http://www.fxstreet.com/technical/market-view/market-session-recaps/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-10.htmlThe RBA cut its growth and inflation forecasts for 2012 as uncertainty surrounding economic conditions offshore flow into the domestic economy. On Tuesday, the bank decided to keep interest rates at 4.25%, surprising a market that was looking for a 0.25% cut, however this recent report is more dovish than expected which means economists might get there cut next month. Australia’s 2012 growth forecast is now 3.5%, down from the RBA’s November estimate of 4%. The bank’s 2012 inflation forecastFri, 10 Feb 2012 06:16:33 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-10.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-09.v02.htmlSentiment was moderately higher after Greek leaders agreed on an austerity package ahead of a meeting between EU finance ministers. The dollar is mostly weaker against the majors with the exception of the JPY, AUD, and NZD as stocks and Treasury yields advance. Key central banks made policy announcements this morning with the Bank of England maintain rates at 0.50% and expanding its asset purchase target by 50B£ to 325B£ as expected while the European Central Bank kept rates on hold at 1.00%Thu, 09 Feb 2012 22:08:51 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-09.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-09.htmlMid-way through the session Chinese CPI data printed much higher than expected, leading to concerns that Beijing won’t move to loosen policy. The official CPI print was +4.5%y/y, with food prices leading the drive with a 10.5%y/y gain. At the same time, data showed that producer prices increased 0.7%y/y, which represents a deceleration from December figure of 1.7%. Whilst consumer prices increased significantly more than consensus estimates, we are not that concerned. Firstly, CPI figures thatThu, 09 Feb 2012 06:09:15 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-09.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-08.v02.htmlThe buck traded slightly firmer today but remains vulnerable to event risk ahead of key central bank meetings tomorrow and as details emerge regarding a Greek debt and austerity deal. The USD is also showing technical signs of weakness as the Dollar Index trades below the 100-day sma. It was a relatively quiet day in the FX markets as prices consolidated ahead of tomorrow’s BoE and ECB meetings. There was little economic data released out of North America with the only data of note beingWed, 08 Feb 2012 22:02:32 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-08.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-08.htmlIt was a fairly quiet day on the FX front, but a slew of earnings announcements kept equity investors on their toes. Before the open, BHP surprised the market by announcing a drop in first-half profits of 5.5%, causing the stock to slide around 0.6%. In Japan, Toyota shares were lifted after the company upgraded its fiscal-year earnings outlook. NZD/USD traded in a fairly tight range throughout the session, on the upside the pair struggled around 0.8361 and at the bottom end it couldn’t manageWed, 08 Feb 2012 07:07:59 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-08.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-07.v03.htmlThe buck reversed earlier gains after Bernanke downplayed recent labor data and the euro rose amid hopes that Greek debt and austerity negotiations are in the final stages. With no top tier economic data released out of the U.S., it was headlines once again that drove price action. Fed Chairman Ben Bernanke testified before the Senate Budget Committee and cautioned that the current unemployment rate “no doubt understates the weakness of the labor market”, noting the reduction in the laborTue, 07 Feb 2012 22:01:28 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-07.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-07.v02.htmlWhether you like it or not, risky assets seem incredibly resilient to the on-going Greek crisis (or farce as some might call it). The social media landscape and Twittersphere has been alive all day with topics like Greece, austerity and default all trending. Reports that Greek political leaders had not reached an agreement on a new round of austerity measures and labour market reforms were replaced by news that PM Papademos was meeting with the Troika later today and finalising details with hisTue, 07 Feb 2012 09:30:04 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-07.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-07.htmlThe RBA surprised the market by leaving rates unchanged at 4.25%. As expected it was a very close call, but the bank left the door open for possible future rate cuts; opting to adopt the wait-and-see approach. RBA Governor Stevens stated that conditions offshore have been mixed since December. The bank also acknowledged downside risks in Europe but highlighted an improving economic situation in US, which might have led them to the conclusion that the global outlook can separate from EuropeanTue, 07 Feb 2012 07:33:50 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-07.