The London Forex Trading Meetup Group Message Board › Daily Forex News And Events

Daily Forex News And Events

user 63588242
London, GB
Post #: 205
2012-12-27 14:17 GMT

Fiscal cliff looms as US lawmakers play game of brinkmanship

The "fiscal cliff" steadfastly approaches and it is a fair assumption that no one will come up with a deal in time to stop the country from careening off the edge. Nearly everyone involved claims they want to avoid the automatic tax increases and colossal budget cuts that will start kicking in at the start of 2013, however few are ready to make the compromises necessary to make that happen.

As expected, anti-tax purists in the House Republican Caucus have gotten in the way of Speaker John A. Boehners attempts to come up with a fix for the fiscal cliff. Last week, he withdrew his doomed Plan B rather than let it go to a vote he knew he would lose. Democrats were united in their opposition, though what ultimately killed the scheme was the refusal of conservatives in Boehner’s own caucus to go along with a tax increase for millionaires. Boehner now seems to have washed his hands of responsibility and says it is up to the president and Democrats in the Senate to save the country from the New Year’s program cuts and tax increases that will come so fast and furiously that the economy could suffer. President Obama cut short his Hawaii vacation to return to the snow-covered capital hoping to concoct a last-minute deal in the eleventh hour.

Forex Economic Calendar
N/A | Italy. 10-y Bond Auction
2012-12-28 07:45 GMT | France. Gross Domestic Product (YoY) (Q3)
2012-12-28 15:00 GMT | United States. Pending Home Sales (YoY) (Nov)
2012-12-28 16:00 GMT | United States. EIA Crude Oil Stocks change (Dec 21)

Forex News
2012-12-28 04:21 GMT | EUR/JPY stalling below 114.70 around fresh 16-month highs
2012-12-28 02:12 GMT | EUR/USD below 1.3250 waiting for a 'fiscal cliff' outcome, what else?
2012-12-28 00:56 GMT | USD/JPY shooting up above 86.50 on extreme overbought readings
2012-12-27 20:12 GMT | USD/CAD reaches 1-month high

Source: FX Central Clearing Ltd, (
user 63588242
London, GB
Post #: 209
2012-12-31 07:14 GMT

Time running short for 'fiscal cliff' deal

Well, it looks like negotiations on Capitol Hill are still ongoing and far apart to avoid January’s “fiscal cliff”, as the House and Senate are to reconvene later today, the final day for Congress to craft a resolution prior to the deadline. In a Sunday talk show, President Obama stated clearly that it appears the GOP’s top priority is to protect the tax rates for the wealthy, while his top priority is to ensure that taxes on the middle-class do not go up. Although the President says he remains optimistic, he also acknowledges that financial markets would be unfavorably impacted if the US economy stumbles off of the cliff.

As Kathy Lien, Managing Director at BK Asset Management explains in a research note: “If it becomes evident that a deal will be deferred to January, expect currencies and equities to sell-off in disappointment. With some major currencies pulling back and equities declining, we have already seen investors take profit and hedge their positions ahead of the Fiscal Cliff deadline. If Obama announces a stripped down plan and expresses confidence that a deal will be sealed by end of day Monday, we can expect currencies and equities to rally in relief.” -

Forex Economic Calendar
2012-12-31 10:00 GMT | Greece.Retail Sales (YoY) (Oct)
2012-12-31 11:30 GMT | India.Current Account Balance $ (Q3)
2012-12-31 12:00 GMT | South Africa.Trade Balance (in Rands) (Nov)
2012-12-31 15:30 GMT | USA.Dallas Fed Manufacturing Business Index (Dec)

Forex News
2012-12-31 05:53 GMT | EUR/USD ending 2012 +2% higher after all
2012-12-31 05:03 GMT | Time running short for 'fiscal cliff' deal
2012-12-31 03:26 GMT | USD/JPY capped at 86 round with Tokyo closed
2012-12-31 02:17 GMT | AUD/JPY finishing 2012 above 89.00

Source: FX Central Clearing Ltd, ()
user 63588242
London, GB
Post #: 213
2013-01-02 04:07 GMT

US House passes fiscal cliff bill

After weeks of talks and negotiations, the House of Representatives has finally passed the fiscal cliff bill, with the 'yea' votes obtained surpassing the 217 threshold needed to approve the fiscal deal. The final vote count stood at 257-167 in favour of the bill. President Obama is ready to sign it into law.

