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Prior to launching ForexLive, Jamie Coleman spent nearly twelve years at Thomson Financial as managing analyst of the institutional forex product IFR Forex Watch. In 2007, he left the Forex Watch team to launch a retail forex-oriented site which became the popular Reuters FX Hub. FX Hub fell... More
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  • ForexLive European Morning Wrap: Worrywarts Winning 0 comments
    Mar 6, 2012 8:13 AM | about stocks: FXE, UUP, JYN

    Definitely risk off today. European stocks, US treasuries, gold, even oil, all lower. Guess markets worried about possible Greek default and sharp slowdown in Chinese growth.

    Don't worry, be appy :)

    EUR/USD (fxe, uup) down at 1.3137 from early 1.3195 having been as low as 1.3129 so far. IIF comments (see above) started the slide and then rumour of PSI deadline being put back added further weight.

    Greek debt agency was quick off the mark to quosh the PSI rumour, confirming the March 8 dealine, but this didn't arrest the slide. As European stocks added to their losses, so we came lower with hedge fund selling notable. Stops were tripped through 1.3150 giving us a final push lower.

    Some talk of 1.3100 barrier interest, which to be honest we haven't been able to confirm.

    USD/JPY (jyn) down at 81.10 from early 81.45 having been as low as 80.77. Risk off backdrop and easier US treasury yields have weighed on the pairing. Sell stops now seen through 80.70.

    Cable down at 1.5770 from early 1.5850 having been as low as 1.5755. The release of weaker than expected Halifax house price data (see above) certainly didn't help matters.

    Stops were tripped through 1.5790 accelerating downside move. More stops now seen through 1.5750.

    AUD/USD down at 1.0595 from early 1.020 having been as low as 1.0574. Hedge funds been notable sellers here as in EUR/USD. ACB buy interest was noted in 1.0590/00 area but it only served to slow not reverse sell-off. UK clearer said to have been decent buyer around session lows.

    Stocks: FXE, UUP, JYN
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