| Archive of Daily Video Recaps |
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Friday, May 9th, 2008
Global stocks fell as a result of American International Group reported
a $7.8 billion loss and Citigroup plans to shed almost $500 billion in
assets. Heightened risk aversion helped the Yen and Swiss Franc
extended gains from earlier in the week against the other majors.
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Thursday, May 8th, 2008
The
ECB and BOE both held rates steady. The Euro gained on the Pound and
Dollar following the release, as its remains stout in its fight against
inflation. The Yen gained on the back of weaker stocks in Asia and
Europe. The Dollar rallied against the Loonie and Kiwi.
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Wednesday, May 7th, 2008
The
Dollar took advantage of weak fundamental data from the the UK and
Europe to pare its losses to the Pound and Euro from earlier in the
week. The Dollar rallied against the Yen as well overnight, though it
hit resistance, stalled and reversed in mid-NY trading.
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Tuesday, May 6th, 2008
The
Dollar fell against its rivals as oil hit $122-a-barrel and Fannie
Mae reported a larger-than-expected $2.19 billion loss. Though stocks
recovered in later trader, these factors pressured the Dollar. The
Canadian Dollar surged on a better than expected Ivey PMI report.
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Monday, May 5th, 2008
The
Dollar was generally weaker today, despite better than expected
services sector data. The Aussie climbed on higher inflation data,
while the Loonie climbed on higher oil prices. With US stocks faring
poorly during this session, the Yen gained on the Dollar as well.
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Friday, May 2nd, 2008
Today's US non-farm payroll data showed the economy shedding 20K jobs,
lower than the anticipated 80K. The news was a welcome sign for Dollar
bulls as it implies that the Fed can pause in their interest rate
cutting campaign. The Dollar finished the week on a strong note hitting
a new high vs the Euro while paring losses vs the Pound.
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Thursday, May 1st, 2008
Today's US data showed that US consumers were still spending, and
inflation continued increasing, bolstering the cast that the Fed is
ready to pause in their interest rate cutting campaign. Manufacturing
also performed better than expected. The Dollar set a five-week high
against the Euro, and surged vs the Loonie.
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Wednesday, April 30th, 2008
Carry trade sentiments came back to the markets, pushing down the Yen
against the Pound and Euro. A slew of fundamental data showed weaker
performance in Japan, UK and Euro-zone. The FOMC cut rates by .25% to
2% as expected, though the announcement may not have been as hawkish as
anticipated causing the Dollar to weaken.
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Tuesday, April 29th, 2008
The
Yen was a big winner today as it gained against higher-yielding
currencies as a result of risk aversion in carry trade. News from the
UK and US caused traders to pare positions prior to tomorrows FOMC
decision. The UK fell on weak data on mortgage lending.
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Monday, April 28th, 2008
The
Australian and Canadian Dollars gained as commodity prices, especially
gold increased. The Pound was stronger as risk appetite was stronger
after the weekend on hopes that the worst of the global credit-market
crisis may be over.
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Friday, April 25th, 2008
The
Dollar had a strong week, benefiting from weak manufacturing and
business confidence data from Europe and shifted expectations of future
moves by the Fed. It was a big change from the beginning of the week,
when the Dollar set a new record low vs. the Euro.
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Thursday, April 24th, 2008
The
Dollar extended its rally vs the Euro as German IFO Business Climate
came in lower than expected. In the US, Jobless Claims and Core Durable
Goods Orders impressed on the upside. The EUR/USD pair had its biggest
fall in over 4 years. The Dollar also strengthened against the Swiss
Franc and Yen as US stock markets were up.
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Wednesday, April 23rd, 2008
The
Euro fell from its all time high on manufacturing news, and comments
from Luxembourg Finance Minister Juncker. The Pound weakened on poor mortgage lending data. The Canadian Dollar slipped after retail sales unexpectedly declined in February.
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Tuesday, April 22nd, 2008
The
Euro climbed to a new record high vs the Dollar when ECB Governing
Council member Noyer said the ECB may raise rates if consumer inflation
does not slow. The Dollar experienced weakness across the board,
including against the Pound and Swiss Franc . In Canada, the Bank of Canada cut rates 50 basis points to 3%.
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Monday, April 21st, 2008
The
Euro climbed after hawkish comments from ECB policy maker Klaus
Liebscher. The Pound gave up its impressive gains from Friday as
investors were underwhelmed by the Bank of England's plan to ease money
markets. The Loonie gained on oil hitting $117 a barrel.
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Friday, April 18th, 2008
A
better than expected report from Citigroup and earnings from other
companies helped spur a rally in US stocks and added risk appetite to
forex markets. The Pound, and other high-yielders were big
beneficiaries while the Japanese Yen and Swiss Franc lost ground.
