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OmicronFX
BoE governor Carney is an EU federalist Bank Of England, January, Self

BoE governor Carney is an EU federalist | Wants economic growth (or would inflation do?)

This commentary is from the archive, as your commentator is on holiday. It first appeared in January 2015 The Governor of the Bank of England, Mark Carney, has made some interesting observations on both the Irish and Eurozone economies. In a wide-ranging speech in Dublin, he was able, perhaps given his pedigree (his forebears emigrated from Ireland to Canada) and career to date (former Canadian Central Bank chief, and now head of the BoE), to deliver some home truths to all concerned. He…

Euro-area finance ministers voiced their frustration with Greece after Prime Minister Alexis Tsipras tried to bypass their veto on financial aid with an appeal to Angela Merkel. Military Honors, Bloomberg Business, Austerity, The Flash, Euro, Greece, Mystery, Germany, Marketing

Germany profited by €41 billion on Euro crisis – report | Does austerity have its rewards?

This commentary is from the archive, as your commentator is on holidays. It was first published in March of this year. Remember when things got so bad on the Euro periphery that countries like Spain, Portugal, Italy, Ireland and, well, Greece, had to pay exorbitant rates in order to borrow on the international bond market? It turns out that the same Euro crisis was worth €41 billion Euros to Germany. This was because of the flight to safety of investors, who were prepared to effectively pay…

The EURUSD pair got a nice pop at the tail end of the US and during the Asian session last night on the news that came through about Gree. Next Week, Euro, Greek, Holidays, Holidays Events, Holiday, Greece, Vacation, Annual Leave

Euro up on possible Greek breakthrough | The OmiCronFX commentary will take holidays next week

The EURUSD pair got a nice pop at the tail end of the US and during the Asian session last night on the news that came through about Greece. The government there has made its proposals to Europe, and on this occasion has actually delivered them earlier than the deadline that had been set. Not only that, they contain radical proposals, in terms of what has been looked for by Greece up to now. The Greek government seems to be using the ‘double mandate’ of a big win in the general election and…

There was a hard hitting speech from the Belgian MEP Guy Verhofstadt at a plenary session of the European Parliament yesterday. European Parliament, Deep

Tsipras lambasted in the European Parliament | FOMC minutes show little appetite for rate rises

There was a hard hitting speech from the Belgian MEP Guy Verhofstadt at a plenary session of the European Parliament yesterday. You can see the video of it on YouTube by clicking here: https://www.youtube.com/watch?t=22&v=P84tN0z4jqM Verhofstadt, who is a former Prime Minister of Belgium, brought some home truths to the Greek Prime Minister and indeed to the Greek nation. He was particularly scathing of the privileges enjoyed by Greek politicians, shipowners, the military, the Greek islands…

At the start of trading for this week and last, the EURUSD pair has gapped down on news out of or concerning Greece and its tortuous nego. Exchange Rate, Euro, Hold On, Gap, Greek, Strong, How To Make, Naruto Sad, Greece

Euro – dollar: ‘Greek Gap’ support holds | Makes for a strong exchange rate support level

At the start of trading for this week and last, the EURUSD pair has gapped down on news out of or concerning Greece and its tortuous negotiations with its lenders in the EU and the IMF. In each case the exchange rate came to rest at roughly the same level, and a support zone centred on 1.09611 US dollars to the Euro was thereby established. Also in each case, the gap was filled, which is to say that the rate quickly travelled back up to at least where it had been prior to the gap. As we have…

While we have been focussed on developments in Greece, another negotiation drama has been playing out between the US and Iran, over a . Iran, Euro, Greece, Deep, Oil, Flooring, Greece Country, Wood Flooring, Floor

Oil price through the floor on Iran talks | Low oil is bad for the Euro

While we have been focussed on developments in Greece, another negotiation drama has been playing out between the US and Iran, over a possible agreement on Iran’s future allowed nuclear development capacity in return for the lifting of western sanctions, which have had the effect of seriously depressing that nation’s economy. While there are still some obstacles to a finalised deal, not least the final agreement of both the Iranian supreme ruler, the Ayatollah Ali Khamenai, and the US…

One good thing about the result of the Greek referendum yesterday (Sunday) is that it was conclusive. The reigning government is now more. Fun To Be One, Announcement, Euro, Greek, Greece

Where now for the Euro? | Greek bargaining power is still constrained

One good thing about the result of the Greek referendum yesterday (Sunday) is that it was conclusive. The reigning government is now more firmly entrenched than ever and, whatever about the political leanings of the regime, the markets will at least welcome the lack of uncertainty in this regard. This fact was reinforced by the relatively mild nature of the reaction of the Euro – dollar pair (EURUSD) at the open of the Asian session this morning. While there was a gap down, it was…

The official US Nonfarm Payrolls report yesterday came in at new jobs in the month of June. This means that the indicator is maintai. Exceed, New Job, June, Deep

June US nonfarm payrolls exceed 200k | …but dollar is bid down anyway

The official US Nonfarm Payrolls report yesterday came in at 223k new jobs in the month of June. This means that the indicator is maintaining its crucial monthly average of in excess of 200k. There were, as is usual, revisions to previous metrics, which had the effect of reducing them somewhat. …but US dollar is bid down anyway Because a majority of economists had predicted that the figure for June would be 230k, which is marginally higher than the actual outcome, the knee-jerk reaction of…

