DailyFX - Forex Market News

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• FOREX: Dollar, Yen to Pull Back as Super-Committee Selloff is Unwound
• Euro Strength Still in Question; 1.3420 Key Level to Watch
• Dollar Marks another Six-Week High, Conviction Questionable
• US Dollar Extends Gains as Super Committee Fails- Consolidation Ahead
• EUR/USD, GBP/USD Scalp Setups- Bearish Bias Remains Intact
• USD/CAD: Trading Canada’s Retail Sales Report
• Forex Strategy Outlook: Australian Dollar Breakout Trades Attractive
• USD Rally Overbought, Aussie Outlook Weighed By Rate Cut Expectations
• Guest Commentary: Gold & Silver Daily Outlook 11.21.2011
• Forex: Euro To Maintain Range, Sterling Searches For Support
• Lingering Euro-zone Debt Issues Compounded by U.S. Debt Debate Lifts Dollar
• Bank Research Consensus Weekly 11.21.11

FOREX: Dollar, Yen to Pull Back as Super-Committee Selloff is Unwound Posted: 21 Nov 2011 11:43 PM PST The US Dollar and Yen fell in Asia as markets digested the failure of the US deficit-reduction committee. S&P 500 index futures point to more of the same ahead.

Euro Strength Still in Question; 1.3420 Key Level to Watch Posted: 21 Nov 2011 11:29 PM PST The Euro still manages to hold above some key short-term support, but we do not see this market defying gravity for much longer…

Dollar Marks another Six-Week High, Conviction Questionable Posted: 21 Nov 2011 09:12 PM PST The Dow Jones FXCM Dollar Index managed a modest rally through the opening session of this trading week; and the fundamental waves around the global financial markets seemed to offer distinct support for the move. Yet, when we look closer, there is reason to remain cautious on jumping on the pure safe haven bid that the greenback offers.

US Dollar Extends Gains as Super Committee Fails- Consolidation Ahead Posted: 21 Nov 2011 02:31 PM PST The Dow Jones FXCM Dollar Index pushed higher today as risk-off flows saw investors flock into the safety of the greenback. However with 5 advances over the past 6 sessions, the dollar my looks to consolidate within its recent range. Here are the key levels to watch.

EUR/USD, GBP/USD Scalp Setups- Bearish Bias Remains Intact Posted: 21 Nov 2011 12:43 PM PST Last week’s euro scalp continues trade within our setup with precision as the pair holds below key Fibonacci resistance. Fresh pound targets are now identifiable with a rebound off today’s lows offering optimal entry on short scalps. Here are the levels to watch.

USD/CAD: Trading Canada’s Retail Sales Report Posted: 21 Nov 2011 12:12 PM PST Another monthly advance in Canadian retail sales could spark a bullish reaction in the loonie, and the development may encourage the Bank of Canada to maintain a wait-and-see approach in 2012 as the recovery gradually gathers pace.

Forex Strategy Outlook: Australian Dollar Breakout Trades Attractive Posted: 21 Nov 2011 09:00 AM PST Our Breakout Opportunities trading system looks attractive as pairs such as the Australian Dollar/US Dollar and British Pound/US Dollar break to fresh lows.

USD Rally Overbought, Aussie Outlook Weighed By Rate Cut Expectations Posted: 21 Nov 2011 08:18 AM PST The greenback extended the advance from earlier this month as market participants continued to scale back their appetite for risk, and the reserve currency may appreciate further as the flight to safety gathers pace.

Guest Commentary: Gold & Silver Daily Outlook 11.21.2011 Posted: 21 Nov 2011 07:07 AM PST Gold and silver managed to bounce back on Friday after the sharp declines to these metals prices on Thursday. The U.S. debt talks will probably occupy the news cycle during the week with the Super-committee will try and propose budget cuts.

Forex: Euro To Maintain Range, Sterling Searches For Support Posted: 21 Nov 2011 06:40 AM PST The weakening outlook for future growth weighed on market sentiment during the overnight session, but we may see a rebound in risk appetite as global policy makers pledge to take additional steps to stimulate the world economy.

Lingering Euro-zone Debt Issues Compounded by U.S. Debt Debate Lifts Dollar Posted: 21 Nov 2011 06:28 AM PST Higher yielding currencies and risk-correlated assets, such as the Australian Dollar and New Zealand Dollar, slid as lack of resolution to the Euro-zone crisis coupled with a failure for the Joint Select Committee to reach a deficit agreement weighed on global sentiment.

Bank Research Consensus Weekly 11.21.11 Posted: 21 Nov 2011 06:10 AM PST EUR/USD downside risks have increased significantly over the past month. Not only on the back of sharply higher funding costs in southern Europe, but perhaps more importantly as a result of a weakening economic outlook. The eurozone economy is likely to have entered recession in the fourth quarter prompting the ECB to cut rates. We expect the ECB to deliver further rate cuts and for the policy rate to fall below 1% for the first time. This is a significant regime shift, as the euro during other episodes of rising debt fears has been supported by relatively tighter monetary conditions. As a result, we have cut our 3-month and 6-month forecasts to 1.30. In the medium term we still expect underlying dollar weakness to persist, due to the US external deficit and the potential for renewed Fed easing. We forecast EUR/USD at 1.38 in 12 months. Arne Lohmann Rasmussen, Chief Analyst, Danske Bank

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