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Daily Forex Overview
Wed, Jul 9 2008, 07:30 GMT
by Raivis Zile
Previous session overview
On Tuesday, the dollar rose versus its key rivals as oil prices fell to their lowest levels in nearly two weeks and we have seen the usual relationship play out where when oil is being sold, the dollar is being bought.
The Euro came under further selling pressure on the combination of broad dollar strength and moderate comments from ECB officials. ECB member Tumpel-Gugerell said that Trichet's "no bias" is shared by the entire Governing Council. EURUSD traded with a low of 1.5635 and a high of 1.5740 before closing the day at 1.5670 in the New York session.
Traders continue to push the British pound lower against the US dollar. Since last Wednesday, the currency pair has fallen close to 300 pips. Last month, manufacturing PMI fell to the lowest level since 2001. The export orders component of the report also deteriorated. Totally yesterday British pound weakened from 1.9797 to 1.9666 against the dollar.
Japanese Yen crosses continued down a volatile path, as the Dow experienced a strong rally. The Yen managed to rally against some but not all of the majors. Economic data was soft, with the Eco Watchers Survey plunging to a 6 year low as high food and oil prices took a heavy toll on sentiment. Japanese Yen against the US dollar jumped from intra-day low of 106.25 to 107.55.
The Australian Dollar continued to be under pressure as oil lead commodities down for the second day. The equity rally gave some support as AUDJPY bounced. AUDUSD traded with a low of 0.9503 and a high 0.9564 before closing the day at 0.9535.
Market expectation
The euro is in a narrow range Wednesday against the dollar. Dealers look for it to hover between USD1.5620 and USD1.5680, as investors wait for fresh trading signals.
Oil prices may rise later, which is negative to the dollar. Traders saying that impact could be short-lived, but need to watch players' reaction in European hours.
USDCHF is falling, which typical at times of higher geopolitical risks, last at 1.0282.
ECB Governing Council member Miguel Fernandez Ordonez is due to speak at an event on the "Situation of the international economy".
1st quarter Euro zone GDP is expected to be confirmed at 0.8% and the May German Trade Balance is forecasted at 17.4B.
Today, the US calendar only contains the mortgage applications, while also in Europe some second tier data are scheduled for release. ECB's Trichet presents the annual report to European parliament.
Most important events of the day
| Date | Time:GMT | Currency | Indicator | Forecast | Prior |
| 7/9/2008 | 0:30 | AUD | WMI Consumer Sentiment m/m | -5.60% | |
| 7/9/2008 | 1:30 | AUD | Home Loans m/m | -2.00% | -4.20% |
| 7/9/2008 | 6:00 | EUR | German Trade Balance | 17.4B | 18.7B |
| 7/9/2008 | 6:00 | JPY | Machine Tool Orders y/y | 1.40% | |
| 7/9/2008 | 6:45 | EUR | French Trade Balance | -3.9B | -3.7B |
| 7/9/2008 | 7:00 | EUR | ECB President Trichet Speaks | ||
| 7/9/2008 | 8:30 | GBP | Trade Balance | -7.4B | -7.6B |
| 7/9/2008 | 9:30 | GBP | BRC Shop Price Index y/y | 1.80% | |
| 7/9/2008 | 12:15 | CAD | Housing Starts | 218K | 221K |
| 7/9/2008 | 14:35 | USD | Crude Oil Inventories | -1.5M | -2.0M |
| 7/9/2008 | 23:50 | JPY | CGPI y/y | 5.20% | 4.70% |
| 7/9/2008 | 23:50 | JPY | Current Account | 1.90T | 1.51T |
Published on Wed, Jul 9 2008, 07:32 GMT
Archive
- Daily Forex Overview
Published On Fri, Nov 6 2009, 08:50 GMT - Daily Forex Overview
Published On Thu, Nov 5 2009, 08:15 GMT - Daily Forex Overview
Published On Wed, Nov 4 2009, 08:30 GMT - Daily Forex Overview
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