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- New York 20:33
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Stocks trading in and around where they started in Europe this morning, the Dow finishing slightly up at session end yesterday. Oil and gold still falling during European session giving the lift back to the dollar. Now trading at 1.6220 (from a high of 1.6375 as of yesterdays trading session) for cable and 1.3880 for eurodollar (highs yesterday of 1.4070). UK PPI figures mixed, up on input, down on output albeit not really affecting direction. The strength of the dollar is most certainly being driven by the earnings figures out next week which are expected to disappoint. The 'safe haven' Yen also trading higher across the board again through worries for next weeks earnings. G8 meeting ending today, no surprises there, global recession to be continuing for the foreseeable future, certainly until the end of the year and into Q1 of 2010. Our prediction that the dollar will strengthen over the summer, retrace during Q4 allowing the stocks to head back towards 9000 still very much in line with the correlation of stocks and dollar at the back end of the year into 2010 still very much in play.
Cable trading this morning through the 1.6230 area and onto 1.6115 at time of writing. If continues, look for a move towards 1.6180 ahead of 1.6150 (38.2% ret level for the week). Resistance at 1.6250 ahead of 1.6275/00. With stocks, oil and gold along with the G8 meeting outcome all showing signs of gloom, The strengthening of the dollar seems to be the only direction. Only saving grace for the risks will be the continuation of stock buying during the US session this afternoon, but with the earning forecasts for next week to be adverse, unlikely.
Eurodollar this morning plummeting albeit finding support at the 1.3880 level from highs yesterday of 1.4075. As with cable, nothing to stop the fall as earnings next week. The Yen also gaining ground against the single currency, along with the pound. Should we break and hold 1.3900, expect a move back towards 1.3880 ahead of 1.3840 (lows of the week). Resistance at 1.3930 ahead of 1.3955/60 and 1.3980. US session only saving grace right now for the Euro. Down some 200 points since the highs of yesterday, good selling opportunity should we get a retracement back to 1.3950/60.
2
0
Dollar Strengthens Ahead Of Earnings
Fri, Jul 10 2009, 10:49 GMT
by Matt James
Stocks trading in and around where they started in Europe this morning, the Dow finishing slightly up at session end yesterday. Oil and gold still falling during European session giving the lift back to the dollar. Now trading at 1.6220 (from a high of 1.6375 as of yesterdays trading session) for cable and 1.3880 for eurodollar (highs yesterday of 1.4070). UK PPI figures mixed, up on input, down on output albeit not really affecting direction. The strength of the dollar is most certainly being driven by the earnings figures out next week which are expected to disappoint. The 'safe haven' Yen also trading higher across the board again through worries for next weeks earnings. G8 meeting ending today, no surprises there, global recession to be continuing for the foreseeable future, certainly until the end of the year and into Q1 of 2010. Our prediction that the dollar will strengthen over the summer, retrace during Q4 allowing the stocks to head back towards 9000 still very much in line with the correlation of stocks and dollar at the back end of the year into 2010 still very much in play.
Cable trading this morning through the 1.6230 area and onto 1.6115 at time of writing. If continues, look for a move towards 1.6180 ahead of 1.6150 (38.2% ret level for the week). Resistance at 1.6250 ahead of 1.6275/00. With stocks, oil and gold along with the G8 meeting outcome all showing signs of gloom, The strengthening of the dollar seems to be the only direction. Only saving grace for the risks will be the continuation of stock buying during the US session this afternoon, but with the earning forecasts for next week to be adverse, unlikely.
Eurodollar this morning plummeting albeit finding support at the 1.3880 level from highs yesterday of 1.4075. As with cable, nothing to stop the fall as earnings next week. The Yen also gaining ground against the single currency, along with the pound. Should we break and hold 1.3900, expect a move back towards 1.3880 ahead of 1.3840 (lows of the week). Resistance at 1.3930 ahead of 1.3955/60 and 1.3980. US session only saving grace right now for the Euro. Down some 200 points since the highs of yesterday, good selling opportunity should we get a retracement back to 1.3950/60.
Published on Fri, Jul 10 2009, 10:52 GMT
Archive
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Advanced Currency FX declines any liability connected with losses incurred on transactions based on any market information and/or options given. Advanced Currency FX assumes no responsibility for errors, inaccuracies or omissions in these materials. They do not warrant the accuracy or completeness of the information, test, graphics, links or other items contained within these materials. ADvanced Currency FX and its affiliates shall not be liable for any special, indirect, incidental, on consequential damages, including without limitation losses, lost revenues, or lost profits that may result from these materials. Market analysis is not a solicitation to buy or sell currency. Trading foreign exchange on margin carries a high risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You may be liable for losses to exceed the amount of margin that you post. You should be aware of all the risk associated with foreign exchange trading, and seek advice from and independant advisor if you have any doubts. Past returns are not indicative of future results.Related reports
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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