something interesting

<  BACK TO Market Analysis

PIG TODAY-Mixed Signals from the Eurozone

BRUSSELS – What does the eurozone’s future hold? It depends where you look. Some economic indicators suggest that things are looking up for the common currency’s survival; for example, employment has returned to its pre-crisis peak, and per capita GDP growth exceeded that of the United States last year. At the same time, political risks seem to be increasing, despite the improvements in Europe’s economy.

The evidence of an increasing risk of a eurozone breakup comes from three different indicators. But closer examination of those indicators suggests that, while the longer-term risks remain substantial, the short-term risks are rather low. One widely used indicator is based on Sentix surveys of market participants, which show a strong increase in the proportion who believe that the eurozone will break up soon (over the next 12 months). And this time it is not Greece that is driving the result, but France and Italy.

Of course, Greece is in difficulty again. But, according to the Sentix indicator, the perceived likelihood of “Grexit” remains, despite a recent surge, well below its previous peaks. By contrast, the perceived likelihood of “Frexit” and “Italexit” are at 8% and 14%, both much higher than even at the peak of the eurozone crisis earlier in the decade.

The balances among national central banks within the eurozone constitute another widely used indicator of the probability of a breakup. These so-called TARGET2 balances are often taken as a sign of capital flight: investors in countries at risk of abandoning the euro might be tempted to transfer their funds to Germany. That way, these investors would benefit if their country left the currency union, because balances with a German bank presumably would remain in euro, or in rock-solid “neue Deutsche Mark” should the eurozone break up.

But this line of reasoning does not seem to explain recent developments, because the TARGET2 balances are not correlated with the euro breakup probabilities as measured by the Sentix surveys. For example, the TARGET2 balance of the Bank of Greece has actually improved slightly in recent months, and that of the Bank of France has remained close to zero (with a small recovery just as the probability of a victory by the anti-European presidential candidate Marine Le Pen has increased).

True, the balances of Spain and Italy are now again nearing €400 billion ($423 billion) in net liabilities, a level last reached at the peak of the euro crisis, before ECB President Mario Draghi promised in July 2012 that the European Central Bank would do “whatever it takes” to save the euro. But the increase in the negative balance for Spain is difficult to reconcile with the country’s robust economic data and the absence of any significant anti-euro political force.

The only country for which the Sentix indicator is correlated with TARGET2 balances is Italy. The ECB’s explanation of the increase in TARGET2 imbalances – that it is mainly an indirect consequence of the ECB’s own vast bond-purchase program – thus seems much more reasonable than attributing it to capital flight. And, in fact, these imbalances began growing again with the onset of the bond buying, long before the recent bout of political instability.

The third indicator of renewed eurozone tensions is probably the most reliable, because it is based on where people put their money. This is the so-called “spread”: the difference between the yield of, say, French, Italian, or Spanish bonds relative to those issued by Germany. And the spread has increased sharply in recent months. But this indicator is also not consistent with the focus on France’s presidential election this spring, or on Italy’s general election (which must be held by early next year) as somehow determining the fate of the euro.

After all, the widely quoted spread refers to the difference in yields on ten-year bonds. A spread of 180 basis points for Italy, for example, means that the Italian government is paying 1.8% more than the German government, but only for ten-year bonds. If one were to take the forthcoming elections as the proper time horizon, one should look at 1-2-year maturities. But for these shorter-term investment horizons, the spreads are much lower: close to zero for France and a few dozen basis points for Italy and Spain.

Thus, there seems to be little reason to fear for the euro’s survival in the near term. Small short-term spreads belie the focus on the forthcoming elections in France (and those in Italy), which supposedly imply a concrete short-run danger of a breakup. Likewise, while the accumulated TARGET2 imbalances would indeed create a problem in case of a euro breakup, they do not constitute an independent indicator of capital flight.

But all is not well, either. Persistent longer-term yield differentials suggest that market participants have some doubts about the euro’s long-term survival. Speculation about election outcomes in the immediate future is more fascinating than discussions about eurozone reforms. After the votes are counted, however, policymakers will no longer have any excuse not to address the fundamental longer-term issues of how to run a common currency with such diverse members.

