Forex news for America's trading Thursday 12 February 2015
- Forex technical trading: GBPUSD extends to new highs
- Fed's Fisher says would like to see rates rise.
- Weidmann continues on....
- German officials say they won't insist that all parts of current Greek bailout stay
- US Fed to release latest bank stress tests on March 5
- EURGBP once again putting a cap on cable
- Forex technical trading: USDJPY stalls near weeks lows
- BUBA's Weidmann says regulatory change on sovereign debt needed soon
- ECB Weidman does not expect QE to have an impact on inflation
- Greece/Ukraine headline battle
- European stocks end up on the day
- Forex technical trading: EURUSD makes new day highs
- Fed's Plosser to step down in March
- AUDUSD erases all of the employment declines
- EIA US Natural Gas Stockpiles fell 160 BCF last week
- Greek official: ELA extension will last a week until the week of Feb 18.
- ECB Weidman: Greece will continue to need support...
- Gold moving toward lows for the day/key support
- US business inventories rise 0.1% vs estimate of 0.2%
- Greek ELA assistance raised by 5 billion to 65 billion
- Forex technical trading: EURUSD finds a bid with help from the EURGBP
- USDJPY breaks down... Will it be sustained
- Forex technical trading: USDCAD back lower on higher oil
- Bundesbank to buy around €10bn per month in ECB QE
- Forex technical trading: EURGBP on top of the 200 month MAN
- The good and the bad side of US retail sales data
- Germany's Merkel: Europe depends on everybody sticking to rules
- Forex technical trading: USDJPY falls to technical support on weaker US data
- Forex technical trading: EURUSD extends the weeks trading range
- Canadian new house price index mm +0.1% as exp
- US initial jobless 304K vs 287K est. Continuing Claims 2354K vs. 2400K
- January 2015 US retail sales advance -0.8% vs -0.5% exp m/m
- Forex technical trading: EURUSD still looking to break out
- Greece now wants to tell the ECB how to do its job
- Hollande says Ukraine deal does not guarantee lasting success
- Greek budget deficit for January shows tax revenues fell EUR 1.05bln to EUR 3.4bln
- The strongest and weakest currencies as US traders begin their day (February 12)
- EURGBP keeping cable on a lead. Time to test the tech
- If it's not dovish it must be hawkish as pound takes off after BOE inflation report
The US dollar fell against all major currencies today (with the exception of the CHF). Lower than expected retail sales (-0.8% vs -0.4% est.), higher weekly jobless claims (304K vs 287K est.) and lower business inventories (+0.1% vs +0.2% est.) and sales (-0.9%) were the main fundamental catalysts for the greenbacks decline.
The USDJPY was the largest decliner on the day, falling by -1.2%. In addition to the weak US fundamental data, there was earlier chatter that BOJ officials viewed additional stimulus as counterproductive. This helped reverse most of the week's gains before rebounding in the NY afternoon.
The GBP was also a big gainer in trading today. Most of the gains occurred during the London morning session after Bank of England's Carney said that the BOE will look through the recent declines in inflation, and that the most likely next move in monetary policy is an increase in rates. The GBPUSD traded at its highest level since January 2, 2015.
Greece continued to be in the news as both EU and Greek officials continue to jockey for position regarding debt restructuring. It was "reported" that the ELA (emergency lending assistance) would be increased by 5B to 65B (although there was some ambiguity on whether it was official approved yet) . A cease-fire between Russian backed rebels and Ukraine was announced, but officials remain cautious about the potential for lasting success.
Gold fell on the back of the peace accord, but remained just above the key 100 day moving average support at the 1217 area.
Crude oil prices rose by 4.69%, and the CRB commodity index increased by 1.85% on the day. This helped the commodity currencies move higher against the USD. The AUDUSD erased all of the losses from the weaker Australian employment report, and closed up on the day.
The Nasdaq composite index closed at the highest level since March 2000, while the S&P fell a couple points shy of closing at its all-time highest level.
With thanks to Greg for the commentary today!
