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Source: ForexYard
Facebook IPO Fails to Make a Dent in the Marketplace
Following weeks of speculation regarding how Facebook's debut on the New York Stock Exchange would turn out, investors were mildly disappointed with the social media site's performance on Friday night. Facebook closed out the week at 37.96, slightly below its opening price. What direction Facebook takes from here is a hotly debated topic among market analysts.
Source: ForexYard
EUR Avoids New 4-Month Low
While the euro remained bearish against its main currency rivals throughout yesterday's trading session, it avoided falling to a new four-month low against the US dollar. The marketplace was unusually calm, as a bank holiday in Europe resulted in limited movements among the most traded currency pairs. As we close out the week, traders will want to note that another slow news day may result in low liquidity in the marketplace.
Source: ForexYard
Higher Yielding Currencies Maintain Bearish Trend
Higher yielding currencies, namely the EUR and AUD, remained bearish during European trading yesterday, as fears that Greece will have to leave the euro-zone led to risk aversion in the marketplace. Investors are now worried about what the possible effects of a Greek exit from the euro-zone would be for other indebted countries, including Spain and Italy.
Source: ForexYard
Greek Political Impasse Leads to Euro Losses
The euro started off yesterday's trading session on a positive note following a better than expected German Prelim GDP figure which caused the EUR/USD to advance to 1.2868. That being said, the common currency came under pressure later in the day following another failed attempt by Greek politicians to form a new government, virtually guaranteeing new elections will take place next month.
Source: ForexYard
EUR/USD Hits 4-Month Low
The euro continued to tumble throughout yesterday's trading session as investors grew more concerned regarding the impact of a possible new Greek election next month. The EUR/USD fell close to 70 pips during European trading, reaching as low as 1.2829. Today, traders will want to pay attention to several potentially significant market events.
Source: ForexYard
Risk Aversion Continues to Weigh on Higher-Yielding Currencies
Following multiple failures by Greek politicians to form a new government, investors are now concerned about what impact a possible new election will have on Greece's status in the euro-zone. The news weighed down on riskier currencies, particularly the euro, throughout Friday's trading session. The EUR/USD dropped to a fresh 3 ½ month low at 1.2903 before staging a slight correction to close out the week at 1.2917.
Source: ForexYard
US Data Set to Impact Markets Today
The euro spent most of the day slightly above recent three-month lows hit against the US dollar and Japanese yen. Greece's inability to form a new government has raised the prospects that a new election will be held in the coming weeks, which has resulted in additional risk aversion in the marketplace.
Source: ForexYard
EUR/USD Continues to Tumble
The euro continued to tumble vs. its main currency rivals yesterday, as traders remained cautious about investing in riskier assets due to political uncertainty in the euro-zone. The EUR/USD fell to a fresh three-month low during the afternoon session at 1.2929. Turning to today, traders should be prepared for market volatility, as significant indicators from the UK and US are scheduled to be released.
Source: ForexYard
Slow News Day May Lead to Further Euro Losses
The euro remained relatively unchanged vs. its main rivals throughout the European session yesterday, as political uncertainty in the euro-zone kept the currency near its recent lows. After dropping as low as 1.3000 during early morning trading, the EUR/USD spent most of the day trading around 1.3010. Turning to today, a slow news day may lead to low liquidity in the marketplace.
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Recent News
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Natural Resource-Related Stocks Show Promise: Frank Barbera
The Gold Report: Europe is in the headlines daily: more leftists coming to power, regional banks suffering, renewed recession appearing to take hold. What is your take on Europe?
Frank Barbera: In the headlines, Europe looks like quite the mess. Imagine being a Greek who saved over a lifetime now facing the possibility of devaluation or Greece leaving the euro. If Greece pulls out of the euro and devalues, most of the people will see their life savings collapse in terms of purchasing power.
In my view, there is a pretty good chance that would spark a contagion. When people in Spain or Italy see Greece pull out and return to a devalued drachma, there will be . . . → Read More: Natural Resource-Related Stocks Show Promise: Frank Barbera
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Natural Resource-Related Stocks Show Promise: Frank Barbera
The Gold Report: Europe is in the headlines daily: more leftists coming to power, regional banks suffering, renewed recession appearing to take hold. What is your take on Europe?
Frank Barbera: In the headlines, Europe looks like quite the mess. Imagine being a Greek who saved over a lifetime now facing the possibility of devaluation or Greece leaving the euro. If Greece pulls out of the euro and devalues, most of the people will see their life savings collapse in terms of purchasing power.
In my view, there is a pretty good chance that would spark a contagion. When people in Spain or Italy see Greece pull out and return to a devalued drachma, there will be . . . → Read More: Natural Resource-Related Stocks Show Promise: Frank Barbera
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Dr. Frankenstein’s Europe
"Had I right, for my own benefit, to inflict this curse upon everlasting generations? I had before been moved by the sophisms of the being I had created; I had been struck senseless by his fiendish threats; but now, for the first time, the wickedness of my promise burst upon me; I shuddered to think that future ages might curse me as their pest, whose selfishness had not hesitated to buy its own peace at the price, perhaps, of the existence of the whole human race."
– The musings of Dr. Frankenstein about his creation of a monster, in Mary Shelley’s 1818 novel, Frankenstein
And later the monster answers:
"Shall each man," cried he, "find a wife for his . . . → Read More: Dr. Frankenstein’s Europe
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The People Have Spoken and Precious Metals Will Soar: Leonard Melman
TGR: It seems that economists can plan and recommend, and politicians can negotiate and maneuver, and pundits can analyze and predict all they want, yet when the people don’t want to play along, it can all mean nothing. Of course, we’re talking about the elections in France and Greece. What’s going on?
Leonard Melman: What’s going on is that the monetary authorities in Europe have decided that austerity is the only way out of the financial dilemma, which I find kind of amusing, because it is their Keynesian activities that created those policies in the first place. Their decision now is that austerity, which is cutting back government programs, is the only thing that will work. The problem is . . . → Read More: The People Have Spoken and Precious Metals Will Soar: Leonard Melman
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Are JPMorgan Chase ETNs Safe?
I don’t know about you, but here in Texas I can barely drive a mile without passing a JPMorgan Chase (JPM) branch. They’re even inside the grocery stores.
Simply being everywhere doesn’t make a bank safe, of course. As we learned last week, traders in London just cost JPMorgan $2 BILLION and possibly more! Fitch Ratings downgraded its credit rating one notch to A-plus, and it looks like Moody’s may cut the bank, too.
Weiss Ratings, ahead of the curve as usual, cut JPMorgan Chase to “D” on September 30, 2010. And on October 22, 2010, they issued a special news release advising subscribers that among U.S. banks, JPMorgan was carrying the largest . . . → Read More: Are JPMorgan Chase ETNs Safe?
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