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US CPI for August significantly weaker than expected - ING

FXStreet (Łódź) - Rob Carnell from ING points out that US August CPI disappointed, sliding to 1.7% from 2% on an annual basis, below forecasts of 1.9%.

Key quotes

"Whilst we had expected the core index to nose higher, it was flat, which also resulted in core inflation dipping down again to 1.7% from 1.9%."

"The large fall in energy prices in August (-2.6%mom) was somewhat larger than expected, and was exacerbated by a flat service sector reading (0.0%), softer than trend housing (0.1%), negative apparel (-0.2%), flat medical care, negative recreation(-0.4%) negative education (-0.1%) and softer than usual 'other goods and services,' including tobacco, which was also flat on the month."

"Such uniform declines across CPI subcomponents are rare, and in our experience, usually owe to a common factor, such as poor seasonal adjustment, in the absence of an obvious external cause."

"This weakness does also look rather odd against the backdrop of recently strong retail sales, and anecdotes of rising pricing intentions."

"That said, low and falling energy costs may be helping to offset other cost pressures, resulting in a broader decline than evident simply in the energy subcomponents, so we can’t entirely write it off."

"It is also great timing for such a soft CPI reading, with the FOMC decision later today, and markets anticipating at least some small change in the Fed’s rhetoric."

"We suspect that any such changes will be small, most likely, a tweak to the text referring to the time after QE ends before the first rate hike. Perhaps a replacement of the word 'considerable', in this context."

"Whilst we believed that markets had been anticipating too much in the way of change at this meeting, this release is likely to temper enthusiasm for a bigger adjustment, and if we are right, then markets are likely to take a minimally changed FOMC text in their stride later on."

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Sep 17, 2014

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[OctaFX_Farid]

AUD/USD mired around 0.8970

FXStreet (Edinburgh) - The Aussie dollar remains unable to gather further traction on Thursday, with the AUD/USD hovering over 0.8970/80.

AUD/USD in multi-month lows

The current USD rally is confining the pair to trade in levels last seen in late February/early March, as markets continue to digest yesterday’s FOMC announcements. Nothing of note in Oz in the data front, only showing that RBA’s FX transactions hit A$381 million in August, down from July’s A$433 million. Quek Ser Leang, Market Strategist at UOB Group, signaled “AUD touched a low of 0.8939 early this morning and with no signs of stabilization yet, expect further down-move towards the next support at 0.8915/20. Strong resistance is at 0.9000”.

AUD/USD relevant levels

As of writing the pair is advancing 0.09% at 0.8969 with the immediate resistance at 0.9000 (psychological mark) ahead of 0.9106 (high Sep.17) and then 0.9113 (high Sep.16). On the downside, a break below 0.8951 (low Sep.17) would expose 0.8923 (low Mar.12) and finally 0.8909 (low Mar.4).

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Sep 18, 2014

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[OctaFX_Farid]

US: Housing Starts down to 0.956M in August

FXStreet (Łódź) - US Housing Starts were at 0.956M in August, down from 1.117M recorded in July, the US Census Bureau informed on Thursday. Consensus pointed to 1.040M.

Building Permits slid to 0.998M from 1.052M, below forecasts of 1.045M.

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Sep 18, 2014

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Fed's Yellen: US economy improving but recession effects still evident

FXStreet (Łódź) - Speaking at an economic conference in Washington on Thursday, Fed chair Janet Yellen avoided the topic of monetary policy when delivering her prepared remarks.

• US economy seen improving, although recession effects persist.

• "Fed will continue promoting asset building, the US needs a greater diversification of assets.

• Lower-income households suffered most during the crisis, Yellen points out.

• Improving housing market will remain crucial for family assets.

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Sep 18, 2014

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[OctaFX_Farid]

USD/JPY extends gains to 109.00

FXStreet (San Francisco) - The US Dollar is extending its gains versus the Japanese Yen following better than expected jobless claims in the United States. The pair is performing fresh highs around 109.00.

Earlier in the day, the USD/JPY climbed to 108.85 where the pair found selling interest that launched it back to 108.50. Then the pair resumed its uptrend again and now it is pricing a news highs since September 2008 at 108.96.

Currently, USD/JPY is trading at 108.82, up 0.41% on the day, having posted a daily high at 108.97 and low at 108.31. The hourly FXStreet OB/OS Index is showing neutral conditions, alongside the FXStreet Trend Index which is slightly bullish.

