USD/CAD’s rise from 1.2125 is still in progress and at this point, intraday bias remains on the upside as long as 1.2515 minor support holds. Further rise should be seen to retest 1.2984/3015 resistance zone. Decisive break there will confirm that medium term up trend has resumed. On the downside,…

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The technical forecast for the NZDUSD continues to favor a bearish outlook for the pair, and the kiwi-dollar may face increased selling pressures over the near-term as demands for carry trades falter. After reaching a high of 0.6132 in November, the pair slipped to a low of 0.5196 on 11/20,…

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Overall, the interest rate announcement played a much more important role than the equity markets, yesterday. The European pairs managed to rally against the dollar, despite the negative momentum the major indexes shared yesterday. This has not been happening lately. However, the yen was still not able to separate from…

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The Business Roundtable’s quarterly CEO Economic Outlook Index tumbled to 16.5 in the quarter, the biggest drop it has ever taken, to the lowest point by far in the survey’s six-year history. A reading below 50 means that CEOs expect contraction rather than growth. The Business Roundtable’s 160 member companies…

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European Central Bank reduced interest rates by 75bps to 2.50% from 3.25% and ECB President Trichet reported he will continue to monitor very closely all economic developments. Speaking about the prospect of deflation, Trichet added Deflation is different from disinflation. The disinflationary process is very clear, and extends into 2010….

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The Bank of England and European Central Bank were both in history-making mode this morning. For the BoE their 100 basis point cut to the Bank Rate today brings interest rates in the U.K. to just 2.00% - matching the lowest point in centuries. The ECB cut rates by 75…

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Judged by the scale of notably larger rate cuts in Sweden (175bps) and the UK (100bps) today, the decision by the European Central Bank to cut interest rates by 75 basis points represents a small step in the global policy response to the current economic crisis but it is also…

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——————————————– USD/JPY Update Time: 04 Dec 2008 08:03 GMT Range Forecast 92.55 / 92.95 Resistance/Support R: 93.69/ 94.00/ 94.26 S: 92.53/ 91.88/ 91.50 ——————————————– EUR/USD Update Time: 04 Dec 2008 09:09 GMT Range Forecast 1.2575 / 1.2615 Resistance/Support R: 1.2603/1.2658/1.2743 S: 1.2549/1.2500/1.2450 ————————————————- USD/CHF Update Time: 04 Dec 2008 09:08 GMT Range Forecast 1.2140 / 1.2180
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The interest rate decisions by BOE and ECB came and gone, with traders left feeling more confused than before. BOE has cut rates as expected 100bps and ECB surprised markets by cutting 75bps rather than just 50 which was forecasted. Trichet said in his press conference in front of journalists,…

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According to the Department of Labor, there were 509k new claims for unemployment benefits for the week ending Nov. 29, a decrease of 21,000 from the previous week’s revised figure of 530,000. The 4-week moving average of initial claims was 524.5k, an increase of 6.25k from the previous week’s revised…

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