BRUSSELS – What does the eurozone’s future hold? It depends where you look. Some economic indicators suggest that things are looking up for the common currency’s survival; for example, employment has returned to its pre-crisis peak, and per capita GDP growth exceeded that of the United States last year. At the same time, political risks seem to be increasing, despite the improvements in Europe’s economy.

The evidence of an increasing risk of a eurozone breakup comes from three different indicators. But closer examination of those indicators suggests that, while the longer-term risks remain substantial, the short-term risks are rather low. One widely used indicator is based on Sentix surveys of market participants, which show a strong increase in the proportion who believe that the eurozone will break up soon (over the next 12 months). And this time it is not Greece that is driving the result, but France and Italy.

Of course, Greece is in difficulty again. But, according to the Sentix indicator, the perceived likelihood of “Grexit” remains, despite a recent surge, well below its previous peaks. By contrast, the perceived likelihood of “Frexit” and “Italexit” are at 8% and 14%, both much higher than even at the peak of the eurozone crisis earlier in the decade.

The balances among national central banks within the eurozone constitute another widely used indicator of the probability of a breakup. These so-called TARGET2 balances are often taken as a sign of capital flight: investors in countries at risk of abandoning the euro might be tempted to transfer their funds to Germany. That way, these investors would benefit if their country left the currency union, because balances with a German bank presumably would remain in euro, or in rock-solid “neue Deutsche Mark” should the eurozone break up.

But this line of reasoning does not seem to explain recent developments, because the TARGET2 balances are not correlated with the euro breakup probabilities as measured by the Sentix surveys. For example, the TARGET2 balance of the Bank of Greece has actually improved slightly in recent months, and that of the Bank of France has remained close to zero (with a small recovery just as the probability of a victory by the anti-European presidential candidate Marine Le Pen has increased).

True, the balances of Spain and Italy are now again nearing €400 billion ($423 billion) in net liabilities, a level last reached at the peak of the euro crisis, before ECB President Mario Draghi promised in July 2012 that the European Central Bank would do “whatever it takes” to save the euro. But the increase in the negative balance for Spain is difficult to reconcile with the country’s robust economic data and the absence of any significant anti-euro political force.

The only country for which the Sentix indicator is correlated with TARGET2 balances is Italy. The ECB’s explanation of the increase in TARGET2 imbalances – that it is mainly an indirect consequence of the ECB’s own vast bond-purchase program – thus seems much more reasonable than attributing it to capital flight. And, in fact, these imbalances began growing again with the onset of the bond buying, long before the recent bout of political instability.

The third indicator of renewed eurozone tensions is probably the most reliable, because it is based on where people put their money. This is the so-called “spread”: the difference between the yield of, say, French, Italian, or Spanish bonds relative to those issued by Germany. And the spread has increased sharply in recent months. But this indicator is also not consistent with the focus on France’s presidential election this spring, or on Italy’s general election (which must be held by early next year) as somehow determining the fate of the euro.

After all, the widely quoted spread refers to the difference in yields on ten-year bonds. A spread of 180 basis points for Italy, for example, means that the Italian government is paying 1.8% more than the German government, but only for ten-year bonds. If one were to take the forthcoming elections as the proper time horizon, one should look at 1-2-year maturities. But for these shorter-term investment horizons, the spreads are much lower: close to zero for France and a few dozen basis points for Italy and Spain.

Thus, there seems to be little reason to fear for the euro’s survival in the near term. Small short-term spreads belie the focus on the forthcoming elections in France (and those in Italy), which supposedly imply a concrete short-run danger of a breakup. Likewise, while the accumulated TARGET2 imbalances would indeed create a problem in case of a euro breakup, they do not constitute an independent indicator of capital flight.

But all is not well, either. Persistent longer-term yield differentials suggest that market participants have some doubts about the euro’s long-term survival. Speculation about election outcomes in the immediate future is more fascinating than discussions about eurozone reforms. After the votes are counted, however, policymakers will no longer have any excuse not to address the fundamental longer-term issues of how to run a common currency with such diverse members.

Source: project-syndicate.org

BRUSSELS – What does the eurozone’s future hold? It depends where you look. Some economic indicators suggest that things are looking up for the common currency’s survival; for example, employment has returned to its pre-crisis peak, and per capita GDP growth exceeded that of the United States last year. At the same time, political risks seem to be increasing, despite the improvements in Europe’s economy.