The compromise, which first was agreed by Senate in early Tuesday morning, has come not without some last minute agitated negotiation disputes, in which Republicans wanted to challenge the approved senate-bill by sending it back for revision demanding additional spending cuts, with reports initially suggesting that the House Republicans would be adjourning any decision until Wednesday. Pending the signature of President Obama, expected to be done shortly, the US officially avoids that millions of citizens suffer tax hikes and spending reductions, which would have brought the U.S. economy into recession according to economists' projections. Worth not forgetting though, is that still plentiful of unresolved pressing issues remain, with the most immediate being the need to raise the federal borrowing limit, with the deadline over 2 month from

Forex Economic Calendar
2013-01-02 08:58 GMT | E.M.U. Markit Manufacturing PMI (Dec)
2013-01-02 09:28 GMT | United Kingdom. Markit Manufacturing PMI (Dec)
2013-01-02 13:00 GMT | Germany. Consumer Price Index (YoY) (Dec)
2013-01-02 15:00 GMT | United States. ISM Manufacturing PMI (Dec)

Forex News
2013-01-02 05:57 GMT | EUR/GBP holding upside bias above 0.8100
2013-01-02 04:52 GMT | USD/JPY above 87, most extreme overbought level since 2001
2013-01-02 03:50 GMT | USD/CAD drops below 0.99 on 'cliff' hopes
2013-01-02 03:00 GMT | GBP/USD breaks 1.63 ahead of House vote

Source: FX Central Clearing Ltd, ()
user 63588242
London, GB
Post #: 217
2013-01-03 05:55 GMT

Congress Passes Fiscal Cliff Deal – The Breakdown

In a final hour maneuver, Congressional leaders brokered a deal that will allow the US economy to avert the Fiscal Cliff and alleviate pressure on the financial markets. The passage is being considered by some to be a victory for US President Barack Obama. But, by others, it shifts the focus to mid February when discussions are likely to begin over the impending debt ceiling.

With the bill set to be signed into law by US President Barack Obama, focus has now shifted to the impending debt ceiling debate – likely to begin in mid-February. The concern remains over the fact that Democratic leaders will need to make further concessions on spending to Republicans in order to allow an extension of the $16.4 trillion ceiling. An inability to do so would plunge the government into a plausible shutdown. This will likely include cutbacks in entitlement spending and other programs in order to equalize Republican concessions for the Fiscal Cliff

Forex Economic Calendar
2013-01-03 08:55 GMT | Germany. Unemployment Change (Dec)
2013-01-03 09:30 GMT | United Kingdom. PMI Construction (Dec)
2013-01-03 13:30 GMT | United States. Initial Jobless Claims (Dec 29)
2013-01-03 19:00 GMT | United States. FOMC Minutes

Forex News
2013-01-03 05:39 GMT | EUR/GBP struggling to maintain above 0.8100
2013-01-03 05:23 GMT | GBP/USD holding above 1.6200 as Europe approaches
2013-01-03 03:18 GMT | EUR/USD loses 1.3150; stalls at 21-DMA
2013-01-03 03:12 GMT | GBP/AUD finding support at 200 day SMA 1.5450

Source: FX Central Clearing Ltd, (FXCC Learn Forex Training Tips | Best Forex Broker Demo Account | ECN Forex Trading Blog)
user 63588242
London, GB
Post #: 221
2013-01-04 05:03 GMT

Two largest rating agencies consider US fiscal cliff deal insufficient

Moody's and Standard and Poor's credit rating agencies urged US lawmakers on Thursday to increase their efforts to tackle the country's budget deficit, as they consider the last-minute fiscal cliff measures insufficient. The deal which was struck on Tuesday between Democrats and Republicans, with the aim to avoid automatic year-end tax increases and spending cuts, improves the current situation but does not lay foundations for lowering debt ratios in the medium term, Moody's rating agency told Reuters. Moody's senior credit officer Steven Hess said that the agency would wait for the outcome of the measures adopted by the US government before making decisions on the rating outlook or the rating itself.

