SNB’s Hildebrand Resigns from his Post on the Back of Forex Scandal
FXDD | Jan 10, 2012 04:59AM ET
As reported last week, the chairman of the SNB’s wife made large forex gains from taking a short position in the CHF prior to the announcement of a peg on the EURCHF by the SNB. The USDCHF has moved lower on the news announcement and approaches the 38.2% of the move up from the January 3rd low.
Bobbys Corner-Open Market-January.9.2011
Good Morning:
The euro saw some strength as we start the new week. With news that German Chancellor Merkel, and French President Sarkozy have met to discuss a plan to rescue the 17 nation single currency.
Talks were held in Berlin, where Chancellor Merkel and President Sarkozy are looking to sort out new rules on fiscal responsibility by member nations. they will be focusing on tighter budget controls, along with keeping the crisis from spreading more.
The loonie dropped as the price of oil has started to drift lower. With Canada as a major oil supplier (especially to the US) any move in the price of crude will cause concerns in Canada.
Gold and silver are slightly higher-while oil is a touch softer at this time.
AUDUSD looking to break higher. Above 200 hour MA and 38.2% retracement
The AUDUSD has moved above the 200 hour MA and now the 38.2% of the move down from last weeks high to low move. The 200 hour MA comes in at 1.0225 level . Stay above that, and the price bias remains bullish. Move below and there could be some disappointment and liquidation of longs. On Sunday night, the retail sales came out weaker at 0.0% vs 0.4% expected. This sent the pair lower but there has been a move higher with the improved EURUSD. Looking for momentum.
EURUSD keeps the better tone after early NY fall, but remains contained
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The EURUSD fell in early NY trade. Comments from Sarkozy and Merkel reminded the market of the Greek situation but after a fall to the midpoint of the days range (and the close from Friday at 1.2720) the buyers came back in the market. The price is above the corrective channel but has been stalling in front of earlier day highs.
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