New Zealand’s dollar was set for its biggest three-day drop since 2011 after the Reserve Bank said its sales of the currency in August were the most in seven years. The greenback headed for its best month since 2012 The kiwi dropped against all 31 major counterparts as Prime Minister John Key wa…
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Kiwi Plunges as Much as 2% on RBNZ Sale; Dollar Climbs on Month
Speech by Governor Kuroda at a Meeting Held by the International Bankers Association of Japan, titled The Role of Foreign Financial Institutions in Japan’s Financial System; Some comments pertinent to the economy and policy: Has been some weakness in exports and industrial production; …
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BOJ’s Kuroda speech: Japan’s economy is expected to continue its moderate recovery trend
This week contains some key economic releases out of the US that will impact on the US dollar one way or the other. Meanwhile it is a light calendar for data in Australia and New Zealand. Traders interested in AUD and NZD can take the USD out of the equation by taking a position in the NZDAUD cross….
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Guilt by association takes Aussie down with the Kiwi
Mario Draghi’s strategy for reviving the euro area looks like devaluation. While the European Central Bank president says the exchange rate isn’t a policy target, officials aren’t secretive about their approval of the currency’s 9 percent slide. The depreciation increases the cost of imports and …
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Draghi Devaluing Euro Cheers ECB as Inflation Seen Fading
The dollar hit a four-year peak against a basket of currencies in early Asian trade on Monday, bolstering Japanese shares, but other Asian shares shrugged off Friday’s Wall Street rebound in the face of political unrest in Hong Kong. MSCI’s broadest index of Asia-Pacific shares outside Japan drop…
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Dollar hits four-year high, Asian stocks on edge as HK seethes
THE gaudy pachinko parlours that disfigure many a Japanese high street are an acquired taste. The country’s 12,000 parlours keep players sealed off from the outside world behind a thick wall of noise, smoke and gambler’s tension. The pinball-with-prizes machines, with their flashing lights and…
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A $175 Billion Industry In Japan Is On It Way Out
During the month of August, net New Zealand dollars sold by the RBNZ stood at -521 million NZ Dollars, indicating a significant intervention given the relatively limited fire-power from the RBNZ.
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RBNZ intervened quite aggressively in August
Prime Minister John Key has indicated he thought the New Zealand dollar’s fair falue was around 65 USc and that it would be logical for the Reserve Bank to intervene to push the New Zealand dollar lower, given it was currently well above where it was fundamentally fairly valued. Key made the comm…
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Key says ‘Goldilocks’ level for NZ$ around 65 USc
For more than a week now Gold has thoroughly enjoyed support at $1215 after falling strongly a couple of weeks ago from $1240 to just below $1215. The next obvious level of potential support remains at $1200 which is a long term key level. If gold was to fail at this level, then it is likely the…
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Gold – $1215 Level Continues to Assist
Last week’s saw tooth pattern was a worry to me as much as the bg ranges we are starting to see in USDJPY and the weakness in AUDUSD. It all looks a bit wobbly to me. Of course regular readers know I have held the “stability leads to instability” view for a while now. But it looks like my theory …
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US Dollar strengthens amid stocks rally – But markets remain on tenterhooks
Hong Kong investors prepared for a stock-market retreat and made arrangements to work outside the financial district amid the biggest police crackdown on protesters since the city returned to Chinese rule. The benchmark Hang Seng Index (HSI) will probably open “sharply” lower, according to Kingst…
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Hong Kong Traders Brace for Selloff on Protest Crackdown
The Australian dollar continues to sag, as AUD/USD lost close to 200 points last week. The upcoming week promises to busy, with three major events on the calendar – Retail Sales, Building Approvals and Trade Balance. Here is an outlook on the major market-movers and an updated technical analysis for…
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AUD/USD Forecast Sep. 29-Oct. 3
With Treasuries threatening to resume their bear trend, USD/JPY looks set to resume its larger bull trend, says Bank of America Merrill Lynch. “Indeed, we are impressed by the manner in which the pair has held its ground as equities have sold off last week. Another break of 109.36 confirms a re…
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Bullish USD/JPY, Bearish Gold: Levels & Targets – BofA Merrill
One subpar jobs report is cause for pause. But two in a row is reason to worry. Don’t worry, most economists say. They expect the U.S. to bounce back in September with a 200,000- plus net gain in jobs. And they predict the disappointing 142,000 preliminary increase in August will be revised marke…
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Big rebound seen for U.S. jobs growth
The end of the Great Recession has rekindled optimism about the future of US manufacturing. In the second quarter of 2010 the number of US workers employed in manufacturing registered positive growth – its first increase since 2006 – and subsequently recorded ten consecutive quarters of job gains,…
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The rise of China and the future of US manufacturing
The bullion market didn’t perform well again last week: Silver lost 1.7% off its value, while the price of gold inched down by 0.1%. As a result, the gold to silver ratio rose again by 1.6% to around the 70 mark – its highest level in years. This high ratio means silver’s relative price is very low…
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Gold and Silver Forecast for September 29- October 3
Italian PM Renzi interviewed on RAI television: •Italian GDP may contract as much as 0.3% in 2014 •Reiterates no new taxes •Italy setting aside eu1.5b for support to fired workers •His government plans to reduce number of labor laws, Italy needs needs simple, open, flexible labor ma…
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Italian PM Renzi interview – Italian GDP may contract as much as 0.3% in 2014
Richard Fisher, president of the Dallas Federal Reserve Bank, said the United States risks falling behind the curve on inflation as wage pressure starts to bubble in some parts of the country. “I think we could suddenly get a patch of high growth, see some wage price inflation,” Fisher said on th…
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Fed hawk Fisher says US risks falling behind curve on inflation
The key event in the week ahead is the ECB meeting. The ECB surprised many in early September by cutting key interest rates. We had anticipated it because although Draghi had indicated their rate policy had been exhausted, he acknowledged there some still scope for technical adjustments. We had…
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Event Risks in the Week Ahead
On one side of the Atlantic they’re trying to refill the punchbowl. On the other they’re getting ready to take it away. This week, investors may get a clearer idea why. The European Central Bank will spell out on Thursday its latest attempt to steer the euro zone away from the prospect of damagin…
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While ECB struggles, Fed sees recovery