Pending the signature of President Obama, expected to be done shortly, the US officially avoids that millions of citizens suffer tax hikes and spending reductions, which would have brought the U.S. economy into recession according to economists' projections. Worth not forgetting though, is that still plentiful of unresolved pressing issues remain, with the most immediate being the need to raise the federal borrowing limit, with the deadline over 2 month from

Forex Economic Calendar
2013-01-04 09:30 GMT | United Kingdom. Markit Services PMI (Dec)
2013-01-04 10:00 GMT | E.M.U. Consumer Price Index (YoY) (Dec)
2013-01-04 13:30 GMT | United States. Nonfarm Payrolls (Dec)
2013-01-04 15:00 GMT | United States. ISM Non-Manufacturing PMI (Dec)

Forex News
2013-01-04 04:57 GMT | USD/JPY maximum pain to shorts above 87.50
2013-01-04 04:25 GMT | Constructive on EUR/USD towards 1.35 - Westpac
2013-01-04 03:53 GMT | NZD/USD finds support at 0.8220
2013-01-04 02:40 GMT | GBP/JPY stalls an 8 week run up below 141.00

Source: FX Central Clearing Ltd, (FXCC Best Forex Broker Demo Account | ECN Forex Trading Blog | Learn Forex Training Tips)
user 63588242
London, GB
Post #: 225
2013-01-07 06:06 GMT

ECB, BOE in Prime Focus this Week

With the Fiscal Cliff behind us and the impending debt ceiling debate at least another month away, market focus will return to plain economic fundamentals next week. The sentiment is being bolstered by two central bank announcements – the ECB (January 10th, 7:45AM EST) and BOE (January 10th, 7:00AM EST). Although nothing really new is expected, both events are still likely to take the lion’s share of attention.

Nothing is expected to happen when the Bank of England meets for the first time in 2013. Although concerns have emerged over a divide in the central bank, it is unlikely that the monetary body will move to do anything other than wait-and-see. The key remains in the results from the Funding for Lending program, which is entering its sixth month of operation. In the same respect, the ECB is unlikely to move when it decides on interest rates on Thursday. Instead, monetary policy leaders will continue to highlight the option of the OMT scheme in quelling any more crisis concerns, and likely point to stabilization in the region’s member economies in justifying no rate

Forex Economic Calendar
2013-01-07 09:30 GMT | E.M.U. Sentix Investor Confidence (Jan)
2013-01-07 10:00 GMT | E.M.U. Producer Price Index (YoY) (Nov)
2013-01-07 15:00 GMT | Canada. Ivey Purchasing Managers Index s.a (Dec)
2013-01-07 22:30 GMT | Australia. AiG Performance of Construction Index (Dec)

Forex News
2013-01-07 05:37 GMT | US Dollar buyers not giving up
2013-01-07 05:16 GMT | NZD/USD pressured below 0.8300
2013-01-07 04:19 GMT | EUR/USD, recovery above 1.3150 exposes 1.33 - BBH
2013-01-07 03:25 GMT | AUD/JPY multi-year highs capped below 93

Source: FX Central Clearing Ltd, (FXCC Learn Forex Training Tips | ECN Forex Trading Blog | Best Forex Broker Demo Account)
user 63588242
London, GB
Post #: 229
2013-01-08 03:00 GMT

Japan to buy ESM bonds to stabilize the yen

The big story in the Asian session is the announcement by Japan of its commitment to purchase ESM bonds to help stabilize Europe, Japan Finance Minister Taro Aso told reporters. The decision-maker added that Japan will buy European ESM bonds using FX reserves, although amount of bond buys is undecided at this point, he said. In another Reuters headline, Mr. Aso said the buys will start as soon as today. Meanwhile, the Economic Revival Minister Amari said that upcoming BoJ stimulus will be "significant".

