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- - The U.S Dollar opened this morning lower across the board based on a Moody’s report which stated “If U.S. government budget projections are realized in coming years, the country's triple A rating would come under scrutiny”, and went on to say the United States appears to have "no plan" to deal with its fiscal outlook. Keep in mind less than 24 hours ago California Governor Schwarzenegger declared a state of emergency over the state's finances (current budget is more than a month overdue and $19 billion short) – Finally the spotlight has shined on some of the fiscal issues here in the U.S.
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del.icio.us | Technorati | Stumble It! - - Most indicators are suggesting that risk appetite rose further this morning. European equities indices have performed well, EUR/USD is pushing higher as is AUD/USD and cable. However, the trends exhibited by the JPY and gold have been less certain. US data is patchy at best and this will likely ensure that optimism is kept in check. The recent slow crawl upwards in EUR/JPY reflects improved risk appetite but the reluctance to break above 114.20 this morning reflects doubts as to direction. Support at EUR/JPY113.00. Full text »
del.icio.us | Technorati | Stumble It! - - After a dramatic start with the New Zealand interest rate decision, markets settled down with the yen making slight gains on the day. The RBNZ overnight call rate decision got things rolling today with an expected hike of 0.25% to put the rate at a healthy 3.00%, however, the statements that followed put the Kiwi dollar into a tailspin. The RBNZ Governor Alan Bollard’s commentary that followed the rate announcement was more dovish than anticipated, as he questioned the “pace and extent of further rate increases….” Governor Bollard also talked down his currency by stating that its current appreciation is, “inconsistent with the softening in New Zealand’s economic outlook…” Needless to say, the NZD/USD dove from the 0.7280 level to lows just at the 0.7200 figure. The kiwi dollar has been trying to claw its way back to the 0.7280 mark ever since. AUD/NZD saw no such respite for the kiwi dollar as the pair launched from 1.2250 to 1.2370 in mere minutes and continued on to later highs nearer to 1.2390. The Aussie dollar made moderate 70 pip gains against the dollar as it tapped 0.8970 highs late in the session. Full text »
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