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Pakistan's forex reserves slip to $15.07 bnEconomic Times, India - 1 hour agoKARACHI: Pakistan's foreign exchange reserves fell by $14 million to $15.07 billion in the week that ended on Jan. 26, the central bank said on Friday. …
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Eventhough the AUD/USD and NZD/USD both experienced wild rides after the Fed lowered interest rates by 50 bps, the [AUD/NZD] managed to keep calm and traded with the well established 1.1320-1.1450 albeit at the lower end of the range between 1.1340-1.1405. Bargain hunters came out in full force when the pair dropped to the low of yest's range and the pair has since traded back up to the current 1.1380 level. With no economic data from both sides of the Tasman today, market players focussing on the US NFP later today will keep trading in a tight range within the established range. Buying orders at 1.1330 by a UK Clearer will protect the downside and selling orders at 1.1420 by fund types will dictate the range this session
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Newly appointed [AUST PM], Kevin Rudd, continues to focus his attention on inflation, warning of “pain and difficulty” for Australians in this yrs budget as he declares inflation to public enemy No. 1
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[AUST] manufacturing activity fell sharply in January to end 19 straight months of expansion; with AIG-PW's Performance of Manufacturing Index (PMI) sliding 8.4 pts, to be below the 50/50 make or break line at +49.2. No sector in the survey showed growth, with new orders breaking 22 straight qtrs of growth by falling 9.7pts to 49.2 The production index otherwise fell a sharp 10pts to 48.4 whilst employment intentions slipped 5.2pts to 49.9. The survey was disappointing and suggested the global mkt turmoil and expectations of higher local rates could be having an impact on the industry. However it did follow a stronger than f.c jump in the mth prior, and saw manufacturers still remaining reasonably positive under current conditions, predicting moderate growth for the yr ahd
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It was indeed a wild roller coaster rise for the [AUD/USD] after the Fed's decision to cut interest rate by 50 bps which saw the pair climb above the 0.9000 handle. However, the pair could not hold onto the gains and plummeted to a low of 0.8815 during early Asian trade on weak Asia/Pacific stock markets but recovered strongly during late trading to start the European session above the 0.8900 handle and a strong performance in Wall St with the Dow jumping up more than 200 points saw the pair reaching an o/n high of 0.8981 and opening in early Sydney trade around the 0.8960/65 level. Buying orders at 0.8930 by real money investors and selling orders at 0.8990 by a US Prime will dictate the range this session
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The [NZD/USD] which was initially battered during the Asian session bounced back from a low of 0.7752 to reach an o/n high of 0.7892 and open this morning at the 0.7880 level. Market players ignored yest's improvement in the trade deficit to its lowest level in 2 years and instead chose to focus on risk aversion. However, the recovery in Wall St after an initial fall of almost 200 points in the Dow saw carry trade investors returned as quickly as they disappeared which saw the pair almost touching the 0.7900 handle. Market players now eyeing the US NFP due tonight where more sparks are expected to fly. Buying orders at 0.7845 by a local will provide support and selling orders at 0.7900/05 by leveraged accounts will protect the upside this session
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[ASIAN OPEN] Dlr is already a funding currency, and would be especially weak vs the Yen and Chf at the early stage of US economic slowdown (when the market recognizes it via the data). Yield consideration, especially on real interest rate basis, the Dlr would be under pressures
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