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Thursday, April 17th, 2008
The
Pound strengthened vs the Euro, Dollar and Yen as speculation spread
that the BOE would unveil a plan to ease money markets. The Euro eased
off its record high after comments from PM Juncker. The Loonie lost to
the greenback on tame Canadian CPI.
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Wednesday, April 16th, 2008
The
Dollar set a new low vs the Euro, gave up ground to the Pound, and lost
sharply to the Canadian Dollar during today's trading. High inflation
from Europe, weak housing in the US, and record oil prices pressured
the greenback.
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Tuesday, April 15th, 2008
The
Dollar gained on a surprisingly better "Empire" manufacturing report
and higher producer inflation while the Euro was down after a measure
of investor sentiment fell. The Pound meanwhile was pressured by lower
CPI figures and a weak housing report.
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Monday, April 14th, 2008
The
Dollar gained at the Sunday open across the board as a result of the G7
press release from Friday. This "G7 bounce" didn't last as the Euro and
others pared their Sunday losses. The Pound surges overnight when
producer inflation came in higher than expected. The Kiwi was lower
after its retail sales for Feb declined 0.7%.
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Friday, April 11th, 2008
A
poor earnings report from GE, one of the world's largest companies,
weakened US stocks. That translated into an increase of risk aversion
on the forex markets as the Yen and Swiss Franc gained. Meanwhile US
data showed consumer confidence hit a 27 year low in April.
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Thursday, April 10th, 2008
The
Bank of England cut rates by .25% to 5%, its 3rd move since December.
The ECB held rates at 4%. Both the Dollar and Pound pared earlier
losses to the Euro after falling to record lows, respectively. The
Dollar recovered against the Yen during NY trading as US stocks
performed well. Carry trade pairs also rebounded.
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Wednesday, April 9th, 2008
The
Dollar was down today as traders increased bets that the Federal
Reserve would move to cut interest rates by 50 basis points in their
meeting this month. Oil prices touched a new record high. Carry trade
pairs retreated on heightened risk aversion in NY trading, boosting the
Yen and Swiss Franc.
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Tuesday, April 8th, 2008
The
Pound suffered steep losses vs its rivals after data on housing prices
showed a steep, and unexpected, decline in March. With the Bank of
England decision on Thursday, traders sold Pounds. US pending home
sales disappointed on the downside, and Fed minutes said the US may
have a "prolonged" and "severe" downturn.
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Monday, April 7th, 2008
The
Australian Dollar shrugged of weaker fundamental data to climb against
the US Dollar and Yen. The Euro, after initially falling to the
Greenback, recovered as investor confidence data surprised on the
upside. The CAD/JPY pair formed a double top formation.
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Friday, April 4th, 2008
The
Dollar fell immediately after the US posted March's payroll data which
showed the economy shedding 80K jobs, more than forecast. Funding
currencies in carry trade like the Yen and Swiss Franc performed well
against the Dollar and Pound.
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Wednesday, April 2nd, 2008
The
Dollar lost ground to the Euro on poor US data, and against the Pound
as markets rallied there. Bernanke's comments included a gloomy
assessment for growth, but also a signal that there will be no more
bailouts which helped boost investor appetite for carry trade.
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Tuesday, April 1st, 2008
The
Dollar surged vs the Euro and Yen on financial news out of Europe -
further write-downs by UBS and Deutsche Bank - and better than expected
ISM Manufacturing data out of the US. Increases in US stocks also
rallied carry trade pairs as risk appetite returned.
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Monday, March 31st, 2008
Business confidence dropped in New Zealand, while inflation continues
to run high in Australia and the Euro-zone. Japanese industrial
production and a measure of manufacturing both declined. The Kiwi and
Aussie declined today, while the Greenback traded higher than the Pound
and Yen.
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Friday, March 28th, 2008
Japan reported 10-year high inflation and flat consumer spending in
February. UK consumer confidence hit a 15-year low, and growth of
housing prices fell to its lowest level in 12 years. In the US,
consumers were also pessimistic, and showed it by spending less.
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Thursday, March 27th, 2008
Thursday saw mostly ranging conditions after several currency pairs
surged against the Dollar earlier in the week. The GBP/USD hit a new
high at 2.0190 on the back of some positive UK fundamental news. The
Dollar pared its losses against the Pound and Yen.
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Wednesday, March 26th, 2008
The Greenback was pressured by weak economic data and continuing credit market concerns. The Euro got a boost from strong Eurozone data, while the Yen strengthened in today's risk averse trading session.
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Tuesday, March 25th, 2008
The
Dollar was pressured on Tuesday as speculation of a 50 basis point move
next month by the Fed was priced into the markets. The greenback
declined in value vs the Euro, Pound, and the commodity bloc of
currencies to start the week.
