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Daily FX Report

In February Japan's exports rose 8,7% from a year earlier

Wed, Mar 26 2008, 14:21 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG

Good morning from wonderful Hamburg and welcome to Varengold’s Daily FX Report. The drive to work was affected by snowy and icy streets. After an energized discussion about the apparently company holiday of the snow clearing service will follow the market review.

Markets review

In February Japan’s exports rose 8,7% from a year earlier. Compared to the forecast for a 7,5% increase underscores the strong data the view that solid shipments of Japanese goods to emerging economies offset slowing exports to the United States. But a surprisingly big rise in imports eroded the contribution. The USD/JPY was down slightly at 99,95 from near 100,00, while the EUR/JPY retreated to 156,20 from 156,48.

On Tuesday the EUR had surged more than 1% against the USD after the US consumer confidence hitting a five-year low. Additionally the consumer expectations sink to the lowest since 1973. Analysts said the latest news highlighted the fact that the US economy is probably in a recession. The EUR/USD posted it second-biggest one-day rise for two years and reached a peak at 1,5657.
Today investors awaiting Germany’s Ifo survey, which is forecast to fall to 103,4 from 104,1. The confidence figure is seen as a key barometer of how the biggest economy in the euro zone is faring.

Technical analysis

EUR/USD

The losses in the EUR after the unexpected rate cut are almost caught up because of bad mortgage data. So EUR could come back in its old trend channel.

USD/CAD

The USD/CAD broke the resistance at 0,9983 and trade actual on the upper side of the horizontal trend channel, which exist since the end of 2007. If there is no break in the trend upside the market could come back to its old resistance at 0,9983.

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Published on  Wed, Mar 26 2008, 14:35 GMT

Archive

• House prices in Britain suffer the sharpest fall since 30 years in April
  Published On Tue, May 13 2008, 08:35 GMT
• USD came also under pressure as oil prices clock another
  Published On Mon, May 12 2008, 13:05 GMT
• Trichet said inflation remains his top concern
  Published On Fri, May 9 2008, 08:23 GMT
• NZD/USD hit hard
  Published On Thu, May 8 2008, 09:21 GMT
• The British consumer morale falls in April to its lowest since records began four years ago
  Published On Wed, May 7 2008, 13:23 GMT

[ View All ]

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