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Daily Forex Overview
Fri, Mar 20 2009, 08:41 GMT
by Raivis Zile
Dukascopy Swiss FX Group | View company's profile
Previous session overview
The U.S. dollar rose slightly against the yen and the euro Friday in Asian trade after hitting multi-week lows a day earlier.
The US dollar remained extremely weak on Thursday following the Federal Reserve's quantitative easing announcement on Wednesday.
Yesterday EURUSD traded with a low of USD1.3419 and a high of USD1.3737 before closing the day at USD1.3670.
The Sterling traded above USD1.4500 supported by the Fed plan to purchase bonds. Although the rally was subdued with views that the BoE plan to instill their own quantitative easing last week may counteract that of the FOMC.
US dollar weakened to as low as JPY93.55 versus Japanese yen and USD1.1158 against the Swiss franc respectively before profit-taking emerged on risk aversion due to the fall in U.S. stock markets. U.S. dollar was down by 1.4 percent at JPY94.53 and 1.6 percent at USD1.1235 respectively against the yen and Swiss franc in late New York session.
The Australian dollar consolidated gains just below two-month highs in Asia Friday in preparation for what many analysts expect will be a serious test of USD0.7000 in coming sessions.
Market expectation
The euro is little changed against the dollar and yen on Friday, but observers say the greenback could resume sliding soon.
The dollar found some support overnight as U.S. stocks fell on renewed concerns about the U.S. financial services industry, fueling demand for the currency as a relative safe haven. However, analysts expect the U.S. Federal Reserve's quantitative easing measures, announced earlier this week, to continue weighing on the dollar.
The euro should remain especially well-supported at this moment, but its performance will be heavily influenced by any hint of euro-zone monetary policy changes ahead of the European Central Bank's April 2 meeting.
EURUSD Asian highs soon eroded into European dealing as euro-dollar regains the USD1.37 handle amid talk of Russian demand. Offers reported into USD1.3720, ahead of Thursday's highs at USD1.3739. Stops then placed through USD1.3760.
The Aussie has acquired a new gloss since the announcement Wednesday by the U.S. Federal Reserve that it will undertake quantitative easing, according to some traders. Strengthening commodity prices in the second half of the week and a fresh reexamination of the comparatively high yields and strong fundamentals on offer in Australia is lending support to the currency, they said.
Markets in Japan will be closed for a holiday on Friday.
Most important events of the day
| 20-Mar | Count. | Event | For | Unit | Imp. | Act. | Cons. | Prev. |
| 0:00 | JP | Market Holiday - Vernal Equinox | Low | |||||
| 0:00 | US | St.Louis Fed President Bullard speaks in Paris at a Banque de France workshop | Low | |||||
| 2:00 | NZ | Credit Card Statistics | Feb | % m/m (sa) | Low | -2.2 | ||
| 7:00 | DE | PPI | Feb | % m/m | Med | -1.2 | ||
| 7:00 | DE | PPI | Feb | % y/y | Med | 2 | ||
| 9:00 | IT | Unemployment (sa) | Q4 | % rate | Low | 6.7 | ||
| 9:00 | EU | European Council meeting (final day) | Low | |||||
| 9:00 | WLD | WTO dispute settlement body meeting | Low | |||||
| 10:00 | EU | Trade balance (sa) | Jan | EUR bn | High | 0.3 | ||
| 10:00 | EU | Trade balance (nsa) | Jan | EUR bn | High | -0.7 | ||
| 13:30 | CA | Motor Vehicle Sales | Jan | % m/m | Low | -14.8 | ||
| 13:30 | CA | Retail Sales | Jan | % m/m | High | -5.4 |
Published on Fri, Mar 20 2009, 08:44 GMT
Dukascopy Swiss FX Group
| ICC, Route de Pre-Bois 20; 1215 Geneva 15
http://www.dukascopy.com/ | info@dukascopy.com
Archive
- Daily Forex Overview
Published On Thu, Mar 18 2010, 07:59 GMT - Daily Forex Overview
Published On Wed, Mar 17 2010, 08:21 GMT - Daily Forex Overview
Published On Tue, Mar 16 2010, 09:07 GMT - Daily Forex Overview
Published On Fri, Mar 12 2010, 09:00 GMT - Daily Forex Overview
Published On Thu, Mar 11 2010, 08:51 GMT
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