FXstreet.com

Daily FX Report

0

0

This week starting with the ISM on Tuesday via the speech of Bernanke on Wednesday to the US unemployment rate on Friday

Mon, Mar 31 2008, 08:32 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG


Good morning from wonderful Hamburg and welcome to Varengold’s Daily FX Report. We have got interesting data this week starting with the ISM on Tuesday via the speech of Bernanke on Wednesday to the US unemployment rate on Friday. We wish you a tot of profits in your positions.

Markets review

The USD rose against the JPY in choppy trading as demand from Japanese importers and institutional investors offset selling from exports on the last day of Japan’s business year. The USD climbed also 0,26 % against a basket of currencies.

The NZD fell 0,4 % to 0,7920 USD after business sentiment caused by building data pointing to a rapidly slowing economy and investors wariness about risky investment positions. Another reason could be the 17 years low of the New Zealand business confidence. The National Bank published New Zealand’s monthly business outlook. 6,4 % of companies expect their own business to deteriorate in the next 12 months.

The AUD edges also down. Against the USD the AUD lost 0,1% down to 0,9166 as risk aversion prompts investors to bail out of higher yielding currencies and leveraged trades. The Australian inflation remains high at 4% in March, well above the top of RBA´s (Reserve Bank of Australia) 2 – 3 % target band.

Technical analysis

GBP/USD

The GBP trades actual a little bit under the 2 USD mark after touching the resistance at 2,02. We see the next support at near 1,97 where a good side trading range could be developed.

Chart 1

NZD/USD

The NZD is still in its trading range between 0,79 and 0,82 since the end of Febuary. But the side trend seems to slow down and the NZD might turning downside.

Chart 2



Pivot Points - Daily FX Support and Resistance Levels
Currency Support 2 Support 1 Pivotpoint Resistance 1 Resistance 2
EUR / USD 1,5739 1,5775 1,5795 1,5831 1,5851
USD / JPY 97,95 98,43 99,31 99,79 100,67
GBP / USD 1,9851 1,9907 1,9943 1,9999 2,0035
USD / CHF 0,9888 0,9908 0,9950 0,9970 1,0012
AUD / USD 0,9119 0,9141 0,9161 0,9183 0,9203
USD / CAD 1,0203 1,0212 1,0224 1,0233 1,0245
NZD / USD 0,7874 0,7914 0,7934 0,7974 0,7994
EUR / AUD 1,7188 1,7218 1,7214 1,7270 1,7292
EUR / CAD 1,6103 1,6133 1,6149 1,6179 1,6195
EUR / CHF 1,5642 1,5671 1,5714 1,5743 1,5786
EUR / GBP 0,7884 0,7902 0,7917 0,7935 0,7950
EUR / JPY 154,80 155,60 156,86 157,66 158,92
GBP / CHF 1,9714 1,9764 1,9848 1,9898 1,9982
GBP / JPY 195,01 196,29 198,18 199,46 201,35

Daily Calendar & Key FX Events
Date Time (GMT) Economic Indicator Last
31.03.2008 08:00 EZ Money - Private loans 11,1
31.03.2008 08:00 EZ Money-M3 annual grwth 11,5
31.03.2008 09:00 EZ Business climate 0,72
31.03.2008 09:00 EZ Economic sentiment 100,1
31.03.2008 09:00 EZ Inflation, flash yy 3,3
31.03.2008 09:00 IT CPI (EU norm) prelim mm 0,1
31.03.2008 13:00 US New York