Search
0
0
Daily Forex Overview
Mon, Jun 23 2008, 08:04 GMT
by Raivis Zile
Previous session overview
On Friday, the economic calendar was empty, but this didn't prevent EUR/USD from moving higher throughout the session. At least for now, the global uncertainty due ongoing high oil prices and renewed credit woes was seen as (slightly) dollar negative even if the losses on European stock markets recently were even more pronounced than for most US indices. In the current environment of low economic and financial visibility the interest rate support is apparently also a supportive factor for the single currency. So, EUR/USD moved higher throughout most of Friday's trading session and closed the day at 1.5606, compared to 1.5505 on Thursday. The uncertainty going into this weekend's oil meeting in Saudi Arabia was an additional negative factor for the dollar.
Market expectation
Today, the US economic calendar is empty. However, the European calendar contains the advanced reading of the June PMI surveys and the German IFO release. We would be rather surprised to see these indicators bring much good news on the European economy. In this respect it would be interesting to see the market reaction in case of a steep fall in the Ifo or in case the European PMI would come out below the key 50 mark. Oil and the credit crisis might continue to be (slightly) negative for the dollar; however, the European data probably don't warrant a euro bullish sentiment either. The Jeddah oil summit didn't yield any perspective for a quick solution to the high oil prices, but at first sight the impact on markets in general and on the currency market in particular is rather limited this morning.
Most important events of the day
| Date | Time:GMT | Currency | Indicator | Forecast | Prior |
| 23/06/2008 | 01:30 | AUD | New Motor Vehicle Sales m/m | -0.60% | |
| 23/06/2008 | 03:04 | NZD | Credit Card Spending y/y | 8.20% | |
| 23/06/2008 | 07:30 | EUR | German Manufacturing PMI (p) | 53.2 | 53.6 |
| 23/06/2008 | 07:30 | EUR | German Services PMI (p) | 53.1 | 53.8 |
| 23/06/2008 | 08:00 | EUR | Services PMI (p) | 50.5 | 50.6 |
| 23/06/2008 | 08:00 | EUR | Manufacturing PMI (p) | 50.2 | 50.5 |
| 23/06/2008 | 08:00 | EUR | German Ifo Business Expectations Index | 96.3 | 97.3 |
| 23/06/2008 | 08:00 | EUR | German Ifo Business Climate Index | 102.5 | 103.5 |
| 23/06/2008 | 20:05 | CAD | Gov Council Member Kennedy Speaks |
Published on Mon, Jun 23 2008, 08:07 GMT
Archive
- Daily Forex Overview
Published On Tue, Dec 2 2008, 08:25 GMT - Daily Forex Overview
Published On Mon, Dec 1 2008, 08:13 GMT - Daily Forex Overview
Published On Fri, Nov 28 2008, 08:44 GMT - Daily Forex Overview
Published On Thu, Nov 27 2008, 10:39 GMT - Daily Forex Overview
Published On Wed, Nov 26 2008, 08:45 GMT
Dukascopy Swiss FX Group
| ICC, Route de Pre-Bois 20; 1215 Geneva 15
http://www.dukascopy.com/ | info@dukascopy.com
Legal disclaimer and risk disclosure
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.Interested in forex trading? forex brokerage firms!
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.