Obama and lawmakers face fresh doubts on debt deal

(Reuters) - Sharply divided by partisan bickering, President Barack Obama and top Republicans face growing doubts on Thursday about the prospects for reaching a deal to avoid a potentially disastrous debt default. more...

5 reasons why the Euro isn’t trading much weaker

5 reasons why the Euro isn’t trading much weaker

July 13th 2011: 5 reasons why the Euro isn’t trading much weaker

Amid the lurid media headlines during the past few days of Euro-zone crisis, panic and collapse, the surprising feature is not that the Euro has fallen – the big shock is that the currency is not trading substantially weaker. There is increasing evidence of longer-term forces at play which are keeping the Euro afloat. If we rewind just over 12 months ago to when the Greek crisis first erupted, the Euro hit a low below 1.20 against the dollar. Despite the debt crisis being much more severe this time and the Euro’s future in very serious doubt, EUR/USD is still close to 1.40.

The Euro-zone backdrop remains precarious at best with several of the weaker members already passing beyond their event horizon as they get pulled towards the black hole of default. Greece has no viable escape route from default with Portugal and Ireland also have no real possibility of escaping from the debt trap as they remain mired in recession. To avoid default, an economy either needs to let inflation and exports improve the debt-servicing profile through devaluation or there must be capital transfers and neither of these are possible under the current Euro set-up. It is increasingly likely that there will be a destructive break-up of the Euro-zone and the currency is likely to fall sharply this quarter, but strategic players are looking at the long-term view and to what happens after any break up.more...

Yen Declines Against Dollar Amid Speculation Japan Will Weaken Currency

The yen fell against the dollar amid speculation Japan will weaken the currency to support exporters. The yen traded at 79.21 per dollar as of 6:38 a.m. in London from 78.98 yesterday in New York. It was as strong as 78.47 earlier today.

DJs blames Gillard government taxes for profit plunge Read more: http://www.smh.com.au/business/djs-blames-gillard-government-taxes-for-profit-plunge

DJs blames Gillard government taxes for profit plunge

Read more: http://www.smh.com.au/business/djs-blames-gillard-government-taxes-for-profit-plunge-20110714-1hf97.html#ixzz1S3gWu591

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Analysis Picks For Eur/ Cad

This morning we noticed some gross underperformance in the cross, with the Canadian Dollar price action standing out as Cad rallied across the board, while all other currencies were showing weaker against the USD. With the market dropping sharply in Asia to already exceed its daily ATR, and with no decent fundamental catalyst for the move, we were quite content on kicking off the year with a long position on the cross which was well oversold on the hourly chart. The downside risk initially seemed to be very limited, and with the other Euro/Commodity crosses showing evidence of basing, we initiated the trade. From here, a break back above Friday’s 1.3380 highs will be required to officially relieve short-term downside pressures, but we have already taken advantage of the most recent bounce into the money and have gone ahead and booked some profits while also eliminating any risk by moving our stop-loss to break-even. POSITION: LONG @1.3192 FOR AN OPEN OBJECTIVE; BOOKED PROFIT ON HALF @1.3250; REVISED STOP @1.3192.

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