Forex News

Initial Claims Atrocious, Stimulus Vote Still to Come

Initial Jobless Claims were released earlier today, and the number was not pretty.  Yesterday, we discussed how this number was expected to be larger than any we had ever seen before.  According to Bloomberg, the average estimate by economists was 1,500,000 initial jobless claims filed for the week ending March 21st.  The actual number was …

GBP/USD in 400 Pip Range!

GBP/USD is in a 400-pip range today and up 2.5% as the Bank of England held their scheduled monetary policy meeting earlier today and left rates unchanged at 0.1%, as expected.  This meeting comes only days after the BOE had two emergency rate cuts and slashed rates to its lowest rate ever.  The BOE in …

DXY may be Ready to Resume Move Higher

The US Senate and White House reach FINALLY reached a bi-partisan fiscal stimulus deal worth an estimated $2 trillion.  The deal was reached at roughly 1:00am ET this morning, though traders have been expecting the agreement all day yesterday, as the DJIA rallied over 11% in its largest one day move since 1933. Source: Tradingview, …

USD/JPY 111.60 and the Battle to be King of the FX Safe Havens

With risk assets surging higher for the second straight day, two of the safe haven currencies are getting left in the dust. FX traders piled in to buy the US dollar and Japanese yen aggressively in recent weeks as they unwound carry trades and sought a safe place to store capital, but now that tide …

Initial Claims Expectations are Unimaginable!

Thursday’s Initial Jobless Claims for the week ending March 21st are going to be something we have never seen before.  According to Bloomberg, the average estimate of economists surveyed is 1,500,000, with a high estimate of 4,000,000 and a low estimate of 360,000.  For comparison, last week’s initial claims number was only 281,000, while the …

EUR/USD Breaks Near-Term Bearish Channel, Bulls Eye 1.10 Next?

Global markets are in the midst of a classic “Turnaround Tuesday” as we go to press, with US index futures trading near “limit up” levels, commodities rallying, and bonds trading lower across the globe. With little in the way of immediate progress on a “big bazooka” US fiscal package, the UK going on lockdown yesterday …

Gold Surging as Refiners Have Trouble Meeting Physical Demand

Gold futures (GC) are screaming higher this morning as demand is surging.  The Exchange for Physical (EFP) market is having difficulties meeting the demand for gold for their clients, and therefore spreads between the futures market and the physical markets are blowing out. According to Investopedia, an EFP is a private agreement between two parties …

The Collapse of the Mexican Peso

In what feels like years ago, on February 27th, we wrote about the fall of the Mexican Peso.  Fundamentally, we discussed how USD/MXN was heading higher as the carry trade was being unwound.  As stocks moved lower, traders had to sell pesos and buy back US Dollar and Euros.  As a result, both USD/MXN and …

Fed Goes “All In”

The US Fed has provided unprecedented stimulus to the US markets so far, include slashing interest rates to 0%-25%,  QE4, extending credit lines, and participating in the overnight commercial paper markets.  Today, the Fed has announced TALF, or Term Asset-Backed Securities Loan Facility.  TALF allows the Fed to buy UNLIMITED amounts of Treasuries and Mortgage …

1 2 3 4 90 91