USD/JPY levels

If the pair manages to break above the 109.00, it will face next resistances at 10920 and 109.60. On the downside, supports are at 108.50, 108.30 and 108.70.

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Sep 18, 2014

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GBP/USD hits 2-week highs as 'no' vote is priced in

FXStreet (Córdoba) - GBP/USD rose to its highest level in 2 weeks as markets are pricing in a 'no' in Scotland independence referendum.

As Scottish referendum unravels, investors rush to buy the pound as pre-voting opinion polls gave a slight lead to those in favor of remaining in the United Kingdom. The Scottish vote ends at 21:00 GMT but the unofficial estimated time of the result is around 7:00 GMT on Friday. First results are expected around 01:00 GMT.

GBP/USD rose more than half a cent within the last hour and reached a fresh 2-week high of 1.6386 in recent dealings. At time of writing, Cable is trading at 1.6373, exactly 100 pips or 0.59% above its opening price.

GBP/USD technical levels

In terms of technical levels, GBP/USD could find next resistances 1.6386 (intraday high), 1.6400 (psychological level) and 1.6465 (Sept 4 high). On the flip side, supports are seen at 1.6240 (10-day SMA), 1.6200 (psychological level) and 1.6161 (Sept 16 low).

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Sep 18, 2014

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The Scottish Referendum: views from RBS, BBH FXpro and MSCI

FXStreet (London) - With Scotland currently going to the polls to decide the future of the Union, here is our roundup of market views on the outcome and the market implications.

Brown Brothers Harriman

Marc Chandler, Global Head of Currency Strategy

The Scotland vote today is the main event, and as important as a "yes" vote would be, it is not the only event today. There is not much more to add to the discussion. While the polls remain a statistical dead heat, the wisdom of crowds work implies giving more weight to the bookmakers and the markets, which clearly favor a "no" victory. There is some genuine concern that Scottish referendums will be a recurring theme (see Quebec) on a small victory for the unionists. Such fears, coupled with the fact that some have already positioned for such an outcome may, may curtail the positive sterling response to the a "no" vote.

RBS

Trading Desk Strategy

The GBP was relatively stable against the USD and stronger against the EUR and JPY ahead of the Scottish independence vote with one-week GBP implied volatility trading just under 14.9%, compared to an historical three-month volatility of 4.8%. However, this has eased somewhat from yesterday when it was around 17.4%. This suggests that the market is a little more confident of a No outcome, consistent with the latest polls that slightly favour a No outcome, stabilising over the final week ahead of the vote after the No-vote lead narrowed sharply in recent weeks.

The market is pricing in considerably higher downside volatility risk for GBP with the price of GBP puts exceeding the price of calls (25delta 1week risk reversals) by 4.4%

A Yes vote would be a significant surprise and may rattle global risk appetite with negative consequences for Emerging currencies. It may also trigger profit-taking in long positions in USD against EUR and JPY, even though the implications may be more negative for the EUR. A No vote may be moderately supportive for GBP and broader risk appetite.

MSCI

ESG Research

If Scotland votes for independence, it could have long run implications on the environmental, social, and governance risks facing both the UK and Scotland. At present, UK's ESG Government Rating is 'A' with a Stable outlook. In general, a vote for independence by Scotland does not promise to bear overall positive fruit for either the UK or Scotland from an ESG perspective. If Scotland votes for independence, it is bound to result in downward pressure on the ESG score for both the UK and Scotland.

Over 90% of the UK's oil and gas reserves are located in Scotland, and a vote for independence would lead to the transfer of a large portion of reserves to the newly formed country.1 While the territorial proportion of oil revenues from the North Sea between Scotland and the UK has not yet been finalized, what is largely assumed is that Scotland walks away with a major share.

While Scotland tends to win big on natural resources, its wins could be dwarfed by its weaker performance on important socio-economic parameters. Firms are wary of how an independent Scotland will manage its industries as it struggles to adjust to its new identity. If Scots vote for independence, a considerable number of companies have stated their intention to re-locate from Scotland to England. Further, Scotland has an ageing population, with close to 17.4% of its population over the age of 65 years.

