is one of the most important qualities a trader can possess.
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• USD: 2012 Sees More Doves than Hawks in the Fed
  Written by Kathy Lien
  Last updated 1/10/2012 4:31:24 PM ET
  The rally in global equities and improvement in risk appetite continued to drive the U.S. dollar lower against all of the major currencies. Although the sell-off in the greenback can be partially attributed to the latest comments from the Federal Reserve, who do not believe that the recent
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• FX: More Juice in the Rally?
  Written by Kathy Lien
  Last updated 1/10/2012 10:12:04 AM ET
  With no negative news flow out of Europe overnight, investors took currencies and equities higher on the sheer relief that no news is good news. Volatility has subsided which helped to lead a rally in risk after rating agency
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• Rally In Stocks Helps Lifts Euro Through 1.2800
  Written by Boris Schlossberg
  Last updated 1/10/2012 5:28:30 AM ET
  The euro tumbled from its highs at the start of European trade on concerns over a possible second bailout of Ireland, but recovered to trade back to the 1.2800 figure as positive risk sentiment carried high beta FX higher. Earlier, the single currency was pressured by the story in the Irish Times which quoted Citibank economist William Butler stating that the Emerald Isle needs a second bailout to reduce its debt service costs. Mr. Butler was quoted as saying that, “the most attractive option from Ireland’s point of view would be a reduction on the interest it pays on an outstanding €30 billion in promissory notes, issued mostly to deal with the collapse of Anglo Irish Bank.” He said Ireland is paying in the region of 6 per cent on this money but it could be refinanced at 3 per cent by the European Financial Stability Facility.
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• Euro Retreats Off Session Highs on Concern Over Ireland
  Written by Boris Schlossberg
  Last updated 1/10/2012 4:16:51 AM ET
  The EUR/USD came under some selling pressure at the start of European trade on speculation that Ireland may now become another hot spot in the region’s persistent battle with sovereign debt problems after a Citibank economist suggested that the Emerald Isle needs a second bailout to reduce its debt service costs. Citibank economist William Butler was quoted as saying that, “the most attractive option from Ireland’s point of view would be a reduction on the interest it pays on an outstanding €30 billion in promissory notes, issued mostly to deal with the collapse of Anglo Irish Bank.” He said Ireland is paying in the region of 6 per cent on this money but it could be refinanced at 3 per cent by the European Financial Stability Facility.
  1 comment