Global stocks are up higher on news that Ambac, a major bond insurer, might receive billions in capital injection from several banks in order to avoid a ratings downgrade. Yen currency crosses are getting a boost from the rally in stocks. EUR/JPY rose to the highest level since January 15 this year.

Currencies

The US dollar is modestly higher against the Swiss franc, Euro and British Pound. With so many major economic releases coming out every day this week, it’s better to trade with an intraday view of where currencies are going to move or retreat.

Existing US Home Sales

Sales of existing homes in the US declined in January to the lowest level since records began nine years ago. Sales fell 0.4% - a smaller decline than forecast - to an annual rate of 4.89 million from an upward revised 4.91 million in December.

Greenspan Says

Former Federal Reserve Chairman Alan Greenspan said Monday at a conference in Abu Dhabi, United Arab Emirates, that the deepening rout in housing is having a “broader effect” on spending, and that a recession this year may be deeper than previous downturns.

“The existing financial problems are deeper than we’ve had for a while, so I wouldn’t be surprised if this recession is deeper than the last two shallow recessions,” Greenspan said.

Tuesday:

NZ RBNZ inflation expectation 0200 GMT

German IFO 0900 GMT

US PPI 1330 GMT

US S&P/Case-Shiller house price index 1400 GMT

US consumer confidence 1500 GMT

Posted in Categories: Forex.

(1 votes, average: 5 out of 5)

 Loading ...