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Stock markets experienced some unexpected volatility into the close of the week on Friday as investors looked to assess the latest progress of the budget talks in the US. As market trading volumes slow down into the holiday sessions, economic data is having only a limited impact on prices. Read more…
The Euro showed signs of stalling in its three month uptrend against the US Dollar after economic reports gave the indication that unemployment in Spain is now seen at record highs and business confidence figures in Germany dropped on continued debt concerns. In other currency related headlines, the Japanese Yen (JPY) also met with selling pressure on the general expectation that the country’s central bank will put in place new economic stimulus measures at its October 30th meeting next week.
Risk sentiment is a good general indicator of how the Euro tends to perform and this week, the EUR/USD currency pair was lower by 0.7% to fall back below the closely watched 1.30 psychological level. The Euro was even lower against the generally weak Yen, with the EUR/JPY currency pair dropping 0.6% to trade at 103.10. This latter pair is still up by nearly 3% for the month, which is a suggestion that currency traders are looking to re-enter the much discussed carry trade after years of relative weakness. Read more…
As is often the case, trading activity is seeing a marked slowdown as the end of the summer season draws near but stock markets and high yielding currencies as getting most of the benefit with small pushes higher. But the key going forward will be whether or not these small trends continue once markets return to full strength and a larger percentage of the trading community injects its bias into asset prices.
Ahead next week, the Euro could be one of the biggest market movers, Read more…
Equity markets and high yielding currencies finished lower on the week as economic data out of the US showed that the national labor market remains sluggish. The Non Farm Payrolls report for June was the main event and with the monthly addition of 80,000 jobs coming in below analyst estimates, stock markets and high yielding currencies sold off to close at their daily lows. The national Unemployment Rate was another disappointment, as it showed no progress from the previous month at 8.2 percent.
In some cases this sell-off was more extreme than others, and the value of the Euro against the US Dollar fell below the previous lows for the year. The EUR/USD forex pair is now trading at 1.2260 and this latest drop is leading many technical analysts to forecast sub-1.20 lows as a possibility into the end of 2012. Read more…
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