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FX Levels for Today July 24
Thu, Jul 24 2008, 06:23 GMT
by Abdul Khan
Overview
The USD again rallied overnight, hitting one-month highs against the Yen, and a 2 week high against the EUR. The dollar was helped in part by the Beige Book survey, showing price pressures increasing, although growth was slowing. The Stagflation genie has been let out of the bottle folks!!!
Crude oil continued to slide, now over $20 off its all time highs, made less than 2 weeks ago. Gold and silver followed suit, and could fall further still before the week's out.
As expected, the RBNZ cut rates earlier today, and signalled further cuts in coming months.
Today's German IFO and US Housing data will be closely watched to see if the USD can continue its recovery, or if the EUR can bounce back some.
Data for today
GER: IFO
UK: Retails Sales
US: Existing Home Sales
For today:
EUR: Buyers should wait for 1.5600-1.5580 before establishing small longs
USD/JPY: Broke the downtrend overnight, looks set for 109.50 now. Buy dips to 107.40 today
Gold: Buyers should look to enter around 895-905. Market should be capped around 930 today.
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Published on Thu, Jul 24 2008, 06:37 GMT
Archive
- FX Levels for Today. August 14, 2009
Published On Fri, Aug 14 2009, 01:34 GMT - FX Levels for Today. August 13, 2009
Published On Thu, Aug 13 2009, 02:20 GMT - FX Levels for Today. August 10, 2009
Published On Mon, Aug 10 2009, 01:55 GMT - FX Levels for Today. August 6, 2009
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