The CAD/JPY has fallen sharply over the past few weeks since peaking near 83.00 in late April. The most recent peak confirmed a 3-month Head-and-Shoulders pattern on the daily chart. For traders who are unfamiliar with the pattern, a Head-and-Shoulders is a classic price action pattern that signals a potential reversal from an uptrend (higher highs and higher lows) to a downtrend (lower lows and lower highs) and is confirmed by a break below the neck line.
Despite relatively a dovish inflation report out of the U.K. earlier today, traders remain focused on the ongoing turmoil in the Eurozone, and as long as this situation is in focus, the EUR/GBP will continue to fall. As the weekly chart below illustrates, the EUR/GBP has been sold off for 5 straight weeks. However, with the recent drop below the June 2010 low at .8070, there are no nearby levels of previous support until the Nov. 2008 lows near .7850.
Italy to keep debt profile outside riskier area - Reuters
Italy to keep debt profile outside riskier area Reuters By Luca Trogni and Valentina Za | MILAN (Reuters) - The average lifespan of Italian debt, which has fallen during the euro zone crisis as investors favor safer short-term issues, should still be close to the current level of 6.8 years at the end of ...
Indian shares gain on SBI's earnings, bucking Asian falls - Reuters
Indian shares gain on SBI's earnings, bucking Asian falls Reuters Slowing policy reforms from the government have also been a key concern for investors, and have contributed to send the rupee to its third consecutive daily record low against the dollar on Friday. "Changes on policy front are required and I don't ...
Exclusive: Myanmar's central bank aims for weaker currency - Reuters
Exclusive: Myanmar's central bank aims for weaker currency Reuters By Jason Szep and Aung Hla Tun | NAYPYITAW, Myanmar (Reuters) - Myanmar's central bank wants to weaken its newly floated currency and prevent further rises that could derail reforms to its economy, a deputy central bank governor said.
Stocks futures rise, markets to close worst week of year - Reuters
Stocks futures rise, markets to close worst week of year Reuters The large weekly decline in equities came amid uncertainty over a political crisis in Greece and whether that could trigger a default and possible exit from the euro zone. Market participants were skittish even as a poll showed Greek voters are ...
G8 leaders look to head off euro zone crisis - Reuters
G8 leaders look to head off euro zone crisis Reuters Financial markets fear for the future of the entire currency zone, with Spain's banking sector also under pressure. The US dollar climbed, world shares fell and German borrowing costs hit record lows on Friday as a deepening Spanish banking crisis, ...
East Europe Again at Risk of Euro Fallout, Development Bank Says - Bloomberg
East Europe Again at Risk of Euro Fallout, Development Bank Says Bloomberg Eastern Europe faces renewed contagion from the euro crisis as uncertainty over Greece's future as a member of the currency union endangers credit flows and export markets, the EBRD has warned. Under its baseline scenario, it assumes the crisis will be ...
South Africa Shares: Anglo, BHP, AngloGold, Gold Fields, Sasol - Bloomberg
South Africa Shares: Anglo, BHP, AngloGold, Gold Fields, Sasol Bloomberg Gold priced in rand jumped as much as 1.5 percent to 13318.97 an ounce, the highest in more than a month, as the South African currency declined for a ninth day against the dollar. South African gold miners sell their metal in dollars and pay costs in ...
Kenya Shilling Heads for Five Month Weekly Slump, on Low Yields - Bloomberg
Kenya Shilling Heads for Five Month Weekly Slump, on Low Yields Bloomberg The currency of East Africa's biggest economy retreated as much as 0.3 percent to 84.60 and was trading 0.2 percent weaker at 84.50 per dollar by 12:02 pm in the capital Nairobi. A close at this level would be the biggest weekly loss since January.
Nigeria's Naira Heads for Worst Week Since December on Oil Drop - Bloomberg
Nigeria's Naira Heads for Worst Week Since December on Oil Drop Bloomberg The currency of Africa's largest oil producer slid 0.1 percent to 159.1 per dollar, as of 10:46 am in Lagos, the commercial capital. The naira has retreated 0.8 percent this week, the worst since the five days through Dec. 23, paring its gain this year ...
