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Week in Review September 11-16

The week started on the back foot, carrying over of an imminent Greek default fear from the previous Friday. The Group of 7 came empty handed and left, promising nothing. The SNB did all the promising, despite still looking for credibility, and reiterated their commitment to enforce the EURCHF floor at 1.20 at its quarterly meeting. The Bank is prepared to buy foreign currency in unlimited quantities, but traders continue to fan the flames by trading just above their ‘panic’ level. The Market is chewing on the coordinated central bank provision of USD swap facilities for banks, which are signaling a policy commitment to prevent worst-case illiquidity scenarios. This alone is not enough to prop up longer term risk appetite; investors seek stabilization in US growth to go hand-in-hand. Philly Fed was a plus, albeit small. Everyone is expecting European Finance Ministers to supply rhetorical support for Greece and the EUR. Thus far, the ministers have ruled out efforts to prop up the faltering economy and have giving no indication of providing aid.

Below are the highlights of the week:







OANDA Top 100 Trader Statistics [1]OANDA Order Book [2]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Dean Popplewell

Dean Popplewell [7]

Vice-President of Market Analysis at MarketPulse [8]
Dean Popplewell has nearly two decades of experience trading currencies and fixed income instruments. He has a deep understanding of market fundamentals and the impact of global events on capital markets. He is respected among professional traders for his skilled analysis and career history as global head of trading for firms such as Scotia Capital and BMO Nesbitt Burns. Since joining OANDA in 2006, Dean has played an instrumental role in driving awareness of the forex market as an emerging asset class for retail investors, as well as providing expert counsel to a number of internal teams on how to best serve clients and industry stakeholders.
Dean Popplewell
Dean Popplewell

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