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
EUR/USD
Bullish
Oil - US Crude
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • US 8-Week Bills Draw 0.100% Primary Dealers Awarded: 68.4% Indirect Bidders Accepted: 26.7% Direct Bidders Accepted: 4.9% B/C Ratio: 2.96
  • $Gold snap back, testing support around prior res 1796-1800. prior eight-year-high up to the 1800 psych level https://t.co/LPyHLlQpk8 https://t.co/lEkGvK14kK
  • Arizona virus cases increase 3.7%, in line with prior 7-day average - BBG
  • Hey traders! Market risk appetite is highly concentrated. What are some other market highlights for today? Find out from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/YvQTLDBK7p
  • Update on #Cryptocurrencies #BITCOIN -1.27% #BITCOINCASH -2.20% #ETHEREUM -1.62% #RIPPLE +1.59% #LITECOIN -1.11%
  • $EURUSD continuing to catch resistance from the 1292 level, working on its sixth consecutive week. This week has, so far, brought on a higher-high, but can bulls continue to drive? $USD breakdown potential the key for whether or not EUR/USD can push up for a re-test 1500 https://t.co/6MeQmEpluO
  • Hey traders! Market risk appetite is highly concentrated. What are some other market highlights for today? Find out 👇 https://t.co/ebfF9W6nCU
  • $USD $DXY | US Dollar getting a boost over the last hour and attempting to claw back downside notched earlier this week with market sentiment starting to sour. https://t.co/tZGJ4vu9Ij
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.02% 🇯🇵JPY: 0.00% 🇨🇭CHF: -0.14% 🇪🇺EUR: -0.27% 🇦🇺AUD: -0.31% 🇨🇦CAD: -0.35% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/8V1MBXTus6
  • This will be my last week hosting this webinar for the time being and we'll finish it up with a look at $NZDUSD https://t.co/ssGJfuaxFg
Risk Appetite Soars In Pre-Asia on Greece, China; Low Volume Expected

Risk Appetite Soars In Pre-Asia on Greece, China; Low Volume Expected

2012-02-19 10:40:00
David Liu, Technical Strategist
Share:

Weekend Developments

  • Germany signals backing for new Greek austerity plan for Feb 20 meeting
  • Greece may receive funds for payment of bonds due March 20th
  • Greece finds EUR 325 million in additional budget cuts
  • PBoC cuts reserve requirements for major banks by 0.50%

Risk currencies took off in early pre-Asia trading, led by reports that Greece was close to receiving its next tranche of bailout funds in time for its March 20th bond payment. The Australian and New Zealand dollars led the gainers on a surprise announcement by the People’s Bank of China to cut reserve requirements for major banks, signaling a possible turn in monetary policy. The yen continued to slide against majors on the Bank of Japan’s continued easing.

As the deadline of March 20th approaches, markets will remained focused on developments in Greece. With two major gantries cleared so far with the approval of new rounds of budget cuts last week and possible German and Troika approval at a scheduled February 20th meeting, Greece still awaits the outcome of negotiations on private bondholders. Currently, deliberations are still ongoing over the rate of the newly rolled-over sovereign issues, although the European Central Bank have helped to quell anxiety with signals to continue backing sovereign issues.

Oceanic dollars led gainers in early trading on a surprise announcement by the People’s Bank of China to cut key reserve requirement ratios by 50 basis points to 20.50%. China’s central bank cited easing in inflation pressures and additional concerns over Europe as main factors. Although reserve requirement changes are the first line of policy changes for the bank and are not as effective as interest rate changes, the pivot in increases from late 2008 may indicate continued “fine-tuning” of China’s monetary policies.

Weekend_02182012-German_Backing_China_RRR_body_Picture_5.png, Risk Appetite Soars In Pre-Asia on Greece, China; Low Volume Expected

At the time of writing, the New Zealand and Australian dollars led gainers on possible continued scope of Chinese easing, with the Euro and Canadian dollar not far behind. The yen continued on its 3 day losing streak as the Bank of Japan’s new policies and inflation target sapped the haven status of the currency.

Weekend_02182012-German_Backing_China_RRR_body_Picture_6.png, Risk Appetite Soars In Pre-Asia on Greece, China; Low Volume Expected

-By David Liu, DailyFX Research

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

DISCLOSURES

News & Analysis at your fingertips.