We saw Global equities bounce back this afternoon following the Italian borrowing cost hitting a new high due to the weak demand at bond auction, raising questions of a debt crisis in the Eurozone that’s far from over.
At around 4pm (London Time), we saw the DJIA go level at 12,212.87, and the S&P 500 stood at 1283.85. The FTSE 100 reversed and pegged at 0.15% lower to touch 5705.42.
Eurozone Fears Looms
There was relief yesterday, but it was followed by doubt surrounding the agreement if it was the answer to Europe’s financial woes, after we saw an Italian bond auction go bad. At the same time Italy had its borrowing cost touch a new high since becoming a member of the European block, with investors expressing fears over Italy’s economic programme.
Investors’ had worries over yesterday’s Eurozone deal, amidst fears that the financial crisis could spread based on data that was released from Spain. We saw un
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October 24th, 2011 in
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Fundamental Headlines
European Session Summary
Yesterday was shaping up to be an exceptionally disappointing day leading into a disappointing weekend, as news reports surfaced that the German leadership bloc was considering not attending the Euro-zone summit this weekend. Instead, while German leaders would actually be attending, it became clear that an agreement forming some sort of resolution to the Euro-zone crisis would not be reached by Sunday. Briefly, risk-aversion took hold of trading on Thursday, sending European equity markets and the Euro to session lows.
No less than 3-hours later in the afternoon session in New York, it was announced that instead of one summit, there would be two spanning five days, and that Euro-zone leaders would work tirelessly over the next few days to submit a resolution to the public by Wednesday the latest.
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October 22nd, 2011 in
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Hi All,
We’ve recently moved Dima’s Daily Forex Updates over to our Daily Forex Trading Edge site. Be sure to check in with us daily for the analysis and much more!
Happy Trading! We’ll see all of you over at the Edge.
Best,
The Interbank FX Team
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October 17th, 2011 in
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Out of nowhere this morning, the Japanese Yen strengthened vs.
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Central Bank Interest Rate Expectations can and do change based upon economic and market developments. The last time I provided updated CB expectations was in July (yes, I apologize for being tardy) but since then we have seen major changes in investors expect central banks to do this year and next.
Here are the cliff notes
FED – Nada for 2011 and 2012
ECB – 25bp rate cut by Dec?!
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