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FX Levels for Today July 14
Mon, Jul 14 2008, 04:25 GMT
by Abdul Khan
Overview
The USD fell across the board on Friday as new credit fears came to the fore following talk of Freddie Mac and Fannie Mae requiring a government bail-out. (with names like that, no wonder the companies need assistance)
The EUR/USD has risen to 1.5970 in early trade today on the back of friday's gains, but the USD is starting to show some life following comments from Paulson suggesting the government was ready to provide assitance. Keep in mind that this will be positive short-term, but longer term the market will realise that this merely translates into the government taking over the debts of a public company - not a good precedent to be setting.
The AUD hit a new 25 year high today at 0.9710, on the back of the USD weakness.
Crude oil also jumped to a new high above US$147, they say it was on supply concerns again, but i'm thinking it just went up out of sympathy with everything else. This, along with the USD slide helped gold and silver to rally strongly. Also, the fact that I closed out my gold longs at 925 has no doubt lifted this market to greater heights.
Data for today
Nothing of any great note, but watch for further comments by US officials regarding Fannie and Freddie.
For today:
USD/JPY: sell strength towards 106.70 today
EUR/USD: buying dips to 1.5840
Bear in mind though that we may see some USD strength today following friday's slide and an attempt by US officials to talk positive.
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Published on Mon, Jul 14 2008, 05:00 GMT
Archive
- FX Levels for Today. July 2, 2009
Published On Thu, Jul 2 2009, 01:54 GMT - FX Levels for Today. July 1, 2009
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