The Dubai World news seems to have been the trigger for quite a rebound in risk sentiment. EUR/USD up at 1.2730, EUR/CHF up around 1.3000. Cable has rebounded strongly, presently at 1.5450. Guess we should be alert to renewed SNB … Continue reading
There has been hardly any change in the major currencies compared with yesterday morning with the exception of the AUD and CAD which are a little stronger. We didn’t get many clues overnight as to future directions but the SNB … Continue reading
There are still bids in the EUR/USD around 1.2660, supposedly from Sovereign names, but there are also lots of stop-loss sell orders tight below 1.2655. If bearish sentiment towards the EUR starts to re-assert itself then these orders will be … Continue reading
With jitters once again running high in the forex market, where to traders flock? EUR/CHF shorts, of course. Stop-loss-sell orders are perched just below the all-time low at 1.2850, traders report, and below 1.0066. 1.0085 is support just ahead of … Continue reading
An article in the WSJ suggests that some of the recent EU bank stress tests understated the exposure to risky government debt. This along with the widening in the German/Belgian spread has spooked the EUR market and we are seeing … Continue reading
The EUR is under pressure in early Asian trade. Some EUR/CHF flows have manged to push EUR/USD lower, triggering stops below 1.2855. Not much in the way of hourly support until 1.2780.
I was opining yesterday that the price action in EUR/CHF is suggesting to me that we again may be able to consider a contrarian trade. Despite very heavy option-related selling, the pair jumped 200 pips in two sessions which suggests … Continue reading
Citibank analysts (not the tech guys) say like EUR/CHF, noting the slide is overextended and that hedge funds have too large a short position. Yield spreads between Germany and the likes of Greece and Spain have narrowed a bit of … Continue reading
A high-profile NY think tank which prefers to remain nameless says there is a possibility that the SNB could hike rates in December, though the odds are diminished (probably by the strong currency). They firm sees the SNB hiking before … Continue reading
Down at 1,2965 from early 1.3010, with reports a UK cleaer has been notable seller of the cross this morning. Better than expected Q2 GDP data will have supported swissy.