The Australian dollar ended this week with losses against some majors, including the US currency and the euro, as the negative fundamentals caused Australia’s central bank to cut its main interest rate. The Australian currency (often called the ”Aussie”) depends on the performance of commodities as Australia’s economy is based on export. And commodities are under heavy pressure from various negative factors these days. The debt problems in Europe, the signs of an economic slowdown [...]
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Another European country experienced a downgrade of its credit rating. This Standard & Poor’s cut the sovereign rating of Spain, reminding traders that the story of Europe’s woes is far from over and the debt crisis may spread across the region. S&P lowered the long-term rating on the Kingdom of Spain to AA- from AA, maintaining the short-term ratings at A-1+. The outlook is negative. The rating agency cited the reasons for such decision: -Spain’s uncertain growth prospects [...]
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The Czech koruna fell today after the report showed the nation’s trade balance deficit widened in August more than was anticipated by market analysts, making the koruna less attractive to investors. The trade deficit rose to 33.65 billion koruna ($1.87 billion) in August from the shortfall of 12.8 billion koruna in July, compared to the median forecast of 16.0 billion. According to the Czech central bank, companies gave away 39 billion koruna as the dividend payments [...]
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Gold and silver renewed yesterday their upward trend and sharply inclined as major currencies traded up against the US dollar. Currently gold and silver are traded down. Yesterday the minutes of the last FOMC meeting was published and showed the negative analysis of the FOMC of the US economic outlook. Today, there are many reports to [...]
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DJ FXCM Dollar Index Index Last High Low Daily Change (%) Daily Range (% of ATR) DJ-FXCM Dollar Index 9790.94 9809.93 9754.68 0.07 58.46% The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) remains 0.07% higher from the open after moving 59% of its average true range, and the rebound from 9,753 may accelerate over [...]
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The AUD/JPY has steadily been progressing to lower lows from its April 2011 high at 90.02. From this point the pair has moved down as much as 19% lower to its October 4th low of 72.69. Currently the pair has surged higher six out of the last eight days to test resistance near 79.25. As prices approach this [...]
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The following table includes the correlation between gold and the most popular currency pairs over various timeframes. A value close to +1 indicates a strong positive relationship between gold and the pair, while a value close to -1 indicates a strong negative relationship. Colored values indicate week-to-week changes of over 30%. ——————————————————————————————————————————— Gold [...]
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The AUDUSD has been climbing in a rising wedge for the past 2 days. Prices are coiling up and this bearish pattern looks poised to break lower offering a sell opportunity. The Commodity Channel Index (CCI) is flashing a bearish divergence signal and is breaking below its support line as well. The Trade Opportunity [...]
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The Canadian Dollar remains intimately tied to the broad trends in investors’ risk appetite, with prices continuing to show a strong correlation with the S&P 500. In fact, the relationship goes beyond USDCAD, with a trade-weighted index of the Canadian unit’s average value against its leading counterparts likewise showing a significant relationship with the benchmark [...]
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The month + crude rally may be nearing completion. The advance can be counted in a corrective manner (wave c diagonal). One final thrust into Fibonacci resistance at 9108 or 9267 cannot be ruled out but if this count is correct then crude is at risk of a sharp reversal lower. Jamie Saettele publishes Daily [...]
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