http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-20.htmlOn Thursday, there were corrections in several asset markets. To some extent, this broader move also hit EUR/USD trading. The pair was sold in quite an aggressive way at the start of trading in Europe. At that time, the decline was a bit out of range with the price action in other markets (especially in the stock market). So, it looked is if EUR/USD was in for more pronounced technical correction. However, the pair found soon a bottom in the 1.4850 area. Additional stock market losses later inFri, 20 Nov 2009 08:52:42 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-20.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-19.htmlAfter two days of a slightly disappointing price action (especially compared to the global stock market performance), EUR/USD found again its composure on Wednesday. At first there was not really a big story behind the euro rebound. A positive start on the European equity markets might have been a good reason, although the link was not as tight as on Monday and Tuesday. The move even accelerated after the publication of the BoE minutes (cross currency impact from EUR/GBP?). Weaker thanThu, 19 Nov 2009 08:08:23 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-19.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-18.htmlOn Tuesday, global markets entered somewhat of a consolidation phase after the strong rally in almost all asset markets on Monday. Stocks fell prey to a moderate profit taking move and this correction was also visible in the EUR/USD price action. EUR/USD drifted lower throughout most of the session and the move even accelerated early in the US trading hours. Market comments still saw some support for the US currency from Fed’s Bernanke’s comments on Monday evening. We don’t join this analysis.Wed, 18 Nov 2009 08:29:58 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-18.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-17.htmlOn Monday, the EUR/USD currency pair made some cautious gains. However, given the buoyant price action in most other (asset) markets, the performance of the single currency should be considered as slightly disappointing. Indeed, after some initial gains in Asia, EUR/USD basically held a sideways trading pattern in the upper half of the 1.49 big figure during the morning session in Europe and early in US trading. So, the cross rate hardly profited from the strong gains on the equity markets,Tue, 17 Nov 2009 09:10:35 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-17.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-16.htmlOn Friday, there were quite a series of interesting eco data scheduled for release. However, the immediate impact on markets in general and on currency trading in particular, was rather limited. Stocks traded sideways in Europe and EUR/USD joined this pattern. The European economy left the recession behind in Q3 as data showed a 0.4%M Q/Q growth. However, this (slightly weaker than expected) figure failed to inspire markets. Stocks came under some pressure early in US trading. The tradeMon, 16 Nov 2009 08:27:44 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-16.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-13.htmlOn Thursday, global markets didn’t really know which way to go. European stocks didn’t do that bad, but the US stock market indices failed to extend their recent rally and this slowed the ‘coincident’ decline of the US dollar. In EUR/USD technical considerations played a role too. The pair on Wednesday came close to the year highs, but a real test/break didn’t occur. This was enough a reason for some short-term players to scale down EUR/USD longs, especially as the price action on the equityFri, 13 Nov 2009 08:23:46 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-13.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-12.htmlOn Wednesday, trading in most markets, including in EUR/USD , was mostly driven by technical considerations. There were no important eco data on the agenda in the US. In several markets trading volumes were light as a lot of investors enjoyed a holiday on November 11 (Veteran’s day). So, markets had to build on the trading themes that were already in place earlier this week. In a global context, investors still took comfort from the message from last week’s central bank policy decisions andThu, 12 Nov 2009 08:24:09 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-12.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-10.htmlOn Monday, markets took quite a spectacular start to the new trading week and EUR/USD joined this broader move as the currency pair regained temporary the 1.50 barrier. Recently, the news flow continued to be dollar negative while riskier assets received again a better bid. This is still enough a reason to push EUR/USD higher. At last week’s meeting, the Fed reiterated to keep rates exceptionally low for a prolonged period. The US employment rate rising above 10% as shown in the labour marketTue, 10 Nov 2009 10:26:22 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-10.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-09.htmlOn Friday, the focus on currency markets shifted from central bank actions (FED, ECB, BOE) to the US payrolls. This report is still one of the most influential economic data. However, this time it had no lasting impact on currency trading. EUR/USD hovered sideways in the 1.4860/1.4900 area going into to publication of this report. The payrolls came out slightly weaker than expected. The newswires gave a lot of attention to the employment rate moving beyond the 10.0% mark. However, taking intoMon, 09 Nov 2009 08:42:32 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-09.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-06.htmlOn Thursday, the currency market got quite a lot of key drivers like the ECB and BoE meetings, the stunning US productivity data and an ebullient equity run. However, when traders went home, little had changed in the major crosses. EUR/USD closed at 1.4872, very marginally up from the 1.4862 close on Wednesdays. This should be considered as disappointing from the euro point of view. Indeed, surging equities or increased risk appetite in recent months was a euro positive, while also the ECBFri, 06 Nov 2009 08:27:42 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-06.