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  • Article / 2 hours ago

    FX Board: Euro traders reluctant to commit

    Head of FX Strategy / Saxo Bank
    Denmark
    FX Board: Euro traders reluctant to commit
    Euro pairs backed up steeply yesterday, but traders are clearly reluctant to commit to a sustained direction in the euro either way until we get more clarity, as it seems Greece is still trying to do some last minute scrambling. Elsewhere, CAD and NZD weak.
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  • Squawk / 3 hours ago
    Trader
    Belgium
    XAUEUR: testing the bottom trnedline of the wedge for the zillionth time. If even the Greek saga over the weekend couldn't push this higher, the downside break looks like a given.
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  • Squawk / 5 hours ago
    individual Trader
    Uganda
    Crude_Oil seems to be forming a triangle and USDCAD looks more Bullish than Bearish creating some controversy...Should sanctions be lifted (Iran) and crude drops alternatively, then it should create some Bullish validation for usdcad...More mixed intermarket analysis signals this week
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  • Article / 6 hours ago

    What's wrong with gold?

    Head of Commodity Strategy / Saxo Bank
    Denmark
    The Greek crisis continues to sap investor sentiment across the world. Since the breakdown in negotiations at the weekend global stocks have turned sharply lower while core bond yields have dropped. Gold meanwhile is trading unchanged from last Friday's close with no sign of a safe-haven bid emerging. What is going on?
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  • Squawk / 7 hours ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    Euro area inflation has ticked lower, but unemployment is unchanged:

    Inflation cooled a bit in the euro area in June, according to a preliminary Eurostat estimate. Consumer prices are up 0.2% in June compared to the same month a year ago - when oil prices started their descent - while core consumer prices are up 0.8%. Both figures were expected and come on the back of prints of 0.3% and 0.9%, respectively, in May. A lower base effect (due to oil prices) may help push inflation up a bit in the second half of the year, but inflation will stay low as spare capacity is plentiful.

    The unemployment rate is unchanged this month at 11.1% - highlighting the amount of spare capacity. The unemployment rate is so far down only 1 percentage point from the peak in 2013 despite two years of (admittedly modest) growth. Employment is growing though.

    EURUSD is trading down 0.7% at 1.1160 so far today.
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  • Article / 8 hours ago

    From the Floor: Gimme shelter

    Consulting Editor / Saxo Bank
    Denmark
    From the Floor: Gimme shelter
    Shanghai markets might give traders whiplash, but the steady hand of the People's Bank of China is always poised to provide relief. Not so in Europe, however, where the breakdown of talks between Greece and its creditors has left investors struggling to find safe havens.
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  • Squawk / 8 hours ago
    Head of Macro Strategy / Saxo Bank
    Denmark
    German unemployment inches lower in June:

    For a ninth consecutive month, Germany saw a reduction in the number of unemployed people this month, although the drop was smaller than expected. While analysts had penciled in a 5,000, unemployment in fact it only inched down by 1,000 while May's figure was also revised up by 1,000 (i.e. a smaller decline in unemployment). The unemployment rate held steady this month at 6.4% - a record-low!

    Turning to the employment picture, 7,000 people found jobs in May (lagged by one month relative to unemployment figures) following a gain of 22,000 in April. YTD employment is up by 36,000 following an increase of no less than 390,000 last year. Clearly, the German labour market is about as tight as it can get, so wages should continue to rise meaningfully going forward thereby supporting domestic consumption.

    The DAX is down 1% this morning.
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  • Article / 10 hours ago

    Saxo Trade Navigator: Tuesday June 30

    Head of Macro Strategy / Saxo Bank
    Denmark
    Saxo Trade Navigator: Tuesday June 30
    June 30, 2015: The Saxo Trade Navigator provides you with daily technical insight into a wide array of major instruments, ranging from FX to equities, commodities and bonds. With a host of various technical indicators such as pivot points, RSI and moving averages, the Saxo Trade Navigator can be used to spot daily trade ideas.
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