With independence, the buck would pass on to Scotland to bear the associated social expenditure. Expenditure on social services provided to Scotland by the UK is already higher than in the rest of the country (public spending at GBP 12,629 per person compared to GBP 11,381), and expected to rise if Scotland secedes.4 Additionally, if the vote for independence goes through, Scotland is likely to witness a large flight of its intellectual capital, which is expected to migrate to the UK on the prospects of securing professional opportunities. Labor supply in the UK ex Scotland is projected to increase by 12% by 2060, as opposed to in Scotland, where it will remain flat.

FXpro

Angus Campbell, Senior Analyst

So, how will sterling react in the event of a Yes or No vote? Forecasting FX rates are notoriously difficult however we have put together some thoughts below:

YES VOTE

A yes vote will cause an immediate sell off in sterling as it has not been fully priced into the market. We saw GBPUSD fall 4 cents following the You Gov poll some ten days ago that showed the Yes Campaign in the lead for the first time ever, a 2.5% fall, but if the vote for independence succeeds then a much bigger sterling sell off can be expected possibly in the region of 5% taking GBPUSD well below the 1.6000 level where it would likely stay and fail to recoup over the medium, even longer term, as the dollar continues to recover.

Against the euro sterling could suffer less of a dramatic fall due to the ECB’s continued loosening of monetary policy and should recoup losses into the year end as central bank policy reaffirms the divergence between the BOE and ECB, even if rate hike expectations from the BOE are pushed back as a result of the yes vote.

NO VOTE

This result would be a boon for the British pound which should see a strong relief rally in the short term as all the worries over how assets and liabilities will be split are swept firmly under the carpet. I say “swept” because the issue is highly likely to resurface at some point in the future, especially if the Scottish National Party maintains its grip on power in Holyrood.

Sterling’s strength however may not last all that long as the existing trend re-establishes itself. The dollar recovery looks to be becoming entrenched and so any bounce in GBPUSD could be largely eradicated come year end.

The one thing that we can expect for sure is that with such a close race volatility overnight on Thursday and throughout Friday is going to be high. My personal opinion is that the No Campaign will win on the day – it’s one thing saying you’ll vote for independence, it’s another when you are standing in the polling booth and actually casting your vote, when often a voter reflects on the significance of such a decision and is more likely to stick with the status quo.

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Sep 18, 2014

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[OctaFX_Farid]

Credit Suisse: Stay long USD/JPY- eFXnews

FXStreet (Łódź) - The eFXnews team comment that Credit Suisse advises to maintain a long USD/JPY position.

Key quotes

"USD/JPY has surged higher, taking out the potential trendline resistance from May 2013 at 107.53, notes Credit Suisse."

"Further strength here can see a move towards 109.07 initially, ahead of the medium-term potential trend resistance from June 2007 at 109.31."

"Whilst we would look for an cap here at first, bigger picture, we stay bullish for an eventual break which should then see scope for what we deem as tougher resistance at 110.67/111.60 – the 50% retracement of the entire 1998/2011 bear market and August 2008 high."

"In line with this view, CS maintains a long USD/JPY from 106.80 targeting 109.25."

'This content has been provided under specific arrangement with eFXnews.'

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Sep 18, 2014

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No move to negative rates by SNB a disappointment to markets - RBS

FXStreet (Łódź) - According to the RBS team of analysts, the SNB's decision today to hold monetary policy steady disappointed markets, but an introduction of negative rates could be a shock for the Swiss financial system.

Key quotes

"Negative rates would be counter to their objectives of cooling the housing market, could negatively impact the financial system and are not clearly justified by the economic outlook."

"Nor have the SNB had to defend the floor in two years."

"We expect a continued grind lower in EUR/CHF towards 1.20."

"The SNB will likely intervene in the FX market to prevent a print below 1.20."

"Negative rates could then emerge if FX reserves began to build rapidly."

"But we are not convinced this would be the case, with EUR/CHF declines driven more by broad-based EUR weakness rather than demand for CHF assets."

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Sep 18, 2014

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[OctaFX_Farid]

EUR/USD climbs to fresh daily highs

FXStreet (Córdoba) - EUR/USD saw a brief drop on the back of better-than-expected US jobless claims data but upbeat employment figures were offset but poor housing starts, allowing the pair to resume the upside.

After hitting a session low of 1.2855, EUR/USD stretched to a marginal new high for the day at 1.2912 but is having a hard time finding follow-through as investors remain cautious.

EUR/USD bounced from a fresh 14-month low of 1.2834 earlier on the day, but every recovery attempt has been capped by the 1.2910/15 area so far. At time of writing, EUR/USD is trading at the 1.2905 zone, 0.32% above its opening price.

