Marc To Market's blog
FX Drivers in the Week Ahead
Submitted by Marc To Market on 12/03/2012 06:20 -0500The US dollar's recent losses are being extended at the start of the new week. The announcement of the details of the Greek bond buy-back scheme has triggered a sharp rally in peripheral bond yields, while the euro area Nov manufacturing PMI is reported at 8-month highs, even if still below the 50 boom./bust level at 46.2. The euro has completely recouped the knee-jerk losses scored in thin activity just before the weekend when Moody's announced a cut in the ratings for the EFSF, which follows its recent downgrade of France.
Currency Positioning and Technical Outlook
Submitted by Marc To Market on 12/02/2012 08:44 -0500
Our assessment of macro fundamentals leave us inclined to favor the dollar on a medium term basis. However, we continue (seehereandhere) to recognize that near-term technical considerations favor the major foreign currencies, but the yen.
