| Archive of Daily Video Recaps |
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Monday, January 5th, 2009
The
Euro fell almost 400 pips against the Dollar and the Pound as
expectations increased that the ECB will have to cut rates more than
expected as weak data keeps coming in. The Pound rebounded on the BOE's
plan to expand lending to banks, the Dollar saw strength on Obama's
fiscal plan and the Loonie gained on rising oil prices.
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Friday, January 2nd, 2009
On
a day when manufacturing data around the world remained grim,
especially in the Euro-zone and US, traders saw a bout or risk appetite
as equities around the globe and commodities advanced. Today's trading
saw the Aussie and Loonie climb higher while the Yen fell.
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Wednesday, December 31st, 2008
In
conditions of thin liquidity there was some volatile trading with the
main aspect being a fall in Euro pairs as traders squared their
position prior to the end of the year.
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Tuesday, December 30th, 2008
The
Euro and Dollar traded choppy today, but for the session retraced about
50 percent of yesterday's 400 pip downmove. Housing prices in the US
were shown to decline at a record annual pace and the Conference Board
consumer confidence index fell to an all time low. US stocks were up
though the Dollar consolidated vs the Yen.
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Monday, December 29th, 2008
Today's trading saw the Swiss Franc gain against the Euro and Dollar as
political instability in Israel fueled safe-haven flows. The Pound fell
through critical support levels, and hit a fresh record low against the
Euro. The Loonie traded in a wedge against the Greenback.
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Wednesday, December 24th, 2008
In
light pre-holiday trading most currency pairs stuck to tight ranges and
showed limited movement. The Franc rose against the Pound, while the
Kiwi gained on the Yen. US data showed jobless claims increasing, but
durable goods orders fell less than expected.
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Tuesday, December 23rd, 2008
In
light pre-holiday trading most currency pairs stuck to tight ranges and
showed limited movement. Despite horrid data from the housing front the
Dollar gained on the Yen as Japanese officials let it be known that
they may intervene in the markets to try and weaken the Yen.
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Monday, December 22nd, 2008
The
week started with relatively quiet trading. The Euro rose against the
Dollar but weakened following poor data on industrial orders. The Yen
was pressured following a weak trade balance, which showed exports down
a record amount.
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Friday, December 19th, 2008
There were some key announcement today as the Bank of Japan cut its
benchmark interest rate to 0.1% and the US government said it would tap
the TARP funds to give the auto auto industry a bailout. Markets saw
continued Dollar strength as part of a correction.
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Thursday, December 18th, 2008
The
Dollar rose against its main rivals following a week of heavy losses.
The Pound swung 700 pips lower from its high near 1.56 against the Euro
and set a fresh record low against the Euro. The commodity bloc of
currencies retreated against the greenback and Yen as oil fell below
$37 for the first time in 4 years.
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Wednesday, December 17th, 2008
The
Dollar was pressured heavily for a second day as the Euro roared to
another 400 point swing upward and the Yen hit a 13-year high vs the
greenback. The Pound fell in the wake of unemployment data which saw
the number of people claiming jobless benefits rise by the biggest
level since 1991, and minutes showed a dovish BOE.
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Tuesday, December 16th, 2008
The
Fed cut rates to a range of 0% - 0.25%, and said they would take all
measures necessary to provide credit to business and consumers. The
statement helped US stocks rally but put heavy pressure on the
greenback which saw significant decreases against its rivals.
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Monday, December 15th, 2008
The
Dollar fell 280 pips to the Euro and 400 pips to the Pound by early NY
trading. With the bulk of de-leveraging complete, and the cost of the
financial bailouts and economic stimulus packages growing, the supply
of Dollars is flooding the market, weakening the currency.
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Friday, December 12th, 2008
Yesterday evening, the Senate voted on and rejected the auto-industry
bailout after it had passed the House. The news set off a wave of risk
aversion which boosted the Yen. By Friday's NY session investor
sentiment returned on alternative plans to fund the rescue.
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Thursday, December 11th, 2008
The
US Dollar was pressured overnight and fell further after weak jobs and
trade data. It fell 400 pips vs the Euro and Canadian Dollar as traders
unwound long Dollar positions. The Swiss central bank cut rates by 50
basis points. The Euro hit a new record high vs the Pound.
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Wednesday, December 10th, 2008
The
Yen and Dollar eased off their levels from yesterday as government
efforts to slow the global recession reduced the haven appeal of the
two currencies. Prospects of a auto sector bailout helped US stocks,
boosting risk appetite during the NY session.
