I only trade the futures, and there the high was .8984, does look like it may have peaked for the day. But, this contract so often goes up and down with the S and P as of late, so if there is some of the typical late day buying the Aussie could get back close to its highs. We will see, the robots out there are getting restless with this listless movement.
Thanks for being patient with the forum, Ashraf, despite the occasional attitudes. Yes, the twitter page is key for those seeking urgent viewpoints and answers, and it includes links to IMTs as they are available, it is a key part of my trading day. And then I occasionally look at the forum to see if my fellow traders have any interesting trading ideas or market insights. Together they are a great combination.
The second quarter is getting no respect. Only a few weeks ago, the quarter was strutting along the beach. Now even economists are kicking sand in its face.
The main focus on the data in the coming week will be the first estimate of growth in the April-June quarter.
Economists said the second quarter real growth probably came in at an annual rate of just 2.5%, down from the 2.7% rate in the first quarter.
The recovery has averaged a 3.5% growth rate since it started last summer. Just a few weeks ago, economists were looking for a growth rate in the second quarter closer to 3%, and a month before that were predicting a number closer to 4%.
This is an exceptional post regarding the recent Chinese credit rating of the US:
A wildly enthusiastic editorial published by Xinhua , Chinas official state newswire, lauded Dagongs report as a significant step toward breaking the monopoly of western rating agencies of which it said China has long been a victim.
Compared with the US conquest of the world by means of force, Moodys has controlled the world through its dominance in credit ratings, the editorial said...
China is not shy about reminding the U.S. who's got the biggest pockets. As the Financial Times quotes Mr. Guan:
China is the biggest creditor nation in the world and with the rise and national rejuvenation of China we should have our say in how the credit risks of states are judged.
Might Makes Right Economic Collapse
Indeed, Guan is even dissing America's military prowess:
With this choppy indecisive reaction across most markets after the stress test results I now am having a hard time finding viable contracts to trade, hope for some trend to develop, so much dramatic buildup, you just never know how things will react. Any great trading ideas out there? Will be watching cable for a move at the least.
Indeed, if you are "right" too early, you can enure a lot of pain. This is a manic depressive period in the market, so each day can bring major mood swings and surprises, time to be nimble.
Passion Trader--Very good post! Here is a bit more on the stress tests:
Europes largest banks may give breakdowns of their sovereign-debt holdings when they release stress-test results, according to a document from the Committee of European Banking Supervisors.
European regulators asked the regions biggest banks to publish a list of each lenders gross and net exposure to central and local governments in 30 countries in the region, including Greece, Spain, Ireland, Italy and Portugal, according to a confidential draft template obtained by Bloomberg News.
Try publishing this in the UK weekend papers: Traders bet BankofEngland will raise rates to 6.25% --highest since 1… https://t.co/GWXrTEAk4R(9 months ago)
Poor start to a slow market day as Ezone PMIs disappoint. Im still keeping an eye on the rare (-2%) USD-GOLD combo,… https://t.co/UyRzWsRbs7(9 months ago)
-5% YTD is not good, while -7% from the year highs can be tough. Gold traders have their eyes fixated on this for n… https://t.co/NV5UMKsfNo(9 months ago)
ما وراء هبوط الدولار مع الذهب و من منهما يتمكن الارتداد؟
موعدنا الآن في غرفة شركة إكس أم لجلسة الأسواق
https://t.co/Y7tD0RxCS2
@XM_COM (9 months ago)
Jobless claims > 300k before next FOMC meeting would be ideal for Fed to make up for any CPI upside surprise (9 months ago)
"Cook & Eat at Home" scheme may come next to defeat UK inflation... (9 months ago)
Earlier in the week gold selloff was attributed to smaller than exp China EASING. Metal is now holding v well despi… https://t.co/ZW9cmXTPWW(9 months ago)
Gold, Bitcoin, USD Combo
I mentioned last week on here on how and why both gold and USD are falling together. Since then, the trend accelerated alongside another detail.
View Hot-Chart..
The main focus on the data in the coming week will be the first estimate of growth in the April-June quarter.
Economists said the second quarter real growth probably came in at an annual rate of just 2.5%, down from the 2.7% rate in the first quarter.
The recovery has averaged a 3.5% growth rate since it started last summer. Just a few weeks ago, economists were looking for a growth rate in the second quarter closer to 3%, and a month before that were predicting a number closer to 4%.
Since then most economic indicators have surprised to the downside.
http://www.marketwatch.com/story/second-quarter-gets-no-respect-2010-07-25
A wildly enthusiastic editorial published by Xinhua , Chinas official state newswire, lauded Dagongs report as a significant step toward breaking the monopoly of western rating agencies of which it said China has long been a victim.
Compared with the US conquest of the world by means of force, Moodys has controlled the world through its dominance in credit ratings, the editorial said...
China is not shy about reminding the U.S. who's got the biggest pockets. As the Financial Times quotes Mr. Guan:
China is the biggest creditor nation in the world and with the rise and national rejuvenation of China we should have our say in how the credit risks of states are judged.
Might Makes Right Economic Collapse
Indeed, Guan is even dissing America's military prowess:
Actually, the huge military expenditure of the US is not created by themselves but comes from borrowed money, which is not sustainable.
http://www.georgewashington2.blogspot.com/2010/07/china-calls-our-bluff-us-is-insolvent.html
http://www.marketwatch.com/story/china-may-link-yuan-trade-to-currency-basket-2010-07-23
Europes largest banks may give breakdowns of their sovereign-debt holdings when they release stress-test results, according to a document from the Committee of European Banking Supervisors.
European regulators asked the regions biggest banks to publish a list of each lenders gross and net exposure to central and local governments in 30 countries in the region, including Greece, Spain, Ireland, Italy and Portugal, according to a confidential draft template obtained by Bloomberg News.
The stress tests wont include the possibility of sovereign defaults, Dutch Finance Minister Jan Kees de Jager said last week.
http://www.bloomberg.com/news/2010-07-21/eu-banks-may-disclose-holdings-of-sovereign-debt-with-stress-test-results.html