LONDON (MarketWatch) — Chinese authorities have moved to block the sale of General Motors’ Hummer brand to a Chinese company, the BBC reported, citing Chinese state radio. The sale to Sichuan Tengzhong Heavy Industries had been announced earlier this month as part of the bankrupt automaker’s recovery plan. Chinese authorities cited environmental concerns and Sichuan Tengzhong’s inexperience in building automobiles in moving to block the sale, the BBC reported. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Overall, the currency market traded in a range-bound fashion during the European session, even though in the second part the major pairs posted some relatively strong moves against the dollar. The currency market had a weak attempt during the Asian session to move higher compared to the dollar, but it…
Originally posted here:
European Session Fails Again To Move Decisively
Although weakness continues to be seen, a clear nearer term directional moves remains on hold as a sideways trading range is now in force. While overall medium term trend remains to the upside, a break and close above its 2009 high at the 1.6662 level will have to occur to…
The Federal Reserve issued a press release yesterday evening announcing extensions and some modifications to a number of its liquidity facilities. In general, the interest for taking out liquidity through the various facilities has been on a downward trend. By extending the most popular of the facilities to 1 February…
The greenback declined against the Euro, as Asian stocks gained for a third day and traders added to bets that the Federal Reserve will keep interest rates low. The dollar fell against 12 of the 16 major currencies as Dallas Fed President Richard Fisher may today give more details on…
EURUSD: With a positive close printed on Thursday, EUR was seen following through higher on those gains in early trading today. This suggests that as long as the pair continues to hold above the mention pattern, odds are for higher prices to be printed. Resistance lies at the 1.4143 level,…
Inflation continues to decline in Japan raising fears of deflation that could reduce the countries chances to recover from the severe economic distress from which the second largest economy in the world suffers. On the other hand, New Zealand economy continues to shrink during the first quarter of this year…
Equities rallied strongly into the North American close and knocked the USD well back from the strongest levels it posted after the FOMC meeting. The final auction of the week – this time for $27 billion of 7-year notes – from the US treasury saw heavy bidding and interest rates…
The Fed yesterday released a press statement that it would prolong (to 2010) and change some of its credit providing facilities in order to ensure easy credit conditions to households and financial markets. This statement led to a general lift-off in all asset classes (including treasuries) but the USD…
Overall, the Asian session seems to have started on a strong note, something that does not happen often. This might be a late reaction to the gains posted by the S&P futures throughout the U.S. session, but can also be interpreted as a re-adjustment ahead of Friday’s close. For now,…
The dollar traded mostly lower on Thursday after the Federal Reserve announced it curtails some of its liquidity programs ‘in light of the improvement in financial conditions.’ Risk appetite improved and the S&P 500 rose 19.32 points to 920.26. The market mostly ignored rising US jobless claims. US Q1 GDP…
Following the past two sessions of strong moves in the Euro-Dollar pair today was less eventful, with the pair sticking to a 130 pip range. Traders continue to look for direction for the pair which is now caught between an upward sloping line of support and a horizontal level of…