M3 declined more than consensus expected. This was not so surprising though as the decline is due to base effects. Monthly developments in M3 have been pretty much flat since October last year with outstanding amounts staying in the EUR9.380-9.430bn range. In October, M3 fell 0.14% from EUR9.414bn to EUR9.4014bn.
Category Archives: General Forex
European Market Update
The dollar managed to compose itself from a recent decline in both sentiment and price levels as the European morning approached aided by verbal support, intervention rumors and renewed debt default concerns.
Gold Trades Above $1195 As Last Dollar Supports Give Way
A new day, a fresh round of USD-selling, and another record high for gold. The unrelenting momentum of gold’s rally has surprised many people, re-igniting chatter about the possibility of a bubble or blow-out reversal. But while the 26% rise in the past 3 months is still impressive, compared to…
USD Pullback Ahead Of Thanksgiving
The market is in ‘pull-back mode’ after the USD broke key supports vs. JPY and EUR on Wednesday. The reason is probably Thanksgiving and the thin and spiky market conditions towards the weekend. We will be careful and not read too much from the technical developments in this time span,…
Bearish Gbp/Usd
The pair went into Long mode on 16th Nov and has held that momentum read. The flows of sentiment from overbought to oversold are readable, and reliable, and are right now overbought. The price action is in a sideways channel, but the near-term trend has allowed the tests of support…