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Forex Trading News Japan’s Sakakibara (Mr. Yen) on the Wires

Written October 30, 2008 at 7:01 AM EST by Greg Michalowski 

US Dollar vs Japanese Yen (JP) Ex-MoF Sakakibara ("Mr. Yen"): Japanese authorities may intervene in FX markets if yen falls below 90; BoJ may cut rates by 25bps
 
- BoJ may get involved with coordinated rate cuts
- Notes that intervention is appropriate in volatile FX markets
- Hedge funds require more supervision.
- Believes the US should have injected capital sooner than they did.
 
Archived in Forex News

Forex Trading News EURUSD Bounces Off Moving Average

Written October 30, 2008 at 6:28 AM EST by Greg Michalowski 

Following up with the EURUSD, we see the pair bounce off the 21 Hour Moving Average.  The pair has traded between the 0.0% and 38.2% Fibonacci Levels with a defined support around 1.3830 and resistance at the session high of 1.3296, for the time being.  

 

Archived in Forex News

Forex Trading News EUROZONE Consumer Confidence Released

Written October 30, 2008 at 6:01 AM EST by Greg Michalowski 

The EUROZONE Consumer Confidence came out at -24 from the previous -19.  This was forecast for a slight drop to -21.

The EUR did not initially react after this worse than expected data.  

Archived in Forex News

Forex Trading News Japan’s Prime Minister Aso on the Wires

Written October 30, 2008 at 5:22 AM EST by Greg Michalowski 

PM Aso: Japan’s banking system is relatively stable but global financial market turmoil will impact real economy

- Will not issue deficit-covering bonds for economic package
- Income tax credits to all households totaled ¥2T
- Will keep tax breaks for 3 years until economy recovers
- To transfer ¥1T to regional governments
- Expect BoJ to provide liquidity for year-end funds demand
- Wants to discuss rating agency problems at summit
- To decide on elections at appropriate time; priority is to calm public fears about recession
Archived in Forex News

Forex Trading News UK’s Finance Minister Darling on the Wires

Written October 30, 2008 at 5:06 AM EST by Greg Michalowski 

BoE’s Darling: Concerned that access to credit for businesses remain restricted

- States BoE will act if banks unreasonably restrict credit
- Earlier reiterated suppliers to lower cost of gasoline for consumers
- Noted that CPI will fall as energy prices move lower
Archived in Forex News

Forex Trading News German Unemployment Change Released

Written October 30, 2008 at 4:58 AM EST by Greg Michalowski 

The German Unemployment Change number came out at -26K from the previous -29K.  A rise to -12K was forecast for this release.

The EUR actually softened up after this better than expected data. 

Archived in Forex News

Forex News UK Finance Minister Darling on the Wires

Written October 30, 2008 at 4:12 AM EST by Greg Michalowski 

TEMPORARY FUNDING NEEDED BEFORE CRISIS HITS OTHER COUNTRIES, IMF MUST TAKE LARGER ROLE IN CRISIS, MUST RETURN DEBT TO SUSTAINABLE LEVEL
- Remarks that UK economy is moving in to a recession
- Notes that increasing borrowing during slowdown is a sensible strategy, must apply new rules to this new crisis

 

Archived in Forex News, Misc

Forex News GBP Nationwide HPI m/m Out at -1.4$ Revised -1.5%

Written October 30, 2008 at 3:00 AM EST by Greg Michalowski 

GBP Nationwide HPI

Forecast -1.5%

Previous -1.7%

Actual: -1.4%

Change in selling price of homes with morgages backed by Nationwide.  UK’s second earliest report on housing inflation.  Impact tends to be significant and is a leading indicator of the housing industry’s health because rising house prices attract investors and industry activity

 

Official Release Site

 

Archived in Forex News, Misc

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