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-06.v02.htmlWith no economic data releases today, the market refocused its attention on Greece and price action was driven mostly by headlines out of Europe. Risk sentiment fell slightly and the dollar was mostly firmer as several EU officials spoke today. German Chancellor Angela Merkel said that “time is running out” in Greek talks and noted that the whole euro area is dependent on the outcome of Greek talks. Both she and French President Sarkozy said that there will be no additional aid for GreeceMon, 06 Feb 2012 22:05:44 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-06.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-06.htmlAustralian retail sales surprised the market on the downside, coming in at -0.1% for December (consensus +0.2%m/m). The aussie was sent around 20 pips lower immediately following the release, with investors pricing in an increased chance for a rate cut tomorrow. Also, Australian interbank futures suggest that traders are pricing in around a 55% chance of a rate cut, up from 50.8% before the retail sales figure, but down from 62.8% at the beginning of the month. Nevertheless, according toMon, 06 Feb 2012 07:12:31 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-06.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-03.htmlRisk currencies sunk lower in Asia today, with some investors likely choosing to stay on the sidelines ahead of the payrolls report out of the US at 08:30EST. The few headline data releases out during the session also failed to alter investor sentiment. Equity markets faced the same issues, but they were also hampered by downbeat corporate earnings. Overnight, Chinese Premier Wen Jiabao stated that China is considering how to get more involved in assisting Europe with its debt crisis byFri, 03 Feb 2012 07:14:50 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-02.v02.htmlMarkets were relatively quiet ahead of tomorrow’s employment report and the dollar traded slightly firmer amid Fed Chairman Ben Bernanke’s testimony in Washington. The Fed Chairman warned of fiscal policy risks and called for close monitoring of economic developments. On the Fed’s mandates, he said that inflation looks “very well controlled” but that the Fed wants more progress on unemployment. When questioned on the topic of QE, Bernanke only noted that the policy is similar to the usualThu, 02 Feb 2012 22:04:04 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-02.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-02.htmlTrade balance figures out of Australia and promising manufacturing data out of Europe, combined to create a healthy environment for risk assets. Major equity markets throughout the region were in the green, at the same time the dollar faced a wave of sellers in the FX market. Australia posed a surplus of AUD 1709 million in December, significantly higher than estimates of AUD 1200 million. Behind the increase was a 2% jump in exports, stemming from increased demand from Australia’s AsianThu, 02 Feb 2012 08:08:37 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-01.htmlThe greenback was broadly weaker as overall risk sentiment extended to the upside following stronger than expected global manufacturing PMI’s in Asia and Europe overnight. Markets shrugged of softer private payrolls data with ADP showing the addition of 170K jobs in Jan. (cons. 182K) and even though the Jan. ISM manufacturing reading missed the consensus, it expanded to the highest level since May with a print of 54.1 from the previous 53.1 (cons. 54.5). The details of the report were strongWed, 01 Feb 2012 22:03:43 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-02-01.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-31.htmlThe dollar is trading mixed and risk sentiment fell off the highs seen early in the session after weaker than expected U.S. economic data and renewed concerns about Greece. There has been a lack of positive news on Greek PSI despite officials having continually expressed their optimism on the progress of the debt talks and their expectations that a deal will be reached soon. Greek Finance Minister Venizelos warned that time is of the essence and that the Greek Parliament needs to vote on theTue, 31 Jan 2012 22:06:49 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-31.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-30.htmlThe greenback is broadly higher as risk sentiment declined amid EU debt concerns and weak U.S. personal spending figures. The USD is firmer against all of its G10 counterparts except the Japanese yen which is outperforming as a haven. USD/JPY fell to lows that have not been seen since the Bank of Japan last intervened on October 31. European leaders met at today’s EU Summit and 25 countries agreed to join a fiscal compact which limits primary deficits to 0.5% of output with automatic sanctionsMon, 30 Jan 2012 22:06:56 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-30.