Meanwhile,after months of uncertainty and struggle to reach a compromise in Congress, lawmakers finally voted on a deal to avoid falling completely off of the fiscal cliff. The agreement, voted on early New Year’s Day by the Senate, was finally passed by the House late at night, just days before the new Congress is sworn in. Tax reform dominated much of the heated debate in recent weeks, but the Democrats and Republicans finally reached an agreement in order to avoid a significant impact on economic activity, at least in the short-term.

Forex Economic Calendar
2013-01-08 07:00 GMT | Germany. Trade Balance s.a. (Nov)
2013-01-08 10:00 GMT | E.M.U. Retail Sales (YoY) (Nov)
2013-01-08 11:00 GMT | Germany. Factory Orders n.s.a. (YoY) (Nov)
2013-01-08 20:00 GMT | United States. Consumer Credit Change (Nov)

Forex News
2013-01-08 05:59 GMT | GBP/USD moving sideways above 1.6100
2013-01-08 05:18 GMT | EUR/USD likely to remain on the defensive ahead of ECB
2013-01-08 04:41 GMT | AUD/USD at session lows below 1.0480
2013-01-08 04:21 GMT | EUR/AUD printing fresh weekly highs above 1.2500

Source: FX Central Clearing Ltd, ()
user 63588242
London, GB
Post #: 233
2013-01-11 06:25 GMT

Cautious economic optimism induces ECB to hold rates

The ECB Governing Council unanimously decided to maintain the main interest rate at 0.75% at their first monetary policy meeting of 2013. ECB head Mario Draghi revealed a more positive outlook on the European crisis during the press conference following the interest rate announcement. The president suggested that inflation should decline below 2% during 2013. He said that economic weakness in the Eurozone will extend into the new year but that it should give way to a recovery later in the year, as confidence in financial markets is improving gradually and bond yields are seen falling considerably. Credit conditions, already satisfactory, should continue improving as well, as the two long term refinancing operations helped stave off disorderly delevering.

Mario Draghi stressed the importance of a rapid implementation of structural reforms by Eurozone governments in order to increase competitiveness in the area. This should boost growth potential and lead to a rise in employment. The ECB head also pointed out the necessity of establishing an integrated financial framework in the Eurozone of which the “single supervisory mechanism (SSM) is one of the main building blocks.” Jamie Coleman from Forex Live comments on ECB's lack of action this month: “Draghi did the euro a lot of good in the near-term by taking a rate cut off the table. But in the bigger picture he's done the ECB a disservice by leading the market to expect a rate cut at the December meeting only to change tack nearly 180 degrees at the following meeting. Central bankers are not supposed to react to each and every blip in sentiment and it appears that Draghi is doing just that.” -

Forex Economic Calendar
N/A | United Kingdom. 10-y Bond Auction
2013-01-11 09:30 GMT | United KIngdom. Industrial Production (YoY) (Nov)
2013-01-11 13:30 GMT | United States. Trade Balance (Nov)
2013-01-11 15:00 GMT | United Kingdom. NIESR GDP Estimate (3M) (Dec)

Forex News
2013-01-11 05:42 GMT | EUR/GBP stalls the run higher ahead of key 0.8230 level
2013-01-11 05:31 GMT | NZD/JPY bears defend 75.40
2013-01-11 03:59 GMT | EUR/USD wallowing below 1.3300 ahead of the weekend
2013-01-11 02:40 GMT | NZD/USD at session lows below 0.8450

Source: FX Central Clearing Ltd, (FXCC ECN Forex Trading Blog | Best Forex Broker Demo Account | Learn Forex Training Tips)

user 63588242
London, GB
Post #: 237
2013-01-14 06:11 GMT

Focus on Bernanke speech; revenge of the doves?

With the European debt crisis temporarily buried underground, and the US debt ceiling still too many weeks far down the road to become a pressing issue, most of the weekend headlines were stolen by Japan and its quest to set a highly ambitious 2% inflation. However, on the horizon the sound of helicopter helices loom, as Federal Reserve President Ben Bernanke prepares to give a speech at the University of Michigan at 21GMT, NY close time, following the latest controversial FOMC minutes.

