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Daily Forex Overview
Tue, Sep 1 2009, 08:49 GMT
by Raivis Zile
Dukascopy Swiss FX Group | View company's profile
Previous session overview
EURUSD has ended the month of August at high levels above 1.4330. This morning in Asia the Euro remained bid, climbing up to 1.4370 before the European open. This year's high seen in July is not far away at 1.4440.
Cable, which has underperformed in late August has also gained in the Asian session this morning, rising up to 1.6373 from the day's opening level at 1.6280. With the rally the pair has breached a 3-week bearish trend-line.
USDJPY had closed the month of August on a low note at 92.80 - losing more than 4 Yen over the course of the past 2 weeks. This morning the Dollar held its ground and rose to 93.30. GBPJPY and EURJPY both faired very strongly rising more than 100 pips each: EURJPY opened the day at 133.10 and climbed to 134.15 while GBPJPY opened at 151.20 to rise as high as 152.72.
Market expectation
The Dollar suffered from the strong performance of the Dow on Monday and market watchers expect this trend to continue into the early parts of September. With this the Euro is likely to rise in search of the July 1.4440 top over the course of the next few trading days.
With Cable breeching the 3-week bearish trend-line from the August spike above 1.70 there is lots of space for a correction up. 1.6360 is first strong resistance, Fibonacci retracement levels lie at 1.6490 and 1.6600 and are likely targets over coming weeks.
It has yet to been seen whether USDJPY can extend its sharp fall towards beyond strong support at the 92.00 level. If the pair can stabilize around 93.00 we are likely to see a return towards 94.40 first. With a stronger Euro and stronger Pound, the Yen-crosses may find some good support and correct some of their losses seen in August. EURJPY has plenty of space up towards 136 and GBPJPY may head back above 155 - to the downside strong support is seen at 131.50 and 149.00 respectively.
Most important events of the day
| 1-Sep | Count. | Event | For | Unit | Imp. | Act. | Cons. | Prev. |
| 0:00 | US | Vehicle Sales | Aug | mn | Low | 13.2 | 11.25 | |
| 0:00 | EU | Finance Ministers to hold lunch meeting in Brussels | Low | |||||
| 0:00 | BE | Unemployment | Aug | % rate | Low | 8.1 | ||
| 1:30 | AU | Current Account | Q2 | A$ bn | High | -10.7 | -4.6 | |
| 1:30 | AU | Building approvals | Jul | % y/y | Low | -9.1 | -14.3 | |
| 1:30 | AU | Building approvals | Jul | % m/m | Low | 3.3 | 9.3 | |
| 4:30 | AU | RBA Cash Rate announcement | Low | |||||
| 5:45 | CH | GDP | Q2 | %q/q | High | -0.3 | -1 | -0.8 |
| 5:45 | CH | GDP | Q2 | %y/y | High | -3 | -2.4 | |
| 6:00 | DE | Retail Sales | Aug | % m/m | Med | |||
| 6:00 | DE | Retail Sales | Jul | % m/m | Med | 0.7 | -1.3 | |
| 6:00 | DE | Retail Sales | Jul | % y/y | Med | -1 | -1.2 | -2 |
| 6:30 | SE | Manuf. PMI (sa) | Aug | index | Low | 54.5 | 54.3 | |
| 7:30 | IT | ISAE Business Sentiment | Aug | index | Low | 73 | 71.7 | |
| 7:30 | CH | Manuf. PMI | Aug | index | Low | 50.2 | 46.9 | 44.3 |
| 7:30 | DK | Retail Sales | Jul | % m/m | Low | -0.7 | ||
| 7:30 | DK | Retail Sales | Jul | % y/y | Low | -4 | ||
| 7:45 | IT | Manuf. PMI | Aug | index | Low | 44.2 | 46.2 | 45.4 |
| 7:50 | FR | Manuf. PMI | Aug | index | Low | 50.2 | 50.2 | |
| 7:55 | DE | Unemployment | Aug | K | Low | 30 | -6 | |
| 7:55 | DE | Manuf. PMI (F) | Aug | Index | Med | 49 | 49 | |
| 8:00 | GB | Halifax House Price Index (1st-4th) | Aug | % 3m y/y | Low | -10.1 | -12.1 | |
| 8:00 | GB | Halifax House Price Index (1st-4th) | Aug | % m/m | Low | 1 | 1.1 | |
| 8:00 | IT | Hourly Wages | Jul | % y/y | Low | 2.2 | 2.8 | |
| 8:00 | IT | Hourly Wages | Jul | %m/m | Low | 0.2 | 0.1 | |
| 8:00 | EU | Manuf. PMI | Aug | index | Low | 47.9 | 47.9 | |
| 8:00 | NO | Current Account | Q2 | NOK bn | low | 95 | 76 | |
| 8:30 | GB | BSA Mortgage Approvals | Jul | GBP bn | Low | -0.436 | ||
| 8:30 | GB | CIPS Manuf. PMI | Aug | index | Med | 51.5 | 50.8 | |
| 8:30 | GB | M4 Money Supply (F) | Jul | % m/m | Low | 1 | ||
| 8:30 | GB | M4 Money Supply (F) | Jul | % y/y | Low | 13.6 | ||
| 8:30 | GB | BoE - Mortgage Approvals | Jul | k | Low | 50.1 | 47.6 | |
| 8:30 | GB | BoE - Net Consumer Credit | Jul | GBP bn | Low | 0.1 | 0.1 | |
| 8:30 | GB | BoE - Secured Lending | Jul | GBP bn | Low | 0.3 | 0.3 | |
| 9:00 | NO | Retail Sales (sa) | Nov | %y/y | Low | |||
| 9:00 | EU | Unemployment | Jul | % rate | Med | 9.5 | 9.4 | |
| 9:00 | DK | Manuf. PMI | Aug | index | Low | 47.8 | ||
| 14:00 | US | Construction Spending | Jul | % m/m | Low | -0.1 | 0.3 | |
| 14:00 | US | ISM Survey (Manf.) | Aug | index | High | 50.5 | 48.9 | |
| 14:00 | US | Pending Home Sales | Jun | % m/m | Med | 1.6 | 3.6 | |
| 17:00 | IT | Budget Balance | Aug | EUR mn | Low | -4 |
Published on Tue, Sep 1 2009, 08:52 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 Fri, Mar 19 2010, 08:41 GMT - 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
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.Related reports
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