A warm welcome from OnlineForex.com- the Online Forex Trading expert! We are all about the fundamentals here: it's our view that you need a clear understanding of all the trends going on in the markets before you start trading for the day, so that you can trade with the overall currency flow or at least know when you are trading against it. Remember to think about your time frame- are you trading hourly, daily, weekly or monthly forex trends? You get the picture. Take a view on the trend that matches your timeframe, while keeping an eye on the amount of volatility in the markets.Thursday update … Nervous markets show some consolidation
Officials will be relieved that markets steadied up a little yesterday. That applied to equities, bonds, commodities and forex markets as technical overbought /sold levels gave some support even if fundamentals remain very uncertain. Greece continues to dominate but at least has a caretaker government to get through till June elections…. we hope.
Headlines
Greece…Banks continue to leak deposits as the situation becomes more uncertain. As yet no real panic and no constraints to withdrawals reported… Greek opinion polls will now become a focus.
Ireland.. More comment/speculation on Irish vote on fiscal treaty at end May.. The Yes camp have it I am sure.. No real conviction but the Irish don’t want to rock the boat at this stage.
Spain..Banks appear to remain under severe pressure and all the political noises point to extreme concern over the situation.. As I said yesterday despite the ECB saying no ne plans more LTRO money will have to be provided at some stage.
US.. Losses rumoured to be worsening at JPM Chase. Now indicating $3 billion from original $2 billion. ( must be some position). It seems they are playing into White House hands over calls for tougher banking regulations.
US.. No change from FOMC minutes.. I think previously the word ´may` require replaced by ´could ` require more easing from a couple of members.. Not sure if that’s more dovish or hawkish
Equities… Although peripheral EZ markets were more nervous equity markets have steadied up and were a little firmer in the Far East.
Bonds… Peripheral EZ spreads with Germany came back a little.
Forex… EUR/USD back close to 1.2750 and still every chance of an opportunity to sell 100 pips higher or so. Support at January lows of EUR/USD 1.2625 was not tested. AUD/USD back at 99.50 might look to sell over 1.00. USD/JPY staying back above 80 gives some relief to Japanese authorities.
FACEBOOK IPO COULD NET $12 Billion in taxes (various stock options etc..). Just a pity he´s in California not Greece….mind you could probably take a nought off in Greece, why declare it.
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