EUR/USD has had a choppy day on the back of TLTRO disappointing take up and with market attention turning from the Federal Reserve to the Scottish independence referendum.

EUR/USD technical outlook

“Technically, the EUR/USD 1 hour chart shows price advancing above a still bearish 20 SMA, with indicators heading strongly up above their midlines. Sellers however, seem to be aligned in the 1.2900/20 price zone, adding to the dominant trend”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart the technical stance is still quite bearish, with indicators having barely corrected oversold readings now turning lower well into negative territory, and 20 SMA reaffirming the mentioned resistance area around 1.2920”.

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Sep 18, 2014

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[OctaFX_Farid]

GBP/USD trading at highest level in two weeks - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points out that the GBP/USD has been climbing on Thursdayas the Scottish independence referendum proceeds, reaching so far a daily high of 1.6386.

Key quotes

"Market speculation inclines for a NO win in the ongoing poll about Scotland independence."

"The pair has breached the 50% retracement of this month fall, with the 1 hour chart showing a strong upward momentum which supports a continued advance, albeit risk of course, is quite high of headlines messing with technicals."

"In the 4 hours chart indicators are also biased higher in positive territory, with 20 SMA now converging with the 38.2% retracement of the same rally around 1.6250."

"It won’t be until Asian opening that the market will be closer to known the result which expectations of gains on a NO far more limited than the possible slide on a YES triumph. "

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Sep 18, 2014

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[OctaFX_Farid]

EUR/SEK poised to decline further – Danske Bank

FXStreet (Edinburgh) - Stefan Mellin, Senior Analyst at Danske Bank, believes the next movement in EUR/SEK will point south.

Key Quotes

“The SEK has underperformed versus all G10 currencies over the past year”.

“Given that no other G10 central bank has cut rates as aggressively as the Riksbank, one might conclude that it has been a reasonable depreciation of the krona”.

“The fact that the krona is now undervalued will make the Swedish export sector more competitive and help fuel inflation”.

“We think that USD/SEK will continue to go higher based on relative cyclical arguments and for the same reason we see lower levels in EUR/SEK in the year ahead”.

“The SEK may trade with a risk premium in the next couple of weeks following the election but, in our view, the next big leg in EUR/SEK is lower”.

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Sep 19, 2014

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[OctaFX_Farid]

Oil price finishes the week flat

FXStreet (Łódź) - Independent Analyst Malcolm Graham-Wood observes that following a few ups and downs this week the price of oil has ended flat.

Key quotes

"Ups and downs had primarily to do with the Brent expiry and the US inventory figures showing a big build in stocks."

"In addition we had a slight drop in Libyan exports of a temporary nature as rockets went off near a big field but with Buzzard coming back the market remains well supplied."

"Scotland has decided and voted conclusively to remain with the Union, with a high turnout of 86% they voted 55%-45% to be better together."

"Not even the late intervention of Andy Murray, the Scottish tennis player who used to be in the world’s top ten, could alter the result."

”As the Oil & Gas industry was the most affected sector by the vote there will be sighs of relief from Aberdeen and throughout the rest of the business."

"Finding the extra 10 billion barrels that the Yes camp claimed would be nice though…"

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Sep 19, 2014

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[OctaFX_Farid]

Session Recap: GBP doesn’t go too far after Scotland votes 'no'

FXStreet (Córdoba) - The main event of the session was of course the reassurance Scottish majority decided to stay in the UK after weeks of uncertainty.

Cable rallied on the news but most of the ‘no’ vote was already priced in, so investors choose to take profits instead, sending GBP/USD back below 1.6400 after being as high as 1.6523. GBP/USD was last flat at 1.6380.

There was little in terms of economic data and majors have been dedicated themselves to reverse yesterday’s courses. EUR/USD resumed the slide and fell as low as 1.2860 after being rejected by the 1.2930 zone, while USD/JPY pulled back from fresh 6-year highs to the 108.80 area. Commodity currencies were little changed.

Elsewhere, European equities were broadly higher and US futures pointed to a positive opening. There is no first-tier data scheduled so investors might take time to weigh recent developments.