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Tuesday, December 9th, 2008
Japan's 3rd quarter GDP figure was revised down to show a -0.5% change
which undershot forecasts and gave the Asian session and overnight
trading an increased bout or risk aversion. US stocks fell which
boosted the value of the Yen and Dollar.
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Monday, December 8th, 2008
Obama's plan
to invest in infrastructure pressures the Greenback as the market picks up risk
appetite. British
producer price index eases; input prices decline 3.3% and output prices
decline 0.7% on the month. Canadian housing starts slide 18.8% in November.
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Friday, December 5th, 2008
US Non-farm payroll data shows worst month of job losses in 34 years while unemployment rate reaches 15-year high.
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Thursday, December 4th, 2008
The
Bank of England cut rates by 100 basis points and the ECB followed with
a 75 basis point cut bring the central bank's rates to 2%, and 2.50%
respectively. The Euro gained on its rivals, while the US, pressured by
weak jobs data and lower stocks declined.
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Wednesday, December 3rd, 2008
Australia, the UK, the Euro-zone and the US all showed dismal reports
on services, showing how the global recession is deepening. Currency
pairs were consolidating mostly prior to the BOE and ECB meetings
tomorrow and the Friday US non-farm payroll report.
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Tuesday, December 2nd, 2008
The
RBA cut rates by 100 basis points to 4.25% and the Euro rallied on the
back of strong stock gains. There was a return to risk appetite as
traders focused on interest rate cuts from several central banks this
week. The Pound was unable to sustain any kind of rally.
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Monday, December 1st, 2008
Manufacturing data from around the world for the November period showed
Australia, the Euro-zone, the UK, China, Russia and the US at record or
decade lows. The grim data pressured stocks, which led to risk aversion
in financial markets. The Pound fell while the Yen gained.
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Friday, November 28th, 2008
Japanese data showed household spending along with retail sales
declining, industrial production scaled back, inflation falling, though
the unemployment improved. In Europe CPI fell by the most in 2 decades
which pressured the Euro against the Dollar and Yen.
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Wednesday, November 26th, 2008
It
was a day of grim fundamentals as the US showed consumer spending down
1%, jobless claims at elevated levels, new home sales at an 17-year
low, and plunging durable goods orders. The news boosted the Dollar as
traders took refuge in it as a safe-haven.
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Tuesday, November 25th, 2008
The
Fed unveiled a $200 billion plan to support the issuance of loans to
consumers but the plan will weigh on the Fed's balance sheet, and
pressured the US Dollar. The Pound surged 400 pips against the
greenback, the Euro tested 1.3050, and the Loonie went to 1.23.
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Monday, November 24th, 2008
News that the US government was going to rescue Citigroup through a
cash injection and guarantees for $300 billion of troubled assets
bolstered stocks around the world. With equities up as much as 10% in
Europe risk appetite helped boost high-yielders and carry trade.
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Friday, November 21st, 2008
Asian stocks rallied helping to increase risk aversion in the markets
overnight. That was followed by a late rally in US stocks. After steep
declines in carry trade pairs in the middle of the week, traders pared
those losses with the Yen falling to higher yielders to end the
week. more
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Thursday, November 20th, 2008
Global stocks saw a sharp sell-off today which ended with US stocks
closing at multi-year lows. Risk aversion was in full bloom today as
the Yen gained on its rivals. In a surprise move the Swiss National
Bank lowered rates by 100 basis points.
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Wednesday, November 19th, 2008
Consumer prices fell 1.0% in the US while housing start fell to a
record low, which added pressure to US stocks. An initial burst of risk
appetite which helped boost the Euro and Pound gave way to further risk
aversion and gains by the US Dollar and Yen. The Loonie was pressured
by weak performance in stocks and commodity prices. more
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Tuesday, November 18th, 2008
Consumer prices fell 0.2% on the month in the UK, while US producer
prices fell a record -2.8%, which shows the effect of falling commodity
prices. Currency markets were mainly trading in consolidation patterns
though a late fall in US stocks increased risk aversion.
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Monday, November 17th, 2008
Data from Japan showed 3rd quarter growth contracting 0.1% on the
quarter and 0.4% in annualized terms, which mingled with lukewarm
reaction to the statement by the G-20 meeting. There was still some
risk appetite in the markets as the Dollar weakened against its rivals.
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Friday, November 14th, 2008
GDP
data from the Euro-zone showed growth down 0.2% putting the economy
into the official definition of recession. The Euro was pressured
against the Dollar and its other rivals. With US stocks down today, the
Yen gained on the greenback.
