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Daily Forex Overview
Thu, Jul 17 2008, 08:44 GMT
by Raivis Zile
Previous session overview
On Wednesday, the dollar advanced versus its major rivals after the crude oil market closed down more than USD4 on the day, sending U.S. stocks higher.
A better-than-expected earnings report from Wells Fargo sustained positive moves in financial stocks Wednesday, helping the dollar stay strong.
The euro fell to an intraday low of USD1.5800 during the New York session; a significant change from its lifetime high struck just a day earlier at USD1.6040.
The British sterling is off its recent 31/2 month highs against the USD following today's disappointing unemployment data. UK labor market data showed the number of Britons out of work jumped by its largest amount since 1992. GBPUSD traded with a low of 1.9957 and a high of 2.0097 before closing the day at 1.9985.
The Japanese yen rose to 1 and a half month highs against the USD as risk aversion and a beleaguered dollar lent it strength. USDJPY traded with a low of 103.77 and a high of 105.12 before closing the day around 105.10.
The Australian dollar was marginally softer late Thursday after a rebound in the greenback pulled the high-yielding commodity currency back from recent record highs.
Market expectation
The euro is higher against the dollar Today, with the USD1.5800 level protected by buy orders. However, sell orders are settled at around USD1.5845-USD1.5855.
EURUSD, EURJPY rising and analysts saying that pairs will continue upward trend in near term as there are favorable conditions for EUR. Despite of high EURUSD level, no complaints heard from E.U. officials and dollar is beset by various problems and the yen is completely out of the loop.
For AUDUSD expected 0.9650-75, which previously served as resistance, now looks like technical support. The Australian dollar is expected to consolidate gains from the past week, but remain capped around its recent 25-year high of US$0.9849.
Traders expect that Economic data and interest rate will pull USDCHF in opposite directions.
Most important events of the day
| Date | Time:GMT | Currency | Indicator | Forecast | Prior |
| 7/17/2008 | 1:30 | AUD | RBA Bulletin | ||
| 7/17/2008 | 8:00 | EUR | Italian Trade Balance | -0.90B | -1.00B |
| 7/17/2008 | 9:00 | CHF | ZEW Expectations | -66.8 | -63.8 |
| 7/17/2008 | 12:30 | CAD | Foreign Securities Purchases | 3.5B | 9.8B |
| 7/17/2008 | 12:30 | USD | Building Permits | 0.96M | 0.98M |
| 7/17/2008 | 12:30 | USD | Housing Starts | 0.96M | 0.98M |
| 7/17/2008 | 12:30 | USD | Unemployment Claims | 380K | 346K |
| 7/17/2008 | 13:10 | USD | FOMC Member Kroszner Speaks | ||
| 7/17/2008 | 14:00 | USD | Philadelphia Fed Manufacturing Index | -15 | -17.1 |
| 7/17/2008 | 14:30 | CAD | BOC Monetary Policy Report | ||
| 7/17/2008 | 14:35 | USD | Natural Gas Storage | 88B | 90B |
| 7/17/2008 | 15:15 | CAD | BOC Governor Carney Speaks | ||
| 7/17/2008 | 23:50 | JPY | Monetary Policy Meeting Minutes |
Published on Thu, Jul 17 2008, 08:47 GMT
Archive
- Daily Forex Overview
Published On Tue, Nov 24 2009, 09:17 GMT - Daily Forex Overview
Published On Mon, Nov 23 2009, 08:24 GMT - Daily Forex Overview
Published On Fri, Nov 20 2009, 11:08 GMT - Daily Forex Overview
Published On Thu, Nov 19 2009, 08:55 GMT - Daily Forex Overview
Published On Wed, Nov 18 2009, 10:47 GMT
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