NAB notes: "This is his first public address since the December FOMC minutes that sparked so much chatter and market volatility surrounding the possibility that the Fed could mark time on the current phase of its QE programme by year end." NAB expects Bernanke's comments "to be directed at disabusing his audience that stropping balance sheet expansion as a prelude to commencing to take back policy stimulus are events that could be separated by years not months" the bank says. "If so, expect the USD to be subject to some fresh downward pressure..." NAB

Forex Economic Calendar
2013-01-14 07:00 GMT | Germany. Wholesale Price Index (MoM) (Dec)
2013-01-14 10:00 GMT | E.M.U. Industrial Production w.d.a. (YoY) (Nov)
2013-01-14 15:30 GMT | Canada. Bank of Canada Business Outlook Survey
2013-01-14 21:00 GMT | United States. Fed's Bernanke Speech

Forex News
2013-01-14 04:49 GMT | USD/JPY, watch the 20EMA for clues
2013-01-14 04:43 GMT | GBP/JPY climbing toward 145.00
2013-01-14 04:31 GMT | AUD/USD reverses course, back to fresh session highs
2013-01-14 03:27 GMT | EUR/USD prints fresh 10-month high at 1.3404

Source: FX Central Clearing Ltd, (FXCC Learn Forex Training Tips | Best Forex Broker Demo Account | ECN Forex Trading Blog)
user 63588242
London, GB
Post #: 241
2013-01-15 06:23 GMT

Bernanke provides no signs of QE expiration; raising debt ceiling crucial

Ben Bernanke is giving a speech at the University of Michigan, with the talk centered on two big issues. One is the long run sustainability of the US debt, while the other is the fragile recovery. Fed's Bernanke said Federal budget must be brought under control, warning that plans to adjust the budget should be carefully well thought in order to avoid pushing the economy into recession He said that the economy "is not out of the woods", and stressed the improved optimism after the fiscal cliff deal, which in Bernanke's words, "eliminated a good bit of the restrictive components."

Fed's Bernanke noted 'some modest improvement' in jobs market, although he wants to see rosier numbers in the economy and the labour market. With regards to the number of tools available to stimulate the economy, Bernanke said "the Fed is not out of ammunition", adding that judging by the reaction of markets since the establishments of the first QE program, "overall QE has succeeded in reducing long-term rates; we have found (QE) to be an effective tool." Bernanke said is early to determine the effect of asset purchases, suggesting the extension of QE in the near term seems a done deal, while waiting further proves, especially in the labour market, to determine length of QE extension. While growth has been moderate, the housing sector, has shown positives signs, Bernanke said. "For the first time since 06/07 we have seen sustained increase in home prices, which should help us throughout the year..."

Forex Economic Calendar
2013-01-15 07:00 GMT | Germany. Harmonised Index of Consumer Prices (YoY) (Dec)
2013-01-15 08:00 GMT | Germany. Gross Domestic Product n.s.a (YoY)
2013-01-15 09:30 GMT | United Kingdom. Core Consumer Price Index (YoY) (Dec)
2013-01-15 13:30 GMT | United States. Retail Sales (MoM) (Dec)

Forex News
2013-01-15 05:18 GMT | GBP/USD consolidates below 1.61 ahead of UK data
2013-01-15 04:39 GMT | EUR/AUD capped below 1.2700
2013-01-15 04:05 GMT | EUR/JPY strong rejection from 120s breaks below 119
2013-01-15 03:14 GMT | USD/JPY longs run to the exits; 88.62 new weekly low

Source: FX Central Clearing Ltd, (FXCC Best Forex Broker Demo Account | ECN Forex Trading Blog | Learn Forex Training Tips)
Powered by mvnForum

Our Sponsors

People in this
Meetup are also in:

Sign up

Meetup members, Log in

By clicking "Sign up" or "Sign up using Facebook", you confirm that you accept our Terms of Service & Privacy Policy