“Based on the information currently available to the competition commission, authorities believe that the most important currencies are affected,” WEKO said, adding that it “cannot exclude” other banks and brokers also may have been involved. Credit Suisse said it was “astonished’ by the allegations, and noted it was not subject to WEKO’s preliminary investigation into various banks. “The press release contains incorrect references to Credit Suisse AG and these allegations are both inappropriate and harmful to our reputation,” the Zurich-based bank said of the commission’s statement. But it said the bank will cooperate fully with the authorities in this matter. Since regulators in other European countries, the U.S. and Singapore started investigating possible foreign exchange manipulation, major firms like Citigroup and Barclays have suspended traders.
Credit: Reuters/Murad Sezer Breakingviews NEW YORK (Reuters) – Twelve large banks have been sued in a consolidated antitrust lawsuit by investors who claim they conspired to rig prices in the roughly $5.3 trillion-a-day foreign exchange market. Investors, including the city of Philadelphia and a variety of pension funds and hedge funds, accused the banks of conspiring since January 2003 in chat room discussions, instant messages and by email to manipulate the WM/Reuters Closing Spot Rates. The private litigation was filed on Monday night in U.S. District Court in Manhattan; it combines several lawsuits that have been filed since November. Defendants are Bank of America Corp, Barclays Plc, BNP Paribas SA, Citigroup Inc, Credit Suisse Group AG, Deutsche Bank AG, Goldman Sachs Group Inc, HSBC Holdings Plc, JPMorgan Chase & Co, Morgan Stanley, Royal Bank of Scotland Group Plc and UBS AG. The case comes amid civil and criminal probes worldwide into whether banks rigged prices to boost profit at the expense of customers and investors.
GBP/USD: Doji Signals Indecision Near 1.6660/70 mark Daily Chart – Created Using FXCM Marketscope 2.0 Similarly on the four hour chart; several Dojis during intraday trade are further evidence that traders are questioning the ability of the Pound to push higher. GBP/USD: Dojis Denote Deliberation Amongst Traders 4 Hour Chart – Created Using FXCM Marketscope 2.0 The ominous Dark Cloud Cover formation on the weekly at multi-year resistance also remains on the radar, and is threatening a more significant correction ahead for the Pound. A potential target is offered by the 23.6% Fib Retracement Level near 1.6350. However, a Piercing Line pattern has also recently emerged and although it awaits confirmation, WHICH ETF ‘S T BUY NOW it suggests the bulls havent given up on the pair just yet. GBP/USD: Bulls Return As Piercing Line Forms on Weekly Weekly Chart – Created Using FXCM Marketscope 2.0 By David de Ferranti, Market Analyst, FXCM Follow David on Twitter: @Davidde To receive Davids analysis directly via email, please sign up here . DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
Notably, the losses in April have been decreasing since 2009. Yet, the seasonal outlook is bearish USDCAD. Forex Seasonality in the Swiss Franc Seasonality favors a slightly weaker USDCHF in April. However, seasonal outlook is Neutral as April 2011 deviated significantly compared to the other years.
April Forex Seasonality Favors US Dollar Weakness – Against Whom?
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Analysts had expected the manufacturing index to tick up to 56.7. The drop was due to a slower rise in output and new business. New export orders weakened further, to the slowest pace of growth for ten months. The report noted that the reading was likely to disappoint markets, but said it should be should be seen in the context of near record growth rates seen in the second half of last year. “Growth is merely hot rather than scorching, and the take-home messages from the March survey are that the recovery remains solid and continues to drive strong job creation,” said Rob Dobson, senior economist at Markit.