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 writing OANDA’s daily forex blog since January 2007 as a way to share some of his forex experience with the OANDA community.
Week in FX Europe Ben left the door open and Draghi?
Ben failed to deliver. Will Draghi also disappoint those who are betting large on a big bond buying announcement by the ECB next week? Neither policy leader seems to have the political support to press ahead with the monetary stimulus plans they have in mind. To really understand how much support they have the market will have to wait until the second week of September.
EUROPE Week in FX
Week in FX Americas Helicopter Ben leaves the door open
Anyone looking for some clear evidence from Bernanke on the Fed’s next steps in Jackson Hole was left disappointed ahead of the long weekend. He again pledged to provide additional support as needed, without mentioning any new specific bond buying program. The central banker sees continued economic weakness and called the state of the labor market a “grave concern.”
AMERICAS Week in FX
Week in FX ASIA Japan remains a large foreign bond buyer
The MoF latest data shows that Japan remains a major foreign bond buyer. Volumes remain very high with sales of Y2.478t against purchases of Y3.5205t as many made their way back from the Oban-summer holidays. The dollar again seems to have been the favored destination, with US yields and USD/JPY considerably higher of late.
ASIA Week in FX
Forex Order Book
A 24-hour summary of open orders and positions
Forex Open Position Ratios