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Friday, March 21st, 2008
The
Dollar rose this week against the Euro and the commodity bloc of
currencies as oil and gold prices tumbled. The Fed has taken several
steps to calm markets the last two weeks which helped boost the stock
market. However, carry trade continued to unwind.
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Thursday, March 20th, 2008
The
Dollar rose against the Euro and the commodity bloc of currencies. The
Euro was pressured by weaker services and manufacturing data, while the
Loonie, Aussie and Kiwi fell as a result of declines in oil and gold
markets. As the global economy slows, demand for these countries'
commodities will diminish.
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Wednesday, March 19th, 2008
The
Pound took a big dive versus the Dollar today, as markets priced in
more rate cuts as a result of Meeting Minutes released today. The Euro
faltered after a report showed its trade deficit widening. The Canadian
Dollar fell as oil prices took a tumble.
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Tuesday, March 17th, 2008
The
Federal Reserve moved to cut rates aggressively, bring rates down to
2.25% from 3%. The Dollar gained in a knee jerk reaction as investors
believe this move may the Fed is concerned about inflation. The UK and
Canada released mixed consumer inflation reports.
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Monday, March 17th, 2008
The
Dollar fell sharply vs the Euro, Yen and Franc after the Sunday open,
as it was announced that JP Morgan purchased Bear Stearns at $2 a share
and the Fed acted to cut the discount rate by 25 basis points. The
Dollar managed to pare some of those losses on Monday.
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Friday, March 14th, 2008
US
equities fell lower today after Bear Stearns needed an injection of
funds from the Fed and JP Morgan. The stock of the firm plummeted 40%,
increasing risk aversion. As a result, the Yen strengthened and the
Swiss Franc reached parity with the US Dollar for the first time ever.
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Thursday, March 13th, 2008
The
Dollar hit a 12 year low vs the Yen, falling below the 100 level.
Retail Sales fell 0.6%, undershooting forecasts and signaling that
consumers may be tightening their spending as the US slowdown
progresses. The Euro hit a new record high vs the Dollar.
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Wednesday, March 12th, 2008
The
Dollar fell to the Euro, Yen and Aussie today as investors looked more
closely at the deal the Fed had proposed yesterday. The Euro hit a
fresh record high vs the Dollar above 1.55, and the Yen strengthened as
risk aversion crept back into the Forex markets.
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Tuesday, March 11th, 2008
News that the Fed was ready to lend another $200 billion dollars
through weekly auctions, in exchange for debt that includes
mortgage-backed securities boosted stock markets, the Dollar and carry
trade pairs. The Dollar showed strength for the first time in several
session vs the Euro and Yen.
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Monday, March 10th, 2008
Capital spending on machinery orders rose in Japan, besting
expectations. Yen strength prevailed as US equities continued sliding.
Carry trade pairs favored the funding currency - the Yen and Swiss
Franc.
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Friday, March 7th, 2008
The
US nonfarm employment change saw the US economy shedding 63K jobs in
Feb, increasing the chance of a three-quarter percent rate cut at the
Fed's next meeting. A Fed plan to inject $200 billion into the banking
system over the next month helped boost the Dollar.
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Thursday, March 6th, 2008
The
central banks of New Zealand, the UK and the Euro-zone all held rates
steady. Hawkish rhetoric concerning inflation drove up the the Pound
and Euro. US stock markets declined again today, causing the Dollar to
lose ground against the Yen.
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Wednesday, March 5th, 2008
Japanese Capital Spending fell the hardest in 5 years, during the 4th quarter of 2007. As a major importer of commodities, Japanese companies reduced spending in the face of surging oil and raw materials costs.
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Tuesday, March 4th, 2008
Australian Retail Sales came in flat for January. This data ends a streak of growing retail sales which started in June 2007. It suggests that the 1% interest rate increase spread throughout last year has worked its way to keep the economy from bubbling...
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Monday, March 3rd, 2008
Australian data showed higher inflation, better manufacturing and
better corporate profits. The Aussie climbed prior to tonight's RBA
announcement. Manufacturing in the UK improved, while in the US and the
Euro-zone it faltered. The EUR/USD set a new record high.
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Friday, February 29th, 2008
Japanese data showed better than expected household spending,
unemployment rate, and elevated levels of inflation. The Dollar
finished the week down heavily against its major rivals, as next week's
Non-farm payroll data approaches.
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Thursday, February 28th, 2008
The
Dollar continued setting new record lows vs the Euro and Swiss Franc,
and lost ground to its other rivals. Weekly jobless claims came in
higher than expected, while 4th quarter GDP growth was weak. Bernanke's
reiterated that growth was a bigger concern than inflation.
