News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Mixed
GBP/USD
Mixed
USD/JPY
Bullish
More View more
Real Time News
  • Nearly 80% of the S&P 500 constituents closed in the red on Friday, dragged by materials (-0.43%), financials (-0.38%) and energy (-0.34%) whereas defensive utilities (+0.20%), real estate (+0.15%) and communication services (+0.02%) outperformed. https://t.co/vf08Fhfvxd
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/fSRW0Z8mNQ
  • There are three major forex trading sessions which comprise the 24-hour market: the London session, the US session and the Asian session. Learn about the characteristics of each session here: https://t.co/reRmDe1Ksp https://t.co/RyMqsHehsY
  • RT @GunjanJS: This is pretty wild. Last year, in RECORD year for options, about 30 million contracts traded daily. This year, it’s been mo…
  • Implementing a trading checklist is a vital part of the trading process because it helps traders to stay disciplined, stick to the trading plan, and builds confidence. Learn how to stick to the plan, stay disciplined, and use a checklist here: https://t.co/SQUCCZ9dzS https://t.co/KD6mfkiCaW
  • What are some technical and fundamental factors affecting the equities market? Get your free forecast here: https://t.co/YQG1aaIT8C #DailyFXGuides https://t.co/TEoSjMpMBo
  • Use this technical analysis pattern recognition skills test to sharpen your knowledge: https://t.co/Qgz89PTxnu https://t.co/H9fW9ewiQd
  • Get your snapshot update of the of market open and closing times for each major trading hub around the globe here: https://t.co/BgZLFljIhZ https://t.co/yLt0ldtMsV
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here: https://t.co/BnA07cMV0s https://t.co/ZwwuTzTeac
  • What's the difference between leading and lagging indicators? Find out from here: https://t.co/vGx8HCagF5 https://t.co/4DGXwA8vqs
German Officials Shed Doubt on ECB Excitement

German Officials Shed Doubt on ECB Excitement

Benjamin Spier, Technical Strategist

As anticipation builds for Thursday’s European Central Bank meeting, where we could more hear details about the possible debt purchasing program, German officials have been reminding the markets not to set expectations too high. Finance Minister Wolfgang Schaeuble warned against placing too much faith in the ECB plan, as the bank’s mandate doesn’t allow it to finance state budgets. Therefore, Schaeuble said not to expect a decision that is not within the ECB’s mandate.

In fact, neither Spain nor Italy has officially requested a bailout, as is required for the ECB to start buying their sovereign debt, thereby furthering Schaeuble’s plea not to have false expectations. Merkel said today that she is confident that the ECB is working within its mandate, again refraining from specifically commenting on the possible bond purchasing plan. However, a government spokesman did say that Euro-bonds are not a goal and reiterated support for Bundesbank head Jens Weidmann.

Regarding Greece, an EU spokesman said the Troika will restart meetings on Wednesday. Also, the spokesman said the EU will hold a summit to discuss the EU budget for two days starting on November 22.

However, the only piece of news that moved markets today was a better than expected UK Purchasing Managers’ Index for manufacturing. Meanwhile, the Euro-zone PMI for manufacturing was revised 0.2 lower from an initial estimate for August.

GBPUSD jumped 30 points following the release of the UK PMI and stopped just short of the key 1.5900 line. Support could be provided around 1.5845, by a month-long upward trend line.

The US stock market will be closed today for Labor day, so expect lower volatility during the North American session.

GBPUSD 1-hour: September 3, 2012

German_Officials_Shed_Doubt_on_ECB_Excitement__body_gbpusd.png, German Officials Shed Doubt on ECB Excitement

--- Written by Benjamin Spier, DailyFX Research

“Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.”

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES