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I'll be posting regular market updates from well respected Forex experts and showcasing the best Forex advice and systems, so you don't have to waste fruitless hours searching for it yourself!
Add me to your 'Favourites' now and as a special thank you, I'd like to give you 4 fantastic FREE gifts by simply entering your details on the right of this page >>>
You'll receive my 3 Part Ebook series 'The Forex Decoder' which covers everything from the history of Forex, to revealing the most consistently profitable indicators you'll need in your Forex arsenal. I've sorted the 'wheat' from the 'chaff' so you don't have to make the same mistakes as I did when I first started.
You'll also receive a copy of Mark Nelson's famous '7 Habits Of A Highly Successful Trader' which will prove an indispensible aid in your Forex career, as it has done in mine.
Just enter your details on the right and get these 4 fantastic gifts absolutely for FREE >>>
Yours 'Forexly',
Cliff
Simon Denham's Daily Market Comment
Asian markets were boosted at the start of their session overnight following the news that China had eased their bank capital policy a touch. This led to a big jump early on last night with our FTSE quote hitting as high as 5970 but gradually throughout the Asian session the gains were handed back and we haven’t opened nearly as high as was previously expected.
China continues to be a big driver behind sentiment and appetite towards risk as the world’s second biggest economy remains critical to the future of global growth and expectations. The authorities there are as desperate as everyone else to try and avoid a major meltdown or “hard landing” of their economy, so actions like this will help in avoiding a crash.
The move is lifting the usual suspects this morning with mining and energy stocks getting a boost. The FTSE is trading at 5934 at the time of writing with the bulls in the ascendancy pushing the index to new highs for the year and a fresh six month high at the same time. European indices are also being boosted by the prospect of the Greece bailout finally being rubber stamped today, which was one of the biggest threats to the current rally. With this hurdle out of the way the bulls are thinking it could mark the next major step higher for the indices as they continue their grind higher.
However, there are still considerable headwinds going into the next few months and weeks. Not only are the economic concerns a continual worry, but the geopolitical ones too. Iran is stepping up its rhetoric against Europe by imposing oil export bans on the UK and France. The latter country has up and coming elections in April, as does Greece, Russia and of course the big one in the US later in the year. A change to the political landscape might throw other spanners in the works or as a minimum add to the uncertainty. So with all these other considerations it comes as little surprise to see that already this morning the markets have retraced from what was expected to be a much stronger open than what we actually got.
The risk taking which is the order of the day in the equity markets is filtering through to the FX markets too this morning, as we saw eurozone finance ministers potentially giving the 130bn euro bailout package the go ahead. The result of this and the cut the banks’ cash reserves requirements by the People’s Bank of China over the week end adds to the hopes of a stimulus to economic growth. The result is a weakening dollar and yen as safe havens are off the cards for now. The newly-injected optimism in the market could see the euro push higher on the back of it and this morning EUR/USD is seeing a bit of upside, taking it to 1.3195 at the time of writing, but like equity markets it has just softened a little since the start of today’s session.
Gold was given a boost in early trading on Friday as US inflation rose 0.2 percent in January compared to last month. However, this hike was short lived as investors were faced with a long weekend due to the Presidents Day holiday in the US, meaning that stakes weren’t that high and profit taking was the name of the game causing the yellow brick to end the session down 4.6 dollars at 1723.1. At time of writing though, it’s started the week on a positive note and is trading up at 1730.6.
This morning energy markets are being propped up by the Iranian stand off with the West. News that they have halted oil exports to the UK and France has caused Brent to spike back above the $120 a barrel mark, having been as high as 121.00 earlier this morning. Currently, Brent stands at 121.50 with the near term up-trend still looking firmly in tact.
http://www.capitalspreads.com/simon-denhams-daily-market-comment
Asian markets were boosted at the start of their session overnight following the news that China had eased their bank capital policy a touch. This led to a big jump early on last night with our FTSE quote hitting as high as 5970 but gradually throughout the Asian session the gains were handed back and we haven’t opened nearly as high as was previously expected.
China continues to be a big driver behind sentiment and appetite towards risk as the world’s second biggest economy remains critical to the future of global growth and expectations. The authorities there are as desperate as everyone else to try and avoid a major meltdown or “hard landing” of their economy, so actions like this will help in avoiding a crash.
The move is lifting the usual suspects this morning with mining and energy stocks getting a boost. The FTSE is trading at 5934 at the time of writing with the bulls in the ascendancy pushing the index to new highs for the year and a fresh six month high at the same time. European indices are also being boosted by the prospect of the Greece bailout finally being rubber stamped today, which was one of the biggest threats to the current rally. With this hurdle out of the way the bulls are thinking it could mark the next major step higher for the indices as they continue their grind higher.
However, there are still considerable headwinds going into the next few months and weeks. Not only are the economic concerns a continual worry, but the geopolitical ones too. Iran is stepping up its rhetoric against Europe by imposing oil export bans on the UK and France. The latter country has up and coming elections in April, as does Greece, Russia and of course the big one in the US later in the year. A change to the political landscape might throw other spanners in the works or as a minimum add to the uncertainty. So with all these other considerations it comes as little surprise to see that already this morning the markets have retraced from what was expected to be a much stronger open than what we actually got.
The risk taking which is the order of the day in the equity markets is filtering through to the FX markets too this morning, as we saw eurozone finance ministers potentially giving the 130bn euro bailout package the go ahead. The result of this and the cut the banks’ cash reserves requirements by the People’s Bank of China over the week end adds to the hopes of a stimulus to economic growth. The result is a weakening dollar and yen as safe havens are off the cards for now. The newly-injected optimism in the market could see the euro push higher on the back of it and this morning EUR/USD is seeing a bit of upside, taking it to 1.3195 at the time of writing, but like equity markets it has just softened a little since the start of today’s session.
Gold was given a boost in early trading on Friday as US inflation rose 0.2 percent in January compared to last month. However, this hike was short lived as investors were faced with a long weekend due to the Presidents Day holiday in the US, meaning that stakes weren’t that high and profit taking was the name of the game causing the yellow brick to end the session down 4.6 dollars at 1723.1. At time of writing though, it’s started the week on a positive note and is trading up at 1730.6.
This morning energy markets are being propped up by the Iranian stand off with the West. News that they have halted oil exports to the UK and France has caused Brent to spike back above the $120 a barrel mark, having been as high as 121.00 earlier this morning. Currently, Brent stands at 121.50 with the near term up-trend still looking firmly in tact.
http://www.capitalspreads.com/simon-denhams-daily-market-comment
