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FX markets are now settling into holiday trading mode on thin volume punctuated by sudden volatility. News that North Korea’s leader Kim Jong-Il died of a heart attack on a train became the primary event Asia. N. Korea transfer of leadership has already been established with Kim Jong-il third son Kim Jong-un handpicked for role. [...]

The US and Asian sessions were monotonous lulling FX into a false sense of security as traders cautiously buy risk assets. Asian regional indices were higher on bargain hunting, with the Hang Seng up 1.70% and Shanghai climbing 2.01%. EURUSD bounced around directionless between 1.3012 and 1.3045, while AUDUSD rose to 1.0019 from 0.9920. Part [...]

Risk appetite remained weak in Asian session, as regional indices were broadly lower. EURUSD was relatively subdued, climbing off of yesterday’s 1.2945 lows to 1.3000. AUDUSD came under pressure dropping to 0.9861 as commodities, specifically copper (near limit down at -5%), sold off. The negative sentiment shrugged off better than expected Chinese HSBC flash PMI [...]

Risk appetite remains weak in Asian session. Regional equity indices were lower across the board as the Nikkei fell -0.39% and Shanghai dropped 0.89%. EURUSD was stable after getting hammered yesterday and finally overnight taking out support at 1.3100. Risk sentiment had been eroding post EU-summit but it was a headline that the German Chancellor [...]

There have been no real developments since the EU summit announcing, but slowly the optimism generated by deeper fiscal integration has worn out. EURUSD fell to 1.3161, while AUDUSD touched 1.0030 before light buying pushed the pair off the lows. Gold was the big loser, falling nearly $60 to $1650.93 since the Friday close. Regional [...]

The market’s reaction to the outcome of Friday’s European summit remains uncertain. The knee jerk reaction in the financial markets was positive, as 23 of the 27 EU members have agreed to work towards tighter fiscal integration. The notable exception was the UK. EURUSD was able to rally to 1.3437 but has since fallen to [...]

FX price action has been dominated by the headlines from the EU saying “unable to secure treaty changes with backing of all 27 states and change at 17 states more likely”. EUR and AUD, the two currencies most sensitive to European related headlines, sold off. EURUSD traded down to 1.3282 from 1.3375 while AUDUSD fell [...]

FX remains dominated by the scheduled events in Europe today and Friday. With the ECB and EU summit being the critical events. Our base case scenario is that a strong response by the ECB with cuts in headline policy rate and additional nonstandard measures to address funding issues in the ailing banking sector should be [...]

FX markets took a breather for most of the day as news flows died off. However, within control ranges risk appetite Asian session slowly crept back into to the market. Markets have advanced in recent days, apparently in expectancy of momentous development from this week’s EU Summit. EURUSD traded up to 1.3454 from 1.3333 low. [...]

Risk currencies had been performing relatively well before reports that S&P would put all European nations on negative watch sent risk in retreat. According to the headlines S&P rating agency will put all 17 nations on credit watch negative although only 15 nations would truly be affect. This adjustment implies at 50% chance that a [...]