S&P: Portugal outlook revised to stable from negative

The rating agency S&P had revised Portugal’s BB sovereign credit outlook to stable from negative. The Euro ha jumped some 15-20 pips on the news, from 1.2975 to session high at 1.2995, further recovering from the double floor recorded at 1.2966 ahead of today's ECB monetary policy meeting.

Mar 7, 2013

Forex Flash: Sell everything, buy the USD - RBS

This is shaping up as a key week for the USD, says Greg Gibbs, FX Trading Strategist at RBS; "It may end up being a watershed moment when the USD rallies against all currencies and snaps the back of the bearish sentiment that has pervaded it since 2009, and much longer if you take out the crisis induced rallies" Greg notes.

Forex Flash: Aus 1Q 2013 GDP likely lower on shrinking exports - NAB

Yesterday's 4Q GDP figure for Australia came exactly in line with expectations at +0.6%, and even a better one for the yearly figure at +3.1% when +3.0% was expected. But that data did not reflect latest 5% decline in coal exports, “most likely affected by Tropical Storm Oswald that hit Queensland in the last week of January and put the coal railway feeder lines to Gladstone under water,” David de Garis notes, Senior Economist Markets at the NAB. Today's Aus trade balance numbers showed a wider deficit than anticipated on weak exports.