Commodity currencies on the turn July 7, 2009 OVER the past fortnight, risk aversion has returned with a vengeance as a string of data – including US unemployment figures and a downward revision to UK first quarter GDP – disappointed the markets. Foreign exchange markets have reacted predictably with both the US dollar and the Japanese yen strengthening markedly against the commodity currencies. [...]
Miners give support as they rise to recoup their losses July 7, 2009 MINERS were the saviour of the FTSE 100 yesterday, offsetting falling oil stocks and disappointing UK industrial output data to keep the index flat, or just 7.91 points lower, at 4,187. Data showed that UK manufacturing output unexpectedly shrank in May, falling 0.5 per cent on the month, making it less likely the economy returned [...]
CHARTER FOR DIVERSITY TO CHANGE LAW July 7, 2009 STEPHEN WARDTHE LAW SOCIETY TODAY, the Law Society launches its Diversity and Inclusion Charter the legal profession’s flagship diversity initiative. At the official launch event tonight, which is being sponsored by Linklaters and Eversheds, around 40 leading law firms will be announced as founding signatories, but all law firms regardless of their size are encouraged [...]
FTSE 100 slips below 4,200 but defensives stay afloat July 6, 2009 THE FTSE 100 fell one per cent yesterday to close 41.37 points down at 4,194.91, on concerns about the global economic outlook, with heavyweight oils, miners and banks leading the market lower, after it gained 0.1 per cent on Friday. The index fell through the 4,200 level for the first time since late April. It [...]
US rises on health and food stocks July 6, 2009 THE Dow industrials rose and the S&P 500 rebounded in late trading yesterday as investors’ concerns about the strength of an economic recovery triggered a move into defensive stocks. But the technology-heavy Nasdaq slipped as investors rotated out of the tech sector, which is viewed as more reliant on the economic cycle. A series of [...]
VOLATILITY ON THE WAY FOR THE SUMMER MONTHS July 6, 2009 MARTIN SLANEYHEAD OF DERIVATIVES, GFTAS WE head into the third quarter and market volatility continues to fade, it’s tempting to think we have a tranquil summer ahead, and that the current range-bound trading patterns are to be entrenched for the holiday season. Some of us may even be scouring the Ashes schedule and hoping the [...]
Use currency indices to help diversify your forex trading July 6, 2009 CURRENCY markets have proved particularly popular among contracts for difference (CFDs) traders over recent months, due to the extent of opportunities in the forex markets as risk appetite waxes and wanes. But one of the problems with CFD positions on currency pairs is that in order to be bullish on one currency, by definition you [...]
Banking sector trading update will show pick of the crop July 5, 2009 WITH news that bankers at Goldman Sachs and Morgan Stanley are on track for bumper full-year bonuses, celebrated with the obligatory champagne and expensive dinners, you’d be forgiven for thinking that the financial crisis had never happened. But while they might be in line for those bonuses, investors and traders will be scrutinising banks’ earnings [...]
INFLATION FEARS STILL ON THE CARDS July 5, 2009 JANE FOLEYRESEARCH DIRECTOR, FOREX.COMLAST week brought confirmation that prices actually fell in the Eurozone in June. The consumer prices index (CPI) fell 0.1 per cent year-on-year, in sharp contrast to the European Central Bank’s (ECB) mandate which directs it to keep inflation at, or a little below, 2.0 per cent year-on-year. The complete absence of [...]
THE TIPSTER ECONOMIC DRIVERS EYED THIS WEEK July 5, 2009 NEXT week all traders will be watching the Bank of England’s monetary policy decision, announced at midday on Thursday. While the Monetary Policy Committee (MPC) is expected to keep interest rates on hold, there are concerns that further quantitative easing may be suggested. Given that its Eurozone counterpart – the European Central Bank (ECB) – [...]