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-26.v02.htmlSentiment deteriorated as Greek debt talks continued with no new developments to announce and after softer U.S. labor and housing data. The IIF left markets with little information to digest other than that “some progress” was made in Athens today and that talks will resume tomorrow. The dollar started the session significantly lower and managed to regain some of its losses as traders took profit ahead of key technical levels. Despite a late day rebound, the US dollar remained softer againstThu, 26 Jan 2012 22:06:41 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-26.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-26.htmlEarlier in NY, the Fed’s statement shifting the tail end of the range for ‘exceptionally low rates’ from mid-2013 to late-2014 led to a flurry of price action. Broad-based USD weakness vs. G10 and EM currencies ensued and was further spurred on by ‘QE’ supportive commentary by Chairman Bernanke during the Q&A session. As Asian markets got underway, however, heightened FX volatility levels seen up to the U.S. equity market closing bell quickly died down. USD majors and most EM currenciesThu, 26 Jan 2012 07:53:35 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-26.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-25.v02.htmlThe U.S. dollar tumbled after the Fed surprised markets by significantly extending their low rate pledge to late-2014 from the prior mid-2013. Lacker was the sole dissenter as he preferred to drop the time specific rate pledge as many investors were anticipating the FOMC would do amid interest rate forecasts. Projections were released by Fed members showing that 11 of the 17 participants expect rates to be at or below 1% in 2014 indicating that at or below 1% is what the Fed means when it saysWed, 25 Jan 2012 21:52:02 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-25.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-25.htmlConsumer prices were unchanged in Q4, lower than expectations of +0.2%. Yet, the market is now forecasting less of a chance for a rate cut next month. Why? If we dig down into the numbers we can see that both trimmed mean and weighted median estimates were lower than the main figure, putting them both in the top half of the RBA’s target range of 2-3%. This could blur the line between a clear cut decision and more ambiguous data being the deciding factor for the RBA. However, even if we takeWed, 25 Jan 2012 07:42:06 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-25.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.v05.htmlThe dollar rebounded against most of the majors as sentiment faded amid a cut in the global economic outlook by the IMF and unresolved Greek PSI talks. Officials remained hopeful that a deal can be reached, however a debt swap is just one of the many hurdles facing Greece. The IMF cut its forecast for world growth to 3.3% in 2012 from the prior 4.0% projection issued in September (just above the 3% threshold for a global recession).  European equities finished in the red and U.S. stocksTue, 24 Jan 2012 22:05:16 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.v05.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.v04.htmlThe IMF released its updated World Economic Outlook today and the reading was grim. It reduced its global growth forecast by 0.7% to a mere 3.3% for this year, it predicted a “mild” recession for the Eurozone with growth contracting by 0.5% in 2012, and a slowdown in emerging economies to 5.4% this year. The one bright spot was Sub Saharan Africa, which the IMF predicts will grow by 5.5% this year, only 0.3% lower than its September forecast. The global lender pulled no punches: the epicentreTue, 24 Jan 2012 17:23:37 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.v04.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.v03.htmlThe pound had a mini rally today after some “better” than expected public finance data. The budget deficit narrowed to GBP 13.7bn, down from GBP15.9bn in December 2010, if borrowing carries on in this vein then full year borrowing could come in below the OBR’s forecast of GBP127bn for this fiscal year. The data could not have come at a better time for the UK government. Some fiscally challenged states with triple A credit ratings like France have been downgraded recently, so any slippage inTue, 24 Jan 2012 16:32:00 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.v02.htmlIt’s been another good start to the week for risk. EURUSD has surged above 1.30, its highest level since early January, and the UK 100 FTSE Index has closed the session at its highest level since August 1st – just after the US was stripped of its triple A credit rating. Markets are moving in unison with risky FX (euro, Aussie etc) all rising along with Europe’s peripheral bond markets (led by Italy where 10-year yields have dropped to nearly 2-month lows), gold and stocks. Yet amidst all ofTue, 24 Jan 2012 09:55:58 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.htmlGreece was the focus of talks in Brussels, where EU finance ministers voiced their concerns about an offer made by private sector holders of Greek debt. Luxemburg’s PM Junker offered the most down-cast assessment, when he stated that Greece’s program is off track, also saying that coupon’s on bonds maturing before 2020 should be well below 3.5% and below 4% over the full 30 year period. Currently, the IIF is proposing an average coupon rate of 4%, which they say is the least they can accept ifTue, 24 Jan 2012 06:27:32 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-24.