The evidence of an increasing risk of a eurozone breakup comes from three different indicators. But closer examination of those indicators suggests that, while the longer-term risks remain substantial, the short-term risks are rather low. One widely used indicator is based on Sentix surveys of market participants, which show a strong increase in the proportion who believe that the eurozone will break up soon (over the next 12 months). And this time it is not Greece that is driving the result, but France and Italy.

Of course, Greece is in difficulty again. But, according to the Sentix indicator, the perceived likelihood of “Grexit” remains, despite a recent surge, well below its previous peaks. By contrast, the perceived likelihood of “Frexit” and “Italexit” are at 8% and 14%, both much higher than even at the peak of the eurozone crisis earlier in the decade.

The balances among national central banks within the eurozone constitute another widely used indicator of the probability of a breakup. These so-called TARGET2 balances are often taken as a sign of capital flight: investors in countries at risk of abandoning the euro might be tempted to transfer their funds to Germany. That way, these investors would benefit if their country left the currency union, because balances with a German bank presumably would remain in euro, or in rock-solid “neue Deutsche Mark” should the eurozone break up.

But this line of reasoning does not seem to explain recent developments, because the TARGET2 balances are not correlated with the euro breakup probabilities as measured by the Sentix surveys. For example, the TARGET2 balance of the Bank of Greece has actually improved slightly in recent months, and that of the Bank of France has remained close to zero (with a small recovery just as the probability of a victory by the anti-European presidential candidate Marine Le Pen has increased).

True, the balances of Spain and Italy are now again nearing €400 billion ($423 billion) in net liabilities, a level last reached at the peak of the euro crisis, before ECB President Mario Draghi promised in July 2012 that the European Central Bank would do “whatever it takes” to save the euro. But the increase in the negative balance for Spain is difficult to reconcile with the country’s robust economic data and the absence of any significant anti-euro political force.

The only country for which the Sentix indicator is correlated with TARGET2 balances is Italy. The ECB’s explanation of the increase in TARGET2 imbalances – that it is mainly an indirect consequence of the ECB’s own vast bond-purchase program – thus seems much more reasonable than attributing it to capital flight. And, in fact, these imbalances began growing again with the onset of the bond buying, long before the recent bout of political instability.

The third indicator of renewed eurozone tensions is probably the most reliable, because it is based on where people put their money. This is the so-called “spread”: the difference between the yield of, say, French, Italian, or Spanish bonds relative to those issued by Germany. And the spread has increased sharply in recent months. But this indicator is also not consistent with the focus on France’s presidential election this spring, or on Italy’s general election (which must be held by early next year) as somehow determining the fate of the euro.

After all, the widely quoted spread refers to the difference in yields on ten-year bonds. A spread of 180 basis points for Italy, for example, means that the Italian government is paying 1.8% more than the German government, but only for ten-year bonds. If one were to take the forthcoming elections as the proper time horizon, one should look at 1-2-year maturities. But for these shorter-term investment horizons, the spreads are much lower: close to zero for France and a few dozen basis points for Italy and Spain.

Thus, there seems to be little reason to fear for the euro’s survival in the near term. Small short-term spreads belie the focus on the forthcoming elections in France (and those in Italy), which supposedly imply a concrete short-run danger of a breakup. Likewise, while the accumulated TARGET2 imbalances would indeed create a problem in case of a euro breakup, they do not constitute an independent indicator of capital flight.

But all is not well, either. Persistent longer-term yield differentials suggest that market participants have some doubts about the euro’s long-term survival. Speculation about election outcomes in the immediate future is more fascinating than discussions about eurozone reforms. After the votes are counted, however, policymakers will no longer have any excuse not to address the fundamental longer-term issues of how to run a common currency with such diverse members.

BRUSSELS – What does the eurozone’s future hold? It depends where you look. Some economic indicators suggest that things are looking up for the common currency’s survival; for example, employment has returned to its pre-crisis peak, and per capita GDP growth exceeded that of the United States last year. At the same time, political risks seem to be increasing, despite the improvements in Europe’s economy.

The evidence of an increasing risk of a eurozone breakup comes from three different indicators. But closer examination of those indicators suggests that, while the longer-term risks remain substantial, the short-term risks are rather low. One widely used indicator is based on Sentix surveys of market participants, which show a strong increase in the proportion who believe that the eurozone will break up soon (over the next 12 months). And this time it is not Greece that is driving the result, but France and Italy.