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-05.htmlOn Wednesday, the main event in the currency markets was of course the FOMC meeting that concluded with the publication of the statement at 20h15 CET. However, it seemed that the market correctly anticipated the FOMC decision to keep its ultra-loose policy in place and continued to anticipate keeping rates at these exceptional low levels for an extended period of time. This is intrinsically of course dollar negative as it leaves the US with the most loose policy stance throughout the world andThu, 05 Nov 2009 08:28:10 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-05.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-04.htmlOn Tuesday, EUR/USD had a rollercoaster ride that ended with modest, technical insignificant gains for the dollar. At first the dollar correction resumed as European equities hit the skids and EUR/USD fell from about 1.48 at the onset of European trading till a 1.4626 intra-day low at noon. Later on, equities found their composure and even regained some, albeit modest ground. Unsurprisingly, this pushed EUR/USD again up towards a 1.4725 close, limiting daily losses to about 50 ticks. Today,Wed, 04 Nov 2009 09:08:15 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-04.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-03.htmlOn Monday, EUR/USD had a quite uneventful session that ended with some modest, albeit insignificant gains for the euro which only partly erased Friday’s losses. The pair closed at 1.4775, up from Friday’s close of 1.4718. There were no decisive moves in other markets too, as most markets are eagerly awaiting the outcome of the central bank meetings that will take place this week. The global eco news was generally encouraging with further signs that the manufacturing sector is recovering quiteTue, 03 Nov 2009 08:09:35 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-03.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-02.htmlOn Friday, EUR/USD came again under pressure, especially when US equities started to crumble. As usual, stocks were the key driver for trading in the EUR/USD currency pair. European stock markets failed to extend the gains in the US after Thursday’s Q3 US GDP figure. This capped the rebound in EUR/USD, but the losses for the single currency remained rather limited, with the pair holding above the 1.48 mark going into the US trading session. Later on, the Chicago PMI came out much better thanMon, 02 Nov 2009 08:34:14 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-11-02.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-30.htmlOn Thursday, the key question was whether the EUR/USD correction would continue. In previous days, there was no obvious economic story supporting that correction. However, it still was a key data release, notably the US Q3 GDP, which decided its fate at its end. During the morning session in Europe, stocks were in a wait-andsee mode and EUR/USD showed some signs of bottoming out, too. However, US Q3 GDP figure came out (slightly) better than expected and triggered a sharp reaction in allFri, 30 Oct 2009 08:11:01 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-30.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-29.htmlOn Wednesday, the correction global markets continued and the currency market was no exception to this rule. Scaling down/taking profit on positions in riskier assets was the name of the game of the game. The unwinding of carry trades favoured the dollar (and even more the yen). European stock markets were already under pressure from the open, but at first the damage for EUR/USD was rather limited. The pair gradually drifted to the 1.4800 area. At the start of US trading, the correction on theThu, 29 Oct 2009 08:10:20 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-29.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-28.htmlOn Tuesday, the correction on global (equity) markets that started on Monday evening continued and this time EUR/USD joined the move. However, there was no sense of panic at all. It developed in a very gradual way. European equities soon found a bottom and EUR/USD initially hovered in the 1.4900/1.4850 area. The US data were mixed. At first a better than expected CS house price release seemed able to block the correction. However, later on weaker-than-expected consumer confidence and RichmondWed, 28 Oct 2009 07:58:56 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-28.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-27.htmlOn Monday, EUR/USD had an extremely calm session in Europe and early in US dealing. In the Asian overnight session, there was some fuss about an article in a People’s Bank of China paper, where Mr. Zhou Hai, a BoC official wrote that while the dollar would remain the principal currency in China’s huge FX reserves, the share of the euro and the yen should increase. This temporarily pushed EUR/USD higher for a test of the recent highs at 1.5063, but the pair soon retreated and hovered in a veryTue, 27 Oct 2009 08:08:16 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-27.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-26.htmlOn Friday, EUR/USD hovered sideways around the 1.5030 Thursday’s closing level for most of the session, closing with marginal losses at 1.5009. The greenback once more had difficulties to gain on the equity correction that hit Wall Street. The stronger EMU PMI data triggered a small spike lower in EUR/USD, apparently on the expectation that it would support equities, but as equities barely reacted, EUR/USD reverted higher, helped later on by the weak UK GDP report. However, it is fair to sayMon, 26 Oct 2009 08:22:12 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-26.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-23.htmlOn Thursday, the dollar at first managed to eke out some modest gains against the euro following its decline to a new 14 month low on Wednesday. Equity weakness and thus risk aversion was the driver behind the dollar rise, but the correction was modest and without longer-lasting significance. Indeed, EUR/USD bottomed out in late morning European trading and moved higher for the remainder of the session, setting a new ST high at 1.5061 late in the US session, before closing at 1.5029,Fri, 23 Oct 2009 07:10:33 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-22.htmlOn Wednesday, stock markets traded very volatile. At first, they seemed ready for the long overdue correction, but following a batch of strong earnings results they rallied strongly, matching, but not breaking the recent highs (1100 for S&P), only to plunge lower in a late session sell off. Obviously, in the absence of important eco data on both sides of the Atlantic, equities were in command on the forex markets, but the dollar reaction on equity gyrations was once again asymmetric,Thu, 22 Oct 2009 07:30:45 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-22.