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-23.v02.htmlThe dollar continued to slide as sentiment moved moderately higher amid the EU finance ministers meeting, ongoing discussions regarding a Greek debt deal and ahead the Fed’s two-day policy meeting which begins tomorrow. Several officials have expressed their views that Greek PSI talks are progressing and nearing an end – EU’s Rehn said that PSI negotiations should be concluded “shortly”, IMF head Lagarde said that she is sure delivery will come on Greek talks, Germany and France’s financeMon, 23 Jan 2012 22:04:10 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-23.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-23.htmlThe FX and equity markets were fairly flat in Asia, with liquidity suffering as a result of New Year celebrations and the resulting closure of most stock markets in the region. At the same time, investors are clearly nervous about the situation in Greece, which may have kept a few traders on the sidelines as they await confirmation from European markets. There was only one headline data release during the session, with the 4Q Australian PPI figure coming in slightly less than expectations atMon, 23 Jan 2012 06:24:22 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-23.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-20.htmlLondon Session Investors wait for the Greek announcement Today is D-day for Greece and its private sector bond holders. Athens needs to reach an agreement with the banks and hedge funds to get them to accept large losses on their bond holdings, without triggering a CDS pay-out, no easy task. Essentially Athens needs to get investors to voluntarily agree to lose money in order to try and reduce its enormous debt burden. There isn’t much sympathy in the markets for Greece and its predicament.Fri, 20 Jan 2012 12:27:05 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-20.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-19.v02.htmlThe buck extended its decline against most of the major currencies as markets continued to trade with a risk-on tone amid better US jobs data, successful EU government auctions and better than expected earnings. The dollar was weakest against European currencies with the SEK outperforming (currently up +1.06% against the USD). The greenback was slightly firmer against the Japanese yen as well as the commodity currencies AUD, NZD as a result of weak economic data overnight. New Zealand 4QThu, 19 Jan 2012 22:05:49 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-19.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-19.htmlEquity markets throughout Asia are being led higher by renewed optimism surrounding a deal between the Greek government and private sector bond holders, as well as the announcement of a proposed plan by the IMF to boost the fund by $500 billion. However, employment figures out of Australia and CPI figures out of New Zealand quickly disrupted the calm. First out of the gates was inflation data from NZ, which showed that consumer prices had decreased 0.3% q/q, much lower than the expectedThu, 19 Jan 2012 06:24:20 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-19.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-18.htmlThe dollar traded on the back foot against all of the G10 currencies as risk sentiment was given a boost on a proposal by the IMF to increase its lending capacity by $500B and as talks were held in Athens on Greece’s PSI. Not all was positive though as the World Bank announced it cut its global growth forecast to 2.5% this year from the previous estimate of 3.6% – this puts global growth in recessionary territory which is said to be below 3%. The bank noted that the euro area may contractWed, 18 Jan 2012 22:07:29 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-18.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-17.v03.htmlThe buck was weaker against all of its major counterparts except the Japanese yen and risk sentiment was higher after better than expected economic reports and as Greece nears a deal with its private sector creditors. Chinese GDP dropped by less than anticipated supporting the view of a soft landing. The figures showed that China’s economic growth slowed to 8.9% in Q4 from the prior 9.1% (cons. 8.7%) alleviating concerns of a sharp decline in global demand. In Europe, the German ZEW surveyTue, 17 Jan 2012 22:06:15 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-17.