Forex: USD/CAD jumps after Canadian jobs data

FxPro Daily Forex Brief: Even more balance sheet deleveraging
Even more balance sheet deleveraging One of the major investment themes for 2012 will undoubtedly be continued balance sheet deleveraging by banks/governments/households, and the inevitable contraction in credit that will follow. In its various guises, it is the theme that has already been dominating trading in the forex market so far this year (see the article below on ?euro-doom?). Similarly, in the UK, there was further confirmation yesterday in the latest credit conditions report from the Bank of England that [...]
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Daily Forex Brief | The Pressure on Oil
Given the slower growth backdrop that we are seeing, both in Europe and Asia, it?s interesting to note that oil is pushing 8 month highs this week. It also throws another obstacle into the path of the lower inflation rates that are anticipated but also very much required in Europe, allowing policy-makers to ease policy further (especially in the eurozone) and also reducing the severe squeeze seen on real incomes in many countries. The threat of sanctions against Iran from [...]
Read more ?FxPro Daily Forex Brief: New year, old problems
New year, old problems The new year brings with it the wish for fresh beginnings and renewed vigour. There are grounds for some optimism, but for the most part they are few and far between. The US economy has been very resilient over recent months ? last week witnessed further improvements in home sales and also consumer confidence. Also, the labour market has firmed after a dreadful lull in the middle of 2011. However, it pays not to lose sight [...]
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ECB Lending Operation Fails To Instil Lasting Confidence (ACM)
Risk appetite remains on a precarious footing today, with Asian equity markets broadly lower; the Nikkei is down -0.8%, Hang Seng -0.4% and Shanghai Composite -0.2%.Yesterday?s highly anticipated ECB lending operation failed to install much long-lasting confidence in the European outlook; in spite of a much larger than expected uptake of almost EUR490bn, the euro sold off aggressively in the afternoon session, hitting lows of 1.3025. Meanwhile the Bank of England released the minutes of its most recent monetary policy [...]
Read more ?FxPro Daily Forex Brief | More medicine from the ECB
Today the ECB will once again push new boundaries in the provision of market liquidity by offering loan of three years (with option to repay after one year). The market is expecting nearly EUR 300bln to be taken up, in return for suitable collateral form the participating banks. It?s been pointed out before that this will aid the liquidity crisis, but not the solvency crisis that Europe is currently facing. It was certainly the case when the ECB started offering [...]
Read more ?FxPro Daily Forex Brief: Chinese capital outflow gathers pace
Chinese capital outflow gathers pace Latest figures from the PBOC provide further confirmation that foreign investors have been pulling money out of China in the final quarter of this year. Data from the Chinese central bank show that there was a further CNY 27.9bn reduction in the yuan positions of financial institutions accumulated from foreign exchange purchases last month, after a decline of CNY 24.9bn in October. As we have been observing recently, the yuan has been under constant downward [...]
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US Dollar Gains on Fresh Euro Debt Stress, Kim Jong-il Death (dailyfx)
The US Dollar (Ticker: USDollar) pushed broadly higher overnight, adding as much as 0.4 percent on average against its leading counterparts, as stocks slumped in Asia to drive demand for the go-to safe haven currency. The MSCI Asia Pacific regional benchmark index fell 2.2 percent. Eurozone debt crisis jitters set off early selling after Fitch put the credit ratings of France, Belgium, Spain, Slovenia, Italy, Ireland and Cyprus under review for a downgrade, saying a solution to the region?s sovereign [...]
Read more ?FxPro Daily Forex Brief | The problems emerging for 2012
Even though India left interest rates unchanged this morning, as broadly expected, there were hints of rate cuts to come from the central bank governor, leaving scope for rates to come down from the current 8.50% level. The pattern we have seen in the BRICs recently (Brazil, Russia, India and China) has been concerning to varying degrees. The Brazilian economy ground to a halt in the third quarter, whilst China is suffering a growing over-hang in the property market (see [...]
Read more ?Markets Brace For France Downgrade, Possible SNB Action On EURCHF (ACM)
Eurozone sentiment continues to languish today, as the market?s dissatisfaction about EU summit conclusions festers, and investors brace for the possibility of France losing its AAA credit rating. Thus far there have been no advanced warnings of if or when the sovereign downgrade might precipitate, but there is increasing rhetoric from French policymakers that appears to be conditioning the market for such a scenario in the near future. EURUSD currently trading around 1.3000 having dipped to a low of 1.2945 [...]
Read more ?FxPro Daily Forex Brief | Disappointment takes over hope
The Financial Times leads today with the cracks in the EU Treaty agreement, but these were already evident even at the start of the week. It seems remarkable that the other eurozone ?outs? (such as Finland, Denmark, Sweden, as well as UK and others) are only now asking themselves the obvious questions, such as whether budget rules will apply just to eurozone members or all EU members. It?s even more remarkable that there was not greater debate and questioning of [...]
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