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-21.htmlOn Tuesday, EUR/USD continued to trade within striking distance of the psychological barrier of 1.50 for most of the session, but a real test of this key level didn’t occur. At the start of trading, currency traders still kept an eye on the outcome of the meeting of the eurogroup finance Ministers. The declarations after this meeting showed mounting unease among European policy makers with current strength of the single currency. However, the official talk was not really different from theWed, 21 Oct 2009 07:25:21 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-21.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-20.htmlOn Monday at the start of a new trading week, risk appetite unmistakably dominated all markets. At the end of last week, investors apparently were considering whether it wasn’t the time to book profit on the recent stock market gains after GE and BoA results didn’t satisfy the high expectations. A similar sign of fatigue was visible on the EUR/USD charts. However, this investor caution was very short-lived. Without much concrete news, European equity markets started the week strongly, even ifTue, 20 Oct 2009 07:02:31 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-20.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-19.htmlOn Friday, it was correction time on the stock markets and according to the recent market logic this also put some downward pressure on EUR/USD. Stocks and EUR/USD took a decent start, but already during the European morning session some doubts crept into investors’ minds. Wasn’t this a good time to cash in some profits at the end of a very successful week? The move accelerated as soon as US traders joined the action and the results from GE and BOA failed to prop up investor sentiment. So,Mon, 19 Oct 2009 07:51:32 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-19.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-16.htmlOn Thursday, trading in EUR/USD was guided by conflicting signals. Early in the session it looked as if the pair would go for a test of the psychological level of 1.50, but the move lacked the power to do so. Stocks were in a wait-and-see mode ahead of a next batch of earnings releases. The results of Goldman Sachs were better than expected, but markets considered it as a good reason to cash in some profits on the recent rally. A temporary correction on the stock markets dragged also EUR/USDFri, 16 Oct 2009 07:20:22 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-16.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-15.htmlOn Wednesday, an increase in risk appetite caused the predictable dynamics on the currency markets. The dollar was sold against most other majors, including the euro. Positive global investor sentiment was supported by better than expected corporate results on both sides of the Atlantic. This was enough for the USD-downtrend to continue, but again without a real acceleration. So, the break above a key technical level (the 1.4845 previous high) once again didn’t reinforce the momentum of theThu, 15 Oct 2009 07:08:50 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-15.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-14.htmlOn Tuesday, the dollar continued to cede ground against most majors. The context was not really dollar unfriendly as the German ZEW confidence came out weaker than expected. Stocks showed a moderate correction too, but this was also not enough for a sustained USD rebound. Technical factors (EUR/USD buying interest from Asian central banks) were said to be behind the move. So, EUR/USD initially hovered in the 1.4750 area, but going into the US trading hours a new wave of dollar selling kickedWed, 14 Oct 2009 07:39:10 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-14.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-13.htmlOn Monday, EUR/USD trading developed in environment devoid of economic data. On top of that, US trading activity was lower than usual due to the Columbus holiday. So, technical factors were the key factors for trading. EUR/USD started trading in Europe close to the intraday lows from Friday. However, the dollar rebound failed to continue and the single currency gradually regained the Friday losses. So, the markets didn’t build on theme that the Fed might come closer to a reversal of itsTue, 13 Oct 2009 08:05:15 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-13.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-12.htmlOn Friday, the US dollar made a limited come-back against the euro. We think that technical reasons were the main driver behind the dollar rebound, but cannot exclude that the comments of Bernanke on the exit strategy, or at least the interpretation the news agencies gave to it (see bond piece) played some role too. EUR/USD dropped from about 1.48 in the opening to 1.47 during Asian trading. In the European morning session, the pair first stabilized, maybe due to very strong French and ItalianMon, 12 Oct 2009 07:34:43 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-12.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-09.htmlOn Thursday, overall dollar weakness was still the name of the game. Asian markets are in the focus with a lot of trader talk on USD buying from several Asian central banks. The strong gains of the Aussie, after a much better than expected Australian labour market report, reinforced the view that the wider Asian region is taking the lead in the global economic recovery. This also fuels market speculation that the several central banks in the region will be forced to join Australia in raisingFri, 09 Oct 2009 08:00:28 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-08.htmlAfter a session with a lot of fireworks on Tuesday, markets entered calmer waters yesterday. Eco data were few. The German factory orders were slightly better than expected but European Q2 growth was revised slightly lower from -0.1% Q/Q to - 0.2% Q/Q. The latter was completely irrelevant from a market point of view, but together with a very moderate correction on the equity markets, it was a good excuse to take some profit on Tuesday’s EUR/USD rebound. So, the a test of the 1.4803/45 areaThu, 08 Oct 2009 07:47:32 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-08.