IntelligentHQ Forex Week In Review In Association with OANDA Corporation
Report by Dean Popplewell
Dean Popplewell has a wealth of forex experience: professional currency trader for 10 years, fixed income trader for four years, and head of the global trading desks at various financial institutions in Canada. Dean is OANDA’s resident currency analyst and has been writingOANDA’s daily forex blog since January 2007 as a way to share some of his forex experience with the OANDA community.
This week saw a considerable number of politicians and policy makers make statements regarding Greece. German policy makers were probably the toughest giving no quarter and hinting at inflexibility. This was preempting Greek PM Samaras due on German soil to discuss an extension on the bailout agreement. Not on the size of the funds, but on the agreement’s deadline. Angela Merkel will give Greece the benefit of the doubt and will not make any additional judgments until the troika formed by the ECB, the IMF and the European Commission releases their report on Greece.
Week in FX AMERICAS Fed FOMC Minutes
The Fed released the FOMC minutes this week and there were strong hints that the US Central Bank will make an announcement in the coming weeks about QE3. Fed Chairman Ben Bernanke is scheduled to speak August 31st at the Jackson Hole Economic symposium, although some analysts have suggested that the cryptic “fairly soon” in the minutes might be pointing at the US Presidential elections that happen in November.
AMERICAS Week in FX
Week in FX ASIA China Growth Slows Down
China’s manufacturing is inline to contract at a faster pace than expected. Demand for Chinese good has slowed down and even though production has not contracted at the same pace it is expected to wind down. This slowdown has impacted the Australian Economy as China is the largest trading partner to the resource heavy nation. Australian exports have suffered and mining and other resource projects have been put on hold. The Australian Resources Minister has said in an interview: “The resources boom is over”
ASIA Week in FX
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