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.



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

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Oil - US Crude
Wall Street
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
More View more
Real Time News
  • The market’s preferred ‘fear indicator’ shows a persistent uncertainty around the near future. What can our current conditions and history tell us what to expect from the #VIX through the final two months of the year?
  • #Stock market performance is considered an important predictor of the economic outlook. What else can it be used to project? #Elections2020
  • What are some monetary policies that could affect Gold this quarter? Get your Gold free forecast here:
  • A #Euro reversal off technical downtrend resistance now risks a larger correction in price. Here are the levels that matter on the $EURUSD weekly chart. Get your #currencies update from @MBForex here:
  • We are days away from the US Presidential election and the markets are caught in the vortex. A contested outcome would raise serious volatility for the markets whereas a decisive outcome seems to support bullish $SPX and Dollar views from the market rank.
  • The future implications of the #Elections2020 may influence $AUDUSD following the #RBA and #Fed rate decisions as Congress struggles to pass another round of fiscal stimulus. Get your #currencies update from @DavidJSong here:
  • Gold prices declined in the aftermath of bearish technical cues, but a key zone of support was reinforced. $XAUUSD volatility risk is elevated ahead of the #Elections2020. Get your #metals update from @ddubrovskyFX here:
  • USD awakens, placing GBP/USD on the backfoot, while EUR/GBP cracks 0.90. Get your #currencies update from @JMcQueenFX here:
  • What are some factors impacting Euro’s forecast this quarter? Get your free forecast here:
  • Emotions are often a key driving force behind #FOMO. If left unchecked, they can lead traders to neglect trading plans and exceed comfortable levels of risk. Read on and get your emotions in check here:
Dollar Leads in Early Trading But Markets Look Beyond Greek CDS Trigger

Dollar Leads in Early Trading But Markets Look Beyond Greek CDS Trigger

2012-03-10 02:00:00
David Liu, Technical Strategist

Weekend Developments

  • ISDA declares Greek use of CACs in restructuring a CDS trigger event
  • Auction will be held on March 19th to determine market payout rate of CDS contracts
  • New Zealand dollar falls as Fonterra cuts milk price target, citing strong NZD

Market movements this morning were relatively restrained following the ISDA’s declaration last Friday that credit default swaps and protection on Greek sovereign debt were triggered. This announcement, coming after weeks of silence from the International Swaps and Derivative Association, the primary organization overseeing market derivatives, was due to the use of CACs in last week’s private sector swaps. Despite the trigger, the ISDA will hold an auction on March 19th, the day before Greece’s scheduled bond payment, determining the payout rate for holders of CDS contracts.

The New Zealand dollar led decliners against the greenback in early trading as Fonterra, the largest dairy collective and one of the largest dairy corporations in the world cut its forecasts for milk prices and export demand, citing the strong New Zealand dollar as causing export concerns. Because dairy and agricultural exports account for a large amount of New Zealand exports, especially to China, a slowdown in Asian demand may put further pressures on the island’s economy. Data shows that dairy accounted for around 25.1% of all 2011 exports, while current YTD data reveals that sector to contribute around 34.9% of goods sold.

As markets move on from Europe, traders will be focusing on the US economy for the coming week, with advance retail sales and the FOMC’s rate decision on March 13th and CPI on Friday March 16th. The European docket will remain relatively light with British labor data and EU zone-wide CPI on March 14th, and the Swiss National Bank’s rate decision on the 15th.

Weekend_03112012-Markets_Look-Past_CDS_Trigger_body_Picture_4.png, Dollar Leads in Early Trading But Markets Look Beyond Greek CDS Trigger

-- By David Liu, DailyFX Research

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