Main Headlines in Europe:

Germany Producer Price Index (YoY) in line with forecasts (-0.8%) in August

What’s the sentiment around the EUR/USD today? – Scotiabank and OCBC Bank

Gold holds near 8 ½-month low

Scotland decides to stay in the UK

EMU: Current Account surplus widens to €18.7B in July against forecasts

Oil price finishes the week flat

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Sep 19, 2014

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[OctaFX_Farid]

AUD/USD consolidation ahead? – UOB Group

FXStreet (Edinburgh) - Quek Ser Leang, Market Strategist at UOB Group, believes that the current AUD/USD's price action would be part of a broader consolidation pattern.

Key Quotes

“The intraday target indicated at 0.8915/20 yesterday was not met with a low of 0.8927”.

“While the undertone for this pair is still weak, the current rebound is likely the early part of a consolidation phase”.

“Expect range trading for today, likely between 0.8960 and 0.9015”.

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Sep 19, 2014

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[OctaFX_Farid]

Fed's Lacker at odds with the central bank's exit strategy

FXStreet (Łódź) - According to a statement released on Friday, Richmond Fed President Jeffrey Lacker didn't entirely support the FOMC's strategy towards normalizing monetary policy, announced on Wednesday, as he saw their decision to hold back selling mortgage-backed securities as misguided.

Lacker said that in his view MBS should be sold at a steady price, because by doing otherwise the Fed prolongs its interference in the allocation of credit.

"The Fed’s MBS holdings may put downward pressure on mortgage rates, compared to holding an equivalent amount of Treasury securities, but if so, then other borrowers would likely face higher interest rates," he stressed. "While this would favor home mortgage borrowers, it tilts the playing field against other borrowing by consumers."

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Sep 19, 2014

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[OctaFX_Farid]

Canada Bank of Canada Consumer Price Index Core (MoM) came in at 0.5%, above expectations (0.2%) in August

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Sep 19, 2014

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[OctaFX_Farid]

USD/CAD slumps as Canadian CPI accelerates

FXStreet (Córdoba) - USD/CAD slumped to its lowest level in near 2 weeks after data showed consumer inflation rose more than expected in August.

August's core CPI rose 2.1% YoY in August beating the 1..8% expected and moved above the BoC's 2% inflation target for the first time in more than 2 years.

USD/CAD fell sharply, breaking below 1.0900 and touching a low of 1.0885 so far as the upside surprise may change the Bank of Canada position that inflationary pressures were transitory and move it away from its policy stance.

At time of writing, USD/CAD is trading at 1.0890, recording a 0.39% loss on the day. Immediate supports is now seen at 1.0854 (100-day SMA) while the 1.010 area (200-day SMA) could offer resistance on bounces.

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Sep 19, 2014

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[OctaFX_Farid]

EUR/USD, another ‘dead-cat bounce’?

FXStreet (Edinburgh) - The weakness around the single currency is now accelerating, dragging the EUR/USD to test recent lows in sub-1.2850 levels although rebounding to the 1.2865/70 area later.

EUR/USD depressed by USD strength, ECB

The selling interest intensifies around the EUR on Friday, as the US dollar continues its march north, taking a toll on the pair. Coupled with the current USD rally, disappointing figures from yesterday’s first TLTRO by the ECB - with banks only taking €82.6 billion - continue to weigh on EUR, as it seems the central bank might need to implement another easing measures (QE?). Camilla Sutton, Chief FX Strategist at Scotiabank, commented, “We expect EUR to drift lower; expecting building downside pressure in EURGBP as its trends towards its 2012 low of 0.7755”. Sutton also added that the technicals remain mixed, “but if today’s close is below the low of 1.2835 it would warn of further downside pressure building. Support lies first at 1.2835 followed by 1.2800; while resistance comes in at today’s open of 1.2923”.

EUR/USD levels to watch

The pair is now retreating 0.41% at 1.2868 and a breach of 1.2834 (low Sep.17) would target 1.2788 (61.8% of 1.2042-1.3995) en route to 1.2755 (low Jul.9 2013). On the upside, the initial hurdle aligns at 1.2931 (high Sep.18) ahead of 1.2982 (high Sep.17) and finally 1.2995 (high Sep.16).

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Sep 19, 2014

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[OctaFX_Farid]

EUR/USD targets the mid-1.2700s – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees potential for a descent towards 1.2700 in the near term.

Key Quotes

“EUR/USD’s 1.2834 low has not been confirmed by the daily RSI and this does throw up a red flag for the down move – we would continue to tighten stops on short positions”.

“Directly overhead we find the accelerated downtrend at 1.2951 today and the market is offered while capped here”.

“We target the 1.2755 July 2013 low and the 1.2661 November 2012 low shorter term”.

“Longer term target remains the 200 month ma at 1.2208. Above 1.2951/1.3000, we have the 23.6% retracement at 1.3105 and the 1.3222 28th August high.

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Sep 19, 2014

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[OctaFX_Farid]

Draghi could comment on TLTRO on Monday - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik points to ECB head Mario Draghi's testimony before the European Parliament's Economic and Monetary Committee on Monday as one of the most important events next week.

Key quotes

"We could have a quite entertaining day for a change: he will likely comment on the TLTRO results, probably with an optimistic stance which may give the EUR/USD some intraday support, a chance to add to shorts."

"A dovish stance will pressure the common currency, which means he can do little to fight the dominant trend."

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Sep 19, 2014

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[OctaFX_Farid]

Technical snap shots on majors and crosses - TDS

FXStreet (Guatemala) - Analysts at TD Securities gave us a snap shot of the technicals across a number of majors and crosses at the close of this week's session.

"EUR/USD retains a weak undertone but looks oversold short-term; only gains through 1.2930/35 would signal any scope for near-term strength".

"USD/JPY backs away from 109+ levels and the daily chart looks toppish short-term; expect losses to remain limited for now, however".

"EUR/GBP's break below the recent range base stalls and reverses today; the broader trend is lower, however, and we favour fading short-term GBP losses".

"EUR/PLN weakness should extend below 4.1725".

"AUD/NZD will continue to reflect AUD under-performance; look for a drop back to 1.07/1.08".

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Sep 20, 2014

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[OctaFX_Farid]

US affirmed at AAA by Fitch; 'Fed to hike rates in mid-2015'

FXStreet (San Francisco) - Fitch rating affirmed the United States sovereign rating at AAA with stable outlook according to a press release published by the agency.

Fitch highlights the financial flexibility and the capability of US in tolerating higher levels of public debt. In addition, Fitch points out about the standards of living in the US that are above the AAA countries median.

Fitch also forecasts "the federal government budget deficit to decline to 2.9% of GDP in FY14, from 4.1% of GDP in FY13 and 9.8% in FY09." However, the agency reminds that "on current policies it will start rising again from FY16, reaching 3.8% in 2022, driven by the impact of population ageing on social security and health spending, and higher net interest costs."

Fitch expects that the Fed will "start raising interest rates in mid-2015."

Other quotes:

We forecast federal government debt held by the public at 73.5% at end-2014 and to rise to 75% in 2024.

Fitch forecasts gross general government debt (GGGD) to peak at 100% at end-2014 (excluding trade payables and unfunded pension liabilities, consistent with EU countries). We then project it to decline slightly to 98% in 2018, before starting to trend up again, reaching 104% by 2024.

The US recovery is outpacing that in most advanced countries, albeit sluggish by its own historical standards. Fitch forecasts GDP growth of 2% in 2014, picking up to 3.1% in 2015 and 3% in 2016.

We expect the Federal Reserve to start raising interest rates in mid-2015, after completing 'tapering' of its asset purchase programme in October 2014.

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Sep 20, 2014

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[OctaFX_Farid]

What now? - Societe Generale

FXStreet (Guatemala) - Kit Juckes, Global Head of Currency Strategy at Societe Generale noted that the Scots have voted to remain in the United Kingdom, removing a major threat for the UK economy and sterling and looks ahead to what’s next?

Key Quotes:

" FX markets can re-focus on monetary policy divergence and as the Federal Reserve marches towards the exit from QE and ZIRP, the dollar will rally "

"For now, the response in equity, credit and emerging markets is far more sanguine than during 2013's ‘Taper Tantrum' but USD will make gains across G10 FX. GBP/USD is a strategic sell, USD/JPY is targeting 110.50 next."

"EUR/USD positioning is still heavily short but a disappointing TLTRO take up maintains pressure on the ECB to ‘do more' (even if all they can really do is engineer a weaker currency). NZD is vulnerable to election news this weekend remains a short vs USD along with AUD. And after last weekend's Swedish elections, we remain bullish of USD/SEK and NOK/SEK."

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Sep 20, 2014

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[OctaFX_Farid]

Colombia Trade Balance fell from previous $347M to $-799.4M in July

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Sep 20, 2014

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