Burberry, Vodafone, SABMiller May Raise Dividends - Bloomberg
Burberry, Vodafone, SABMiller May Raise Dividends Bloomberg The Stoxx 600 has slumped 5.2 percent this week, heading for its biggest weekly selloff since September, as Greece moved closer to a possible exit from the euro currency union and China's growth showed signs of slowing. The benchmark measure dropped 1 ...
Yuan Completes Worst Week Since January on China Growth Concerns - Bloomberg
Yuan Completes Worst Week Since January on China Growth Concerns Bloomberg The currency is allowed to trade as much as 1 percent on either side of the daily fixing. One-month implied volatility, a measure of exchange-rate swings used to price options, climbed four basis points, or 0.04 percentage point, to 2.2 percent.
Swiss Stocks Head for Biggest Weekly Drop Since November - Bloomberg
Swiss Stocks Head for Biggest Weekly Drop Since November Bloomberg Almost $4 trillion has been wiped from global equity markets this month as Greece moved closer toward leaving the euro currency union. The country's credit rating was reduced one level to CCC from B- by Fitch Ratings amid concern it will not muster the ...
Egypt's Consensus Islamist Aboul-Fotouh Seeks Presidency Bloomberg Borrowing costs are near record highs, the central bank has spent almost 60 percent of Egypt's foreign currency reserves, and the government is seeking a $3.2 billion loan from the International Monetary Fund. One-year pound futures fell to a record ...
European Stocks Slide as Moody's Downgrades Spanish Banks - Bloomberg
European Stocks Slide as Moody's Downgrades Spanish Banks Bloomberg Global Stock Markets Almost $4 trillion has been wiped from global equity markets in May amid mounting concern Greece will have to leave the euro currency union. The country's credit rating was reduced one level by Fitch Ratings late yesterday amid ...
U.S. Banks Sold More Swaps on European Debt as Risks Rose Bloomberg The five banks together account for 96 percent of the credit-derivatives market in the US, according to the Office of the Comptroller of the Currency. JPMorgan has written a quarter of the total, the OCC data show. Matched Protection Not all protection ...
Buying on day one for the IPO pop is an exercise in finding a greater fool. Facebook's insiders are no fools—they aren't leaving that extra money on the table by underpricing the deal.
Some of the world's biggest insurers are expected to make offers for ING Groep's Asian life-insurance arm by Friday, in an auction that could give the winner a footprint in some of the fastest-growing insurance markets globally.
J.P. Morgan Chief Executive James Dimon will testify before a key Senate panel as early as next month about his company's $2 billion-plus trading loss.
Spain moved to quell fears of massive deposit withdrawals in Bankia as its shares were pummeled by a report that depositors had withdrawn around $1.27 billion.
Facebook priced its initial public offering at $38 a share, a move that values the Internet company at more than $100 billion. It tried floating higher numbers to investors but was rebuffed.
At least 20 closely held U.S. start-ups backed by venture capital are now valued at $1 billion or more, Pinterest and Evernote among them. During the frothy days of the 1990s dot-com bubble, there were just 18 such start-ups valued at $1 billion or more.
Anticipation was strong for Facebook's initial public offering as the Nasdaq Stock Market indicated shares would start trading under the stock symbol FB around 11 a.m. EDT Friday.
J.P. Morgan Chase didn't have a treasurer in place during a critical time when the bank's Chief Investment Office placed trades that led to more than $2 billion in losses.
BATS's board is debating whether to list the company on a rival exchange once it revisits plans for an IPO, a step that would further undermine its bid to challenge the Big Board and Nasdaq.
Pinterest, the online scrapbooking website that has become the latest Silicon Valley darling, has raised $100 million in a financing round that values the start-up at $1.5 billion.
Japan's Biggest Bank Freezes Transactions With Iran
In an action unrelated to U.S. sanctions against Tehran, Bank of Tokyo-Mitsubishi UFJ said it has frozen financial transactions with Iran's government and central bank, as ordered by a U.S. federal court.