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-17.v02.htmlThe dollar was generally bid for most of the London session; however it has managed to claw back some gains mid-afternoon, as the euro stumbled as it made attempts to crack 1.28. This has also been reflected in stock markets, which have also given back some gains as risk sentiment has started to wane. However, European credit markets continue to do well, and spreads between French, Italian and Spanish bond yields with German Bunds continue to narrow. So as we think about positions for tomorrowTue, 17 Jan 2012 17:12:47 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-17.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-17.htmlThe better than expected Chinese GDP, industrial production and retail sales data led to a risk rally in the second half of the session. The data points towards an economy that is slowing at a pace deemed acceptable, whilst at the same time possibly justifying some growth stimulating measures from Beijing. Official figures showed that GDP growth year-on-year slowed to 8.9%, higher than the expected 8.7%y/y figure. This will likely impact sentiment in two ways, with the first being the expectedTue, 17 Jan 2012 07:22:13 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-17.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-16.v02.htmlAfter the capitulation on Friday today was used as a rest day by Europe. And no wonder. After the 200 pip drop on Friday, EURUSD has been stuck in a tight 60-pip range today as the US has been out on holiday. The main event risk today was the French bond auction, which went ahead without any problems, added to that limited commentary from EU officials helped to calm markets today. Post the ratings downgrade by S&P, Moody’s and Fitch have been out on the wires today. Moody’s said thatMon, 16 Jan 2012 17:09:17 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-16.v02.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-16.htmlFriday’s risk sell-off during the European and American sessions continued today in Asia, after S&P pulled the trigger on anticipated Eurozone downgrades. Nevertheless, we are more concerned about what this could mean for the EFSF and banks throughout Europe who have the most to lose from the mass ratings cut. The rescue fund could face its own credit downgrade and the banks that hold sovereign debt will have to readdress their cash holdings. One of the biggest losers today is theMon, 16 Jan 2012 05:48:25 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-16.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-13.htmlInvestors in Asia were more than happy to feed off the positive data flow out of Europe overnight, given the lack of market moving events during Asian trading hours. As a result, most equity markets in the region managed to hold in the green and the FX market returned to yesterday’s theme of tight range bound trading. The biggest gainer in equities is the JPN 225 which is up around 1.1% at the time of writing, with the index being led by the basic materials and consumer goods sectors. TheFri, 13 Jan 2012 05:24:35 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-13.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-12.htmlThe USD is weaker across all of the G10 today with exception to the NZD as risk sentiment has slowly improved over the past 24-hours. It initially began with stronger than expected sovereign bond auctions out of Italy and Spain and then continued throughout the BoE and ECB interest rate decisions. However, data out of the U.S. was clearly a sore spot as Dec. Retail Sales, weekly jobless claims, Nov. Business Inventories and Dec. Monthly Budget all disappointed. This initially saw equitiesThu, 12 Jan 2012 22:03:22 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-12.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-11.v03.htmlThe U.S. dollar was mostly firmer against its major counterparts with the exception of the NZD as equities traded mixed and Treasury yields declined. The GBP underperformed, extending losses after the overnight release of its trade balance figures which showed a wider than expected trade deficit. There was no economic data of note in North America, however the Fed released its Beige Book which noted that growth was ‘modest to moderate’ across the U.S. The survey showed that hiring has beenWed, 11 Jan 2012 22:09:10 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-11.v03.htmlhttp://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-11.v02.htmlThe big news of the London session was the Merkel/ Monti conference in Berlin today. The usual pleasantries were exchanged between the leaders of the currency bloc’s first and third largest economies, such as praise from Merkel for Italy’s attempts at reform so far. In return Monti promised to focus on structural reform going forward. But the news with the biggest impact was Merkel’s apparent softening towards topping up the ESM long-term rescue fund with more cash. The yields of Spanish andWed, 11 Jan 2012 14:43:51 GMThttp://www.fxstreet.com/technical/market-view/info@forex.com (FOREX.com)http://www.fxstreet.com/technical/market-view/market-session-recaps/2012-01-11.v02.html