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Forex Technical & Market Analysis FXCC May 17 2013

Talking Down the EUR

The euro came under selling pressure today against the U.S. dollar after European Industry Commissioner Tajani tried to talk down the currency. As the head of an agency whose goal is to protect the export sector, Tajani complained that the euro is too strong and called on the central bank to manage the currency in a way that would help exports. Considering that the euro has been in a downtrend ...

Forex Technical & Market Analysis FXCC May 16 2013

BoE sees a modest and sustained recovery over the next three years

The quarterly Inflation Report released by the Bank of England on Wednesday suggests that UK inflation should rise above 3% in June and that it will possibly remain above the 2% target for the next two years. As for the GDP, it is “likely to pick up gradually over the next year or so, supported by past asset purchases, an easing in credit conditions ...

Forex Technical & Market Analysis FXCC May 15 2013

EU gives the go-ahead to Spanish bank restructuring plan

The European Commission announced on Wednesday its approval of the plans to restructure Spain's four nationalized banks: Bankia, Nova Caixa Galicia, Catalunya Caixa and Banco de Valencia. Vice President of the European Commission responsible for Competition Policy Joaquín Almunia said in the European morning that the injection of 37 billion euros of the bank ...

Forex Technical & Market Analysis FXCC May 14 2013

Schäuble suggests revising EU treaties to make way for banking union

German finance minister Wolfgang Schäuble told the Financial Times today that the banking union could not be completed without a modification of EU treaties. The process of changing them however could last several months or even years. According to Schäuble the existing treaties “do not suffice” to allow for forming a strong central resolution ...

Forex Technical & Market Analysis FXCC May 13 2013

Japan rests re-assured not labeled 'currency manipulator' by G7

Over the weekend, the G7 re-assured the market that Japan is not deliberately weakening the yen in order to create a competitive advantage against other industrialized nations. The group repeated its old same lines about its commitment to avoid artificial currency devaluation for domestic gain purposes, while re-iterating its commitment to avoid volatility ...