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Hi my name is Jeff, welcome to Axiory’s news broadcast. Here is the latest high impact
market news for the week ending 15th February Much volatility was seen in the Japanese yen
last week on talk of so called "currency war" and on concern that the expansive policies
that drove down the the currency would be criticized by G7 and G20 leaders. The G7 statement
released in the early part of the week and subsequent comments from officials confused
the markets. Meanwhile, Euro extended its correction last week as data showed deepened
recession in Eurozone and as traders lightened up positions ahead of elections in Italy.
After a two-day meeting in Moscow, G20 leaders agreed to a joint statement with promise that
they would refrain from competitive devaluation" and "resist all forms of protectionism and
keep our markets open." Meanwhile, they also pledged that "advanced economies will develop
credible medium-term fiscal strategies". Yen was not singled out in the statement and suggested
that Japanese is given a greenlight continue its expansive policies. Also, the statement
itself is not much stronger, if not equal, to the G7 statement released earlier in the
week
Now, the most important upcoming fundamental news for the week starting 18th February,
selected for you according to market movement significance.
In the week ahead investors will be awaiting Wednesday’s minutes of the Federal Reserve’s
January meeting, while the BoE is to release the minutes from the latest policy meeting
the same day. Meanwhile, euro zone manufacturing activity and Germany’s Ifo business climate
index will be closely watched.
The euro was almost unchanged against the dollar on Friday as the single currency remained
under pressure following worse-than-expected data on euro zone fourth quarter growth on
Thursday. Data on Thursday showed that euro zone gross domestic product contracted by
0.6% in the three months to December, compared to expectations for a 0.4% decline. It was
the fastest rate of decline since 2009 and marked a third consecutive quarter of contraction.
In the U.S. data on Friday indicated that the economic recovery remains uneven. The
New York Federal Reserve reported manufacturing in New York state expanded in February, while
a survey showed a surprisingly strong rise in U.S. consumer sentiment.
The dollar was higher against the yen on Friday, for the first time in four sessions after
a draft statement by the Group of 20 nations avoided singling out Japan for criticism over
policies which weakened its currency. The yen was higher against the dollar and the
euro earlier in the week after a statement by the G7 indicated concern over excessive
movement in value of the yen.
Following the G20 meeting investors focus turned to the upcoming announcement of the
next governor of the Bank of Japan after Governor Masaaki Shirakawa said earlier this month
that he plans to step down on March 19, three weeks earlier than expected.
Finishing up our broadcast is the Multitraders section. Today’s MultiTrader strategy is TradersCap which is one of the
average risk strategies. It made a 0.49% profit last week and today we have chosen its monthly
gains for the last 3 months.
During the last 3 months, the strategy achieved these gains. The performance is declining.
Even though this strategy was profitable during December and January, achieving 1.07% and
3.79%, it has lost 1.84% so far this month.
Thats it for thuis week and don’t forget to follow us Facebook and Twitter