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Market Review - 12/01/2009 19:16 GMT

Euro falls to one-month low against dollar as S&P's says may cut Spain's AAA rating


The single currency resumed its recent decline and fell to a one-month low against the dollar on Monday after ratings agency Standard & Poor's placed a warning on Spain and said it may cut the country's 'AAA' sovereign credit rating. Speculation that the European Central Bank may cut interest rates and the drop of over 7% in oil prices also put pressure on the euro.

Standard & Poor's announced that it has put its 'AAA' long-term foreign and local currency sovereign credit ratings on Spain on CreditWatch with negative implications and they may be downgrading ...

http://www.ablesys.com/fxcm

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Breakouts A Common Site Across The Currency Market
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Volatility has clearly returned after the weekend liquidity lull. With a drive that is finding its source from general risk trends and dollar strength, we are starting the week on enough momentum to drive breakouts and reversals. Our DailyFX Analsyts weigh in on whether this move will hold up and where to take advantage of the evolving market trends.


Currency Strategist John Kicklighter

My picks: Pending USDCAD Breakout
Expertise: Combining Money Management with Fundamental and Technical Analysis
Average Time Frame of Trades: 3 days - 1 week

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The British Pound Sterling kicked off the pre-London session with some high quality weakness across the board. This continued to off some nice pullback entries early on into the London session. However, we were approaching support in many flavors around the 1.4900 area. Things like long term 50% Fibonacci retracement levels, Daily, 2hour, and 4 hour overlapping support, daily central pivot point, about 7 things all falling exactly at the same place on many time frames. Even with all the Pound weakness this gave us high reasoning to expect a good deal of profit taking, which would end us north at least back to the 15m 21ema region, which was 90 pips from the bottom. It is this ‘long term’ pull back that I wish to demonstrate in this video, ...