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-07.htmlOn Tuesday, a series of factors again conspired against the USD dollar. The rate hike of the Australian central bank supported risk taking on all markets, including the currency market. This ‘automatically’ implied additional dollar selling. The Independent article saying that several countries were holding secret talks to end the role of the dollar in oil trading and switch to a basket of currencies, put the dollar under additional pressure, even as several parties reportedly involved deniedWed, 07 Oct 2009 07:27:45 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-07.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-06.htmlOn Monday, trading took a rather slow start in the FX market. EUR/USD gained a few ticks at the open of the European markets and tested offers in the 1.4650 area, in line with the positive open on the European stock markets. However, there was not really a big story to drive the price action. The G7 didn’t show any intention to halt the gradual slide of the dollar. In an interview, ECB’s Trichet indicated that a number of currencies had to progressively and orderly appreciate vis-à-vis theTue, 06 Oct 2009 07:43:09 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-06.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-05.htmlOn Friday, traders were focused on the key US payrolls report. Earlier last week, some nervousness had been building going into this key payrolls report. This nervousness apparently was justified as the report came out weaker than expected, showing again a rise in the number of job losses to 263 000 in September. However, the reaction in the currency markets was not really standard. In the first seconds after the publication of the report, EUR/USD spiked lower line with the price action on theMon, 05 Oct 2009 07:30:44 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-05.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-02.htmlOn Thursday, EUR/USD drifted lower throughout most of the session. As usual the decline in EUR/USD more or less coincided with the forceful technical correction on the stock markets. However, considering the steep losses of equities, the correction of EUR/USD was after all fairly limited. There was not really a clear explanation for this EUR/USD resilience. Is it an indication that market talk on the US dollar as funding currency for carry trades had been a bit overdone? There was also someFri, 02 Oct 2009 07:46:16 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-02.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-01.htmlOn Wednesday, EUR/USD had a choppy trading session but at the end the changes were very limited. EUR/USD was well bid early in the session. Surprisingly, it was the eco news flow rather than the stock market performance that drove the price action. Better than expected German labour market data and, even more, low demand for liquidity in the ECB 12 month tender drove EUR/USD to intraday highs in the 1.4675 area. The move was reversed soon, but it indicates that the currency market keep an eyeThu, 01 Oct 2009 07:56:00 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-10-01.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-09-30.htmlOn Tuesday , EUR/USD extended the gradual decline that started mid last week. There was not really a big story to explain the move. Recently, most eco data still confirmed to picture of an economic rebound, but several series came out slightly below expectations. Less buoyant eco data and technical considerations slowed the rally on the stock markets and this is also slowing the ascent of EUR/USD. Yesterday, stocks again showed some, albeit limited, losses. The eco data were not that importantWed, 30 Sep 2009 07:46:56 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-09-30.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-09-29.htmlOn Monday morning, the focus in the currency markets was on the yen cross rates. Through the cross rates these yen moves also dominated the price action in most other major currencies. The steep rise of the yen/sell-off in EUR/JPY early in Asian trading also caused EUR/USD to drop from the 1.4700 area to 1.4565 area before the open of the European markets. However, the Japanese Finance Minster launched a first warning on excessive yen strength. This blocked the decline in EUR/JPY andTue, 29 Sep 2009 07:19:58 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-09-29.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-09-28.htmlOn Friday, global markets didn’t really know which way to go and this indecisiveness was visible in major cross rates like EUR/USD. Traders kept a close eye on the G20 meeting but the draft texts and the comments from participants were not really able to guide the price action. The calls for a more balanced economic growth intrinsically are dollar negative in a longer term perspective, but the immediate impact was limited. So, intraday the focus soon turned to the US eco data and to the priceMon, 28 Sep 2009 07:27:30 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-09-28.htmlhttp://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-09-25.htmlOn Thursday, markets tried to find out how far the post-Fed correction would go. European stock markets nosedived immediately after the start of trading. However, the Fed-statement didn’t contain any signal that the monetary environment would change anytime soon. So, stocks tried to regain the early losses and EUR/USD moved higher in step. Better (lower) than expected US jobless claims even briefly raised the hope that equity markets could simply extend their rally. EUR/USD tested the 1.4800Fri, 25 Sep 2009 07:25:45 GMThttp://www.fxstreet.com/fundamental/market-view/piet.lammens@kbc.be (KBC Bank)http://www.fxstreet.com/fundamental/market-view/sunrise-market-commentary-currencies/2009-09-25.html