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Wednesday, February 27th, 2008
The
Euro continued rallying against the Dollar, reaching above 1.51.
Fundamental data from the US showed orders for durable goods declining
and new home sales hitting a 12 year low. Bernanke's testimony
increased speculation of further rate hikes from the Fed.
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Tuesday, February 26th, 2008
The
Euro was boosted by better than expected German business activity. In
the US high inflation, lower housing prices and weak consumer
confidence combined to push down the Greenback. The Euro hit a new
record high while the Aussie notched a 3-month high.
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Monday, February 25th, 2008
Investors started the week optimistic as stock markets were generally
higher, causing traders to seek carry trade positions. The Yen softened
overall, while pairs like the New Zealand Dollar and Canadian Dollar
benefited. Existing home sales in the US, though continuing to show
week data, was better than expected.
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Friday, February 22nd, 2008
The
Dollar ended the week by declining vs the Euro, Pound and Yen, though
it gained vs. the Canadian Dollar. Better than expected data from the
Euro-zone services sector boosted the Euro, while lower than expected
retail Sales pressured the Loonie.
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Thursday, February 21th, 2008
The
Pound gained overnight after Retail Sales doubled expectations, rising
0.8%. In the US, a measure of manufacturing by the Philadelphia Fed
showed February's situation deteriorating. The news dampened a stock
rally, and sent the Dollar lower vs its rivals.
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Wednesday, February 20th, 2008
The
Dollar gained overnight and in early NY trading as CPI data showed a
higher than expected rise in both monthly and annual inflation. Also
from the US, housing data remained weak. Several Dollar currency pairs
recovered their initial losses in later NY trading.
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Tuesday, February 19th, 2008
The
Yen gained as proxy to the Chinese yuan overnight as higher inflation
out of China increased bets that the nation's central bank will have to
raise rates. The Pound was pressured by news of second half losses at
Barclays. The Loonie fell following weak wholesales data.
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Monday, February 18th, 2008
The
Dollar was up vs the Pound on news that the UK government was planning
on nationalizing Northern Rock. The Dollar was also up against the
Euro, Yen and Swiss Franc, but continued declining against the
Australian Dollar. In Switzerland, retail sales disappointed.
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Friday, February 15th, 2008
The
week ended with the Euro-zone trade balance showing a deficit, and the
US posting weak manufacturing and consumer confidence. The Euro rose
against the Dollar for the week and so did the Pound and Aussie. The
Yen pared earlier losses to the Dollar.
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Thursday, February 14th, 2008
In
fundamental news Japan's GDP grew 0.9% in the 4th quarter, while the
Euro-zone economy slowed to 0.4%. The US trade deficit narrowed, while
Canada's trade surplus shrank in December. Fed Chairman Bernanke's said
the Fed is ready to cut rates further amid concerns that the economy is
headed for a recession.
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Wednesday, February 13th, 2008
The
number of total workers claiming "jobseeker" benefits in the UK fell to
a 26 year low, while the unemployment rate notched down to 5.2%. Also,
a hawkish BOE inflation report helped boost the Pound. In the US,
retail sales rose, beating expectations of a drop in January.
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Tuesday, February 12th, 2008
Fundamental data from the UK, including annual CPI rising to 2.2%,
pushed the Pound up. The Euro benefited from a better than expected
gauge of investor sentiment. US stocks climbed today as a result of a
proposed $800 billion plan by Warren Buffett to stem credit losses.
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Monday, February 11th, 2008
Over the weekend, finance ministers and central bank officials from the
G7 countries met and in their statement said that the US housing slump
and tighter credit conditions continued to pose downside risks. The UK
was boosted by high inflation data.
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Friday, February 8th, 2008
Employment in Canada increased more than expected, and housing starts
rebounded to strong levels. In Germany, the trade surplus shrank as
exports fell. The Dollar managed strong gains vs the Euro and Pound,
and held onto Thursday's gains against the Yen.
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Thursday, February 7th, 2008
The
Bank of England cut rates to 5.25% today, and the Pound fell close to
200 pips vs the Dollar. The ECB held rates steady at 4%, but also
dropped as the markets interpreted Trichet's speech as dovish. Despite
poor fundamentals, the Dollar gained on the Yen as well.
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Wednesday, February 6th, 2008
The
Pound fell after weak consumer confidence numbers, especially during
the European session. Carry trade pairs, such as the GBP/JPY, were able
to recover during NY trading as US equities, initially, gained
following a steep sell-off yesterday. The Loonie was up on good data.
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Tuesday, February 5th, 2008
Following a very weak report on the US services sector the markets saw
some unwinding of carry trade positions with the Pound, Aussie and
Loonie falling and the Yen gaining. The Euro was down to the Dollar
after it released its own weak services data.
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