Of course, Greece is in difficulty again. But, according to the Sentix indicator, the perceived likelihood of “Grexit” remains, despite a recent surge, well below its previous peaks. By contrast, the perceived likelihood of “Frexit” and “Italexit” are at 8% and 14%, both much higher than even at the peak of the eurozone crisis earlier in the decade.

The balances among national central banks within the eurozone constitute another widely used indicator of the probability of a breakup. These so-called TARGET2 balances are often taken as a sign of capital flight: investors in countries at risk of abandoning the euro might be tempted to transfer their funds to Germany. That way, these investors would benefit if their country left the currency union, because balances with a German bank presumably would remain in euro, or in rock-solid “neue Deutsche Mark” should the eurozone break up.

But this line of reasoning does not seem to explain recent developments, because the TARGET2 balances are not correlated with the euro breakup probabilities as measured by the Sentix surveys. For example, the TARGET2 balance of the Bank of Greece has actually improved slightly in recent months, and that of the Bank of France has remained close to zero (with a small recovery just as the probability of a victory by the anti-European presidential candidate Marine Le Pen has increased).

True, the balances of Spain and Italy are now again nearing €400 billion ($423 billion) in net liabilities, a level last reached at the peak of the euro crisis, before ECB President Mario Draghi promised in July 2012 that the European Central Bank would do “whatever it takes” to save the euro. But the increase in the negative balance for Spain is difficult to reconcile with the country’s robust economic data and the absence of any significant anti-euro political force.

The only country for which the Sentix indicator is correlated with TARGET2 balances is Italy. The ECB’s explanation of the increase in TARGET2 imbalances – that it is mainly an indirect consequence of the ECB’s own vast bond-purchase program – thus seems much more reasonable than attributing it to capital flight. And, in fact, these imbalances began growing again with the onset of the bond buying, long before the recent bout of political instability.

The third indicator of renewed eurozone tensions is probably the most reliable, because it is based on where people put their money. This is the so-called “spread”: the difference between the yield of, say, French, Italian, or Spanish bonds relative to those issued by Germany. And the spread has increased sharply in recent months. But this indicator is also not consistent with the focus on France’s presidential election this spring, or on Italy’s general election (which must be held by early next year) as somehow determining the fate of the euro.

After all, the widely quoted spread refers to the difference in yields on ten-year bonds. A spread of 180 basis points for Italy, for example, means that the Italian government is paying 1.8% more than the German government, but only for ten-year bonds. If one were to take the forthcoming elections as the proper time horizon, one should look at 1-2-year maturities. But for these shorter-term investment horizons, the spreads are much lower: close to zero for France and a few dozen basis points for Italy and Spain.

Thus, there seems to be little reason to fear for the euro’s survival in the near term. Small short-term spreads belie the focus on the forthcoming elections in France (and those in Italy), which supposedly imply a concrete short-run danger of a breakup. Likewise, while the accumulated TARGET2 imbalances would indeed create a problem in case of a euro breakup, they do not constitute an independent indicator of capital flight.

But all is not well, either. Persistent longer-term yield differentials suggest that market participants have some doubts about the euro’s long-term survival. Speculation about election outcomes in the immediate future is more fascinating than discussions about eurozone reforms. After the votes are counted, however, policymakers will no longer have any excuse not to address the fundamental longer-term issues of how to run a common currency with such diverse members.

Source: project-syndicate.org

lastest Articles

Market Analysis
US: Inflationary impact of Chinese tariffs to be modest - TDS
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP futures: up move seen running out of steam
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY positive view unchanged above 110.76 – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD Technical Analysis: holding into bullish pressure despite risk flows
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: Still targets the 200-day SMA at 131.11
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Riksbank Minutes amongst market movers today
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD Technical Analysis: Bears waiting near 1.31
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Trade Tensions Return as US Tariffs on China Lift Dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: A test of July’s tops beyond 132.00 gains further traction
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR futures: rising odds for extra gains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD climbs to fresh 6-week tops, further beyond 1.3100 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY aims for extra gains while above 111.35
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD keeps the tight range above 1.1600 post-ECB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD still expected to test 1.13170 – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB and BoE to be the key event today – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD stays bullish above 1.2997/30
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD fails once again above 1.1600, US PPI eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD neutral although a test of lower levels remains on the cards – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY trades with modest losses, around mid-111.00s
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Technical Analysis: Short-term bias still bullish but momentum eases
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY Technical Analysis: Bulls eager to break above 112.00 figure
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil rises as U.S. sanctions on Iran squeeze supply
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: Good traders liquidate when they are wrong, great traders reverse when they are wrong
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Sterling surges on hopes for Brexit deal, yen dips on chipmaker deal
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: sees risk-recovery in Asia, UK earnings in spotlight
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (10.09.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
USD/CHF Technical Analysis: Swissy trapped in ranges
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling edges up after biggest weekly drop in a month
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote: On losing-Pig Insider
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Dollar edges higher on trade tensions, Swedish crown rises after vote
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 10.09.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Market Events Ahead
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX WEEK AHEAD : Trade Tensions and Strong US Employment Lift Dollar
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
USD/JPY Technical Analysis: Bulls trying to regain control, eyeing a move beyond 100/200-hour SMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote: systems and tendencies-Eckhardt
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Dollar in check as investors await August jobs report
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 07.09.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (06.09.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD Initiates Bullish Series Despite Disappointing Euro-Area Data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote: Philip-Fisher-wisdom-trading-quote
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Sterling to float up around 6 percent in a year, but no-deal Brexit would sink it - Reuters poll
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 06.08.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling edges lower for a fifth day on trade war fears
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Wisdom: The Wise Pig on results
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Sterling plunges vs euro as Brexit fears take centre-stage
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 04.09.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (03.09.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
US Dollar within range above 95.00
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 03.09.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote: If you can’t do a thing better than others are doing it, don’t do it at all
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling falls as Brexit headlines sap demand
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Market Events Ahead
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Weekly Results (27.08-01.09.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
FOREX Week Ahead: US Dollar Mixed on Trade Deal Versus Trade War Balance
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote: Bruce Kovner - Quote on risk management
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Sterling set for fifth straight monthly drop on Brexit nerves
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar edges up on latest round of U.S.-China trade tensions
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 31.08.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (30.08.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/USD – British pound pauses after sharp gains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote:A trader should look at a chart for what it is, and not for what he want it to be.
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD falls back below 1.1700 handle amid re-emerging Turkish crisis
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling jumps on EU official's Brexit views; dollar near 4-week low
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 30.08.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote:If the losses don't hurt, your financial survival is tenuous
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
WTI looks to $ 69 ahead of EIA data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Yuan eases on dollar demand, snapping a 3-day winning streak
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar little changed as investors await trade news
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (28.08.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/USD struggling to make new short-term cycle highs, support is 1.2850
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY – Yen trading sideways, as Japanese, U.S data beats expectations
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US stocks continue scaling higher on easing trade fears
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
WTI bounces-back above $ 69 mark, API data in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote:Nothing is worth doing unless it is worth doing right
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar mired near one-month low on trade deal; pound struggles
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 28.08.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD Price Outlook: Loonie Threatens Breakout on Easing Trade Tensions
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Yuan hits four-week high as China signals support, revives X-factor for fixing
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote:Schwager-dont stay wrong
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Dollar softens as Powell disappoints bulls, NAFTA hopes lift Mexican peso
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 27.08.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Drops After Powell Stresses Gradual Approach to Rates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/CAD edges lower toward 1.30 on unabated USD sell-off
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil stages sharp bounce, a day after snapping win streak
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling stuck near 11-month lows vs euro
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote:Koner-your position in half
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Dollar holds gains after U.S.-China trade talks, focus shifts to Fed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 24.08.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (23.08.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
USD/CAD stays in the upper half of its daily range above 1.3050
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote:promiscious in search not in trading-Eckhardt
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Sterling falls as Britain steps up planning for no-deal Brexit
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar up as Aussie drops, Fed minutes signal Sept. rate rise coming
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 23.08.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY – Japanese yen unchanged ahead of Japanese inflation reports
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote: Marcus-position & risk
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Euro backs off two-week high as markets eye Fed minutes, trade talks
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar remains on defensive, U.S.-China trade talks awaited
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD probing lows near 1.1560 ahead of FOMC minutes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (21.08.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png