JP Morgan Chase results better than expected, earnings per share $0.82, demonstrably better than median forecast of $0.52. News has helped bolster risk appetite a little bit more.
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JP Morgan Chase results better than expected
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October 14 2009, 2:14pm | Comments »
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European morning forex wrap up;interesting, active, morning
Shanghai share index up 1.2%, 4-week closing high UK September jobless claims +20,800, better than median forecast of +24,500; claimant count rate 5.0%, better than expected 5.1%; August ILO unemployment rate 7.9%, better than expected 8.0%. Cable sees good rally off data Euro zone August industrial production +0.9% m/m, -15.4% y/y vs median forecasts of +1.2%, -15.5% respectively German chambers of industry and commerce (DIHK) say euro strength worries them ECB’s Quaden: Economic recovery looks modest and fragile German institutes see German GDP at -5.0% in 2009, +1.2% in 201. Due to present tomorrow- Sources JP Morgan Chase Q-3 earnings $0.82, much better than median forecast of $0.52.
It’s been an interesting, active, morning. EUR/USD is at 1.4895, little changed from an early 1.4885, but inbetween we’ve been as high as 1.4920. Asian sovereign seen buying early and barrier option interest at 1.4900 was soon tested. However a combination of a Japanese bank, Eastern European interests and another Asian sovereign selling kept the barrier intact for awhile. But there was an inevitability, you just knew the barrier was going to be overcome and so it proved.. There ensued alot of back and forth trading around the 1.4900 line with a session high 1.4920 posted before the pairing settled back. Cable started around 1.5960 and rallied early but ran into heavy selling interest just south of the psychological 1.6000. From there we saw a decent sell off and when the jobs report came out (see above) we stood at 1.5945. The better than expected numbers triggered a fierce rally, stops triggered above 1.6000 and we posted a 1.6025 session high. Just as quickly profit taking set in and cable was slumping lower. So far touted buy orders at 1.5965 down through 1.5950 have help the line. USD/JPY finishes appreciably higher, presently at 89.65 from an early 88.95. A fair portion of the rally seemed to come post JP Morgan results (see above), which were much better than expected ,and gave general risk appetite a lift.
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October 14 2009, 2:09pm | Comments »
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USD/JPY fairly steady after overnight sell-off; sell,buy,stop orders noted
USD/JPY is seeing fairly quiet trade after it’s overnight sell-off, presently at 89.10. Sources note sell orders lined up at 89.20 up through 89.50 and then again at 89.75. On the downside, some buy orders, not thought to be heavy, seen down at 88.50/60. Ahead of there sell stops seen on breach of 88.80.
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October 14 2009, 12:57pm | Comments »
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Euro zone August industrial production +0.9% m/m
Euro zone August industrial production has come in at +0.9% m/m, -15.4% y/y compared to median forecasts of +1.2%, -15.5% respectively. EUR/USD continues to see good buying interest on any dips, presently up at 1.4905 having been as high as 1.4909. As mentioned earlier, mixture of stops/sell orders between 1.4905 up through 1.4920.
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October 14 2009, 12:06pm | Comments »
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Boooooooooooom!!!
That’s the sound of a barrier blowing up, that is. The inevitable becomes reality.
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October 14 2009, 10:55am | Comments »
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You can also add….
An Asian sovereign as a seller just below 1.4900 in EUR/USD.
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October 14 2009, 10:29am | Comments »
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EUR/USD steady just under 1.4900
Sources report a Japanese bank as a notable seller of EUR/USD just ahead of 1.4900. Also selling interest has been seen out of Eastern Europe. Still seems only a matter of time before 1.4900 blown up though. Above there, good mix of sell interest and stops noted between 1.4905 and 1.4920.
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October 14 2009, 10:14am | Comments »
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JPY crosses drift lower as no new buying emerges
Nothing of note has been reported from the Tokyo fix and with no new momentum, JPY crosses have slipped back to their NY closing levels. Dealers say that interest has been very light this morning and that is encouraging day-traders to close their positions and book their profits as the prospect of significant volatility looks slim.
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October 14 2009, 4:11am | Comments »
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ASIA
Can’t wait until the Asian markets get started, they are the only one’s that actually make trades that make sense. The NY session has got to be the worst. I honestly think some people just close their eyes and push a button…
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October 14 2009, 12:26am | Comments »
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The Dow
Well the Dow did hit -70 this morning, if only briefly, which shows lots of caution for risk. I think this up swing is just investors looking for a quick bargain and other markets around the world will follow will the anti-risk attitude…
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October 13 2009, 7:21pm | Comments »
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Bullish USD during 10/13/09 NY Trading Day
Earnings probably won’t be where they need to be today and USD got way too weak way too fast, so look for a little rebound in it today.
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October 13 2009, 4:07pm | Comments »
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EU to cut deficits in 2011 if rebound allows
If the economic recovery that is just underway is sufficiently strong, EU finance ministers have vowed to ut budget deficits beginning in 2011, according to a draft from the Eurogroup shows. They will base the budget cuts on an EC economic forecast report due on November 4 as the basis for the forecasts. This is a modest EUR positive as the US is unlikely to trim deficits anytime soon as it is adding expensive programs that last in perpetuity in addition to stimulus spending…
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October 12 2009, 6:10pm | Comments »
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US is “on the path toward economic recovery” -Summers
Raft of bullish comments from Obama’s top economic aide Larry Summers are bolstering risk appetite, with EUR/USD rallying to 1.4755 at writing (high 1.4760)
Conditions in financial markets have stabilized, risk of financial collapse has receded Initial signs of stabilization in housing market US has seen sustantial change in job loss trend
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October 12 2009, 1:05pm | Comments »
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UK PM Brown confirms £16 billion of assets to be sold over next two years
Gordon Brown has confirmed that £16 billion of assets are to be sold over the next two years to help address the parlous public finances. Maybe they could flog off the Houses of Parliament and move down market. They should fetch a fair few bob. The PM also says ending quantitative easing programme now would “imperil recovery.” Cable trades around 1.5765.
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October 12 2009, 12:46pm | Comments »
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Cable slides in early trade
Cable is starting the new week on the defensive, presently down at 1.5810. The Centre of Economics and Business Research, in its latest UK prospects, is predicting the Bank rate will remain at 0.5% until 2011. They also expect the Old Lady to do further quantitative easing, feeling that the programme of asset sales will not start to be rolled back until 2014 at the earliest. Not a recipe for a strong pound. Technical support next at 1.5800/05 and then 1.5760/65. Probably some stops just below former level.
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October 12 2009, 9:40am | Comments »
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EurUsd
Look for Eurusd to reach at least 1.48 in less than 24 hours. Probably will clear it, even if for a moment. Going to be lots of risk interest with the markets in good shape this week.
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October 12 2009, 9:19am | Comments »
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Obama named Cy Young award winner for All-Star first pitch
Another stunning victory for the President as he wins Major League Baseball’s award for best pitcher based on his throwing out the first pitch at last summer’s All Star game. The late Ted Kennedy was a close second… Click here to view the embedded video. Click here to view the embedded video.
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October 9 2009, 5:21pm | Comments »
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aud/usd correction
Expect a major downward correction this afternoon in risk! Equities are set to fall after lunch! If you don’t believe me look at the patterns.
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October 8 2009, 6:41pm | Comments »
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The market
If you are selling into this mock risk sell off you had better have huge stops or not care if you lose your money!
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October 7 2009, 9:35pm | Comments »
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Aud/Usd
RBA will definitely want to dump the aussie today after the very climb so high, so fast!
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October 6 2009, 10:35pm | Comments »