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Thursday, November 13th, 2008
US
stocks rose today after the Dow Jones briefly fell below the 8,000
level. The rally helped boost risk appetite which pressured the Yen.
The Pound continues to fall as traders priced in further rate cuts from
the BOE. German GDP showed a second quarter of contraction.
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Wednesday, November 12th, 2008
The
Pound fell sharply against its rivals as the Bank of England said the
economy will face possible a year-long recession. With inflation
expected to ease significantly BoE Governor King left the door open for
more rate cuts. US stocks fell increasing risk aversion. |
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Tuesday, November 11th, 2008
The
Yen and Dollar rose again against their rivals as stocks around the
world fell amid weak data and a loss of risk appetite. Oil prices were
down as well helping to boost the Dollar's chances. UK data showed
retail sales down 2.2% on the year and completed home sales at the
lowest level since records began in 1978.
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Monday, November 10th, 2008
Stocks in Asia and Europe rose following China's announcement that it
would spend almost half a trillion dollar as part of fiscal stimulus
package. However, the burst of risk appetite was short lived as US
stocks faltered after a higher open which brought back risk aversion.
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Thursday, November 6th, 2008
The
three key central banks in Europe all slashed rates, with the Bank of
England taking an ax to rates with a 150 basis point reduction. The ECB
and SNB lowered rates by 50 basis points. Weak data from the US helped
sunk US stocks, continuing a day or risk aversion in global markets.
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Wednesday, November 5th, 2008
Traders saw another round of weak data from key country's services
sectors, putting the focus again on global recession fears. The last
week had seen a return to risk appetite but that was turned back as
stocks in Europe and the US faltered.
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Tuesday, November 4th, 2008
With Japanese, European and US stocks climbing today, risk appetite
helped boost higher yielding currencies like the Aussie, despite the
RBA's larger than expected rate cut. The Euro, Pound, and Loonie all
had strong gains against the Dollar, and the Yen weakened as well.
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Monday, November 3rd, 2008
On
the eve of the Presidential election in the US, the Dollar gained on
the Pound and Euro, while falling against the Loonie. Manufacturing
data from Australia, UK, US, and the Euro-zone pointed to the problems
facing those economies in the current economic conditions.
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Friday, October 31st, 2008
Currency markets saw high yeilders give up some of their gains from
earlier in the week as traders consolidated their positions and Asian
stocks fell. Data showed weak consumer spending from Japan and the US,
and the first rate cut by the Bank of Japan in 7 years.
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Thursday, October 30th, 2008
Data around the world continued to show the strains on economies.
Housing prices continue to fall in the UK, economic sentiment hit a 15
year low in the Euro-zone and 3rd quarter GDP in the US was negative.
Still, the mood or risk appetite continued as stocks rose.
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Wednesday, October 29th, 2008
Risk appetite continued as Asian and European stocks rose overnight,
which pressured the Yen. The FOMC cut rates by .50% to 1%, a four-year
low, and left the door open for further cuts. The Loonie surged against
the Dollar as oil prices rose.
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Tuesday, October 28th, 2008
Stocks around the world climbed, helping to dent the recent wave of
sell-offs. Risk appetite returned to the currency markets as the
Aussie, Pound, Dollar and others rose against the Yen. On the
fundamental side, the US saw housing prices fall, consumer confidence
at a new low, and the Richmond Fed index down.
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Monday, October 27th, 2008
A fresh bout of stock falls around the world brought another round of risk aversion, boosting the Yen, Swiss Franc and Dollar.
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Friday, October 24th, 2008
Asian and European markets took a steep tumble pushing the Yen to
multi-year highs against its rivals on global recession fears. With US
stocks falling by lower than expected the Yen pared some of its gains.
The Pound was pressured on weak 3rd quarter GDP data.
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Thursday, October 23rd, 2008
The
Reserve Bank of New Zealand cut rates by 1%. Retail sales were down in
the UK, as were industrial new orders in the Euro-zone. The Pound set a
fresh 5-year low as it continues to be pressured, though not as badly
as earlier in the week. The Yen gained on weak stocks.
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Wednesday, October 22nd, 2008
Global stocks suffered another round of setbacks helpig to boost the
Yen, while expectations that the ECB and BOE will have to move
aggressively to cut interest rates sunk those the Euro and Pound
against the Dollar.
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Tuesday, October 21st, 2008
The dollar fell versus the yen but rose against other key currencies in NY trading Tuesday. Risk aversion supported the yen and greenback as US stocks and crude oil futures declined on global recession concerns. The higher-yielding currencies fell as their central banks were seen lagging US recession fighting efforts.
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Monday, October 20th, 2008
Producer inflation rose in Australia and Germany, signaling that
inflation pressures still remain in the world's main economies. With
Fed Chairman Bernanke calling for a second economic stimulus package,
money flowed to US assets, helping to drive up the Dollar.
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Friday, October 17th, 2008
Overnight risk aversion, gave way to a boost in stocks in the US, which
helped the Dollar pare its earlier losses against the Yen. However, by
the end of the day, stocks had dropped back into the red. Against the
Euro, the Dollar consolidated for a second day.
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Thursday, October 16th, 2008
The
Japanese followed the US stock market in overnight trading by plunging
more than 10% increasing risk aversion and boosting the Yen. However,
overnight and in late NY trading the trend reversed, despite some grim
industrial production data from the US.
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Wednesday, October 15th, 2008
The
gains seen recently by the Euro and Pound against the Dollar were
reversed today. Stocks fell around the world, bringing back risk
aversion, and gains by the Yen. The Dow index had another 700 point
loss, as worries turn to the weak economy.
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Tuesday, October 14th, 2008
Stocks in Asia and Europe rose as investors continued to respond
positively to steps taken by governments to stem the credit crisis. The
Yen retreated on an increase in risk appetite. The US session reversed
some of those sentiment as US stocks faltered in late trading.
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Monday, October 13th, 2008
Stocks in Asia, Europe and the US rose today as governments around the
world announced plans to recapitalize banks, offer money to facilitate
lending. The Pound, Euro and Dollar rose against the Yen, reversing
some of the losses seen on Friday.
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Friday, October 10th, 2008
After the Dow plunged in late trading yesterday, the rest of the world
followed suit. Japan's key index was off almost 10% and stocks in
Europe and the UK were down 8% and 7% respectively. That fueled further
risk aversion and gains for the Yen and Swiss Franc. The Loonie
continued to plummet as commodity prices fell further.
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Thursday, October 9th, 2008
The
ECB pumped $100 billion in overnight funds into money markets, but it
failed to calm investors. Stocks in Europe ended lower and in plunged
in the US in late trading. Whatever bit of risk appetite that may have
come into the markets overnight was dashed. Fundamental data showed
economies are straining from the global slowdown.
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Wednesday, October 8th, 2008
The
Fed, the ECB, the Bank of England, and the Bank of Canada all cut their
benchmark rates by half a percentage point, and the Swiss National Bank
cut its by a quarter point, in an unprecedented coordinated effort to
ease the economic effects of the financial crisis.
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Tuesday, October 7th, 2008
The
RBA lowered rates by a full 1%, surprising markets. The ECB and other
central banks made moves to lend to banks. The Fed said it would set up
a fund to buy commercial paper and injected funds as well. Bernanke and
Fed Minutes painted a gloomy picture of the US.
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Monday, October 6th, 2008
European governments rushed to shore up their faltering banks as the
credit crunch continued to wreak havoc on financial institutions. A
meeting of top EU leaders failed to hammer out a coordinated approach,
two more firms needed to be rescued and stocks tumbled.
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Friday, October 3rd, 2008
The
US House passed the bailout package and it will go to the President to
sign into law. Stocks were up prior to the vote but eased back
afterwards. Meanwhile the September nonfarm payroll report showed the
biggest drop in jobs in five and half years.
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Thursday, October 2nd, 2008
Even though the ECB held rates at 4.25%, ECB President Trichet's
comments showed a softening bias which pushed the Euro to its lowest
against the Dollar in 13 months. The Pound and Loonie were pressured as
well. US stocks were deep in the red boosting the Yen.
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Wednesday, October 1st, 2008
Manufacturing PMI from the UK was the worst on record, the final
version in the Euro-zone was lower than the first thought, and the US
ISM index fell to its lowest since Oct. 2001. After a calm session
overnight, NY trading saw US stocks in the red, boosting risk aversion.
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Tuesday, September 30th, 2008
The
Euro fell almost 400 pips to the Dollar as another firm had to be
bailout in the wake of the credit crunch. US stock however rose as
investors were reassured that some form of rescue deal will pass. The
Dollar rose against the Yen, and its other rivals in NY trading.
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Monday, September 29th, 2008
The
Euro and Pound weakened as the credit crisis caused bailouts of several
firms and the nationalization of a major UK bank. The Yen gained as a
global sell off in stocks extended into the US session with the Dow
index falling as much as 700 points as bailout vote fails.
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Friday, September 26th, 2008
The
Yen gained overnight on the Dollar and Pound as risk aversion increased
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