While it does not always correctly predict the outcome of the official Non-Farm Payroll figures released by the US Bureau of Labor Statis. July Holidays, 4th Of July, Deep, Independence Day, July 4th

All systems go for the US dollar | …but beware 4th of July holiday trader adjustments

While it does not always correctly predict the outcome of the official Non-Farm Payroll figures released by the US Bureau of Labor Statistics, the private firm, ADP, always brings its figures out before the government report each month. Both sets of numbers are advanced by one day this time (Official NFP figures are normally on the first Friday of each month) to take account of the fact that tomorrow (Friday) is an official holiday in the US, making the 4th of July weekend a three day break…

So, Greece has missed its scheduled payment to the IMF, which should have been made before the close of business yesterday, and was not. Different, Greece, Suit Jacket, Deep, Fashion, Greece Country, Moda, Fashion Styles, Jacket

Missed IMF payment is not a default for Greece | But ECB bonds are a different story

So, Greece has missed its scheduled payment to the IMF, which should have been made before the close of business yesterday, and was not. The country is also now at the end of its bailout program which was arranged with other lenders, including the ECB. However, according to Bloomberg, this missed payment is not an event that would trigger a pay-out on Credit Default Swaps (CDSs), as it is not tied in with sovereign bonds, and represents a bilateral agreement between the country and the IMF…

Yesterday we pointed to the gap down at the weekly open of the Asian Forex trading session in EURUSD (see chart above). Euro, Greece, Gap, Greece Country

Euro opening gap was closed yesterday | Greece situation actually helped EUR/USD currency pair

Yesterday we pointed to the gap down at the weekly open of the Asian Forex trading session in EURUSD (see chart above). This was caused by a reflex reaction to the news that the Greek parliament had passed a resolution to allow a referendum to the held on the latest proposals for renewing that country’s bailout plan. This news was said to have ‘shocked’ the ECB, the EU Commission and the IMF. We had noted previously that gaps such as this are often filled, which is to say that the exchange…

Another week, another Single Currency gap The Verge, Saving For Retirement, Greece, Gap, How To Make, Greece Country

Another week, another Single Currency gap | Greece is on the verge, but Varoufakis makes some sense

Once more, we come to our trading stations at the start of the week to find that the EURUSD currency pair (and all other pairs involving the Single Currency) has gapped at the start of the Asian session as a result of news about Greece over the weekend. This situation is normally not seen, and can be extremely dangerous for traders holding positions that might have attempted to anticipate a resolution to the crises, rather than a worsening in the situation. These gaps are often closed, but…

The European Single Currency suffered one of its biggest falls since the start of the year yesterday, coming down over against the U. Optimism, Euro, Greek, Fall, Autumn, Fall Season, Greece

Euro devastation yesterday | Fall was in spite of Greek optimism

The European Single Currency suffered one of its biggest falls since the start of the year yesterday, coming down over 1.5% against the US dollar. The last collapse of this magnitude was on March 18th, when it came off over 2.0% against the US unit. To explain the move, many commentators are pointing to the comments made by a member of the board of governors of the Federal Reserve, Jerome Powell, at a live discussion yesterday morning New York time, when he intimated that the first Fed…

Sometimes the price or exchange rate of a traded security can gap up or down at the open of a trading session. Exchange Rate, Central Bank, Technical Analysis, Confusion, Gap, Greek, Twitter, Greece

Technical Analysis: The gap always closes | Greek central bank Twitter hoax drives confusion

Sometimes the price or exchange rate of a traded security can gap up or down at the open of a trading session. This is quite common in equities, as these markets close every evening. It does not happen that often in Forex, due to the fact that currencies can be traded almost continuously during the week. However, there is always a break over the weekend. Those traders who do their work by reference to Technical Analysis (TA), have an adage which holds that when such a gap does occur, it will…

Euro strength or weakness depends on monetary policy divergence Monetary Policy, Dow Jones, All About Eyes, Euro, Greece, Strength, Deep, Greece Country, Electric Power

Euro strength or weakness depends on monetary policy divergence | Crunch time for Greece

The Dow Jones newswire is reporting this morning that, while ‘all eyes are on Greece and the Eurogroup’, the reality is that the diverging monetary policy actions between the Eurozone and the US Federal Reserve will be the major driver of the EURUSD pair in the medium-to-long term. We agree. There had been a build-up of short positions in Euro pairs due to an anticipation of the effects of Eurozone Quantitative Easing (QE), which is now a done deal. It appears that major market participants…

Trading the CPI release with the OmiCronFX Mandelbrot algo routine Consumer Price Index, Routine, Numbers, Deep

Trading the CPI release with the OmiCronFX Mandelbrot algo routine | Playing the numbers

The Consumer Price Index (CPI) report, which measures inflation, is released by the US Bureau of Labor Statistics once a month. The latest one came out at 13:30 GMT yesterday. Given the importance that the Federal Reserve has placed on inflation in their considerations of when it will be appropriate to raise core interest rates, these releases are closely watched by the Forex and other markets. OmiCronFX, and the Mandelbrot algorithmic routine are no exception. It is important to realise…