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October 22th. European majors collapsed in Asian session, with Euro reaching the 1.27 and GBP the 1.62 levels,making again dollar and Japanese Yen the overall winners. As commented after the last G7 meeting, the optimism triggered is coming to an end, as economic outlook worsen, and certain messures are not taken. And when authorities state that their countries are entering into recession, like Bank of England governor Mervyn King did yesterday, well, confidence of investors fell like a rock and run away to saferassets. The unwind of carry trades is sending Japanese yen up strongly against most rivals, and with other majors also under pressure against greenback, pairs like Eur/Jpy and Gbp/Jpy had reached fresh several years high, ignoring signs of over sold. In fact, many currencies have the same symptom although like mentioned yesterday, there are no technical signs of corrections, meaning the Panic stage of Dow theory is still developing.
Today we have no big news to take care of, yet you can check the full calendar following this link: http://www.fxstreet.com/fundamental/economic-calendar/
I’ll be back in a few minutes with some technicals for today, and try to set a probable floor for each major cross
Have a great day!
sorry as i am beginner please can you say what is happening with EUR/USD,GBP/USD.we cann’t understand what is happening in the market.yesterday there was rate cuts BoE by 2% were US is 1.5%,interest rates are one of the major factor that moves the market,still GBP/USD went of sell,oil is 70$.today EUR/USD has hit new low at 1.2744.so is it good to trade with these currency or else better not to trade until crisis is over.
hi Thawfeek! never apologize for not knowing something, in fact I always think we should be pride of having the guts of saying so. First of all, BOE rates is 4.5% and there was no cut yesterday. Rates could be one factor yes, that moves majors, yet not the only one. England has been declared in resession by the BoE’s governor, and that is what triggered a massive sell off in that pair. Europe is also in a huge financial crisis, and market is awakening to both, while American crisis has been “diggested” for the past last year, and that is what these last weeks, is sending both Europeans to the dungeons. As low the price falls, the bigger the sell off of those that are bulllish, the more stops triggered, and the deeper the rally to the downside.That’s what I was menaning with the “panic” stage of the Dow theory. If you are a beginner, and you don’t know what to do, try to follow signals in the direction of the trend, looking for short term trades, with tigh stop losses. Don’t try to catch the full rally in one trade: move along with the trend, by taking a small number of pips per trade (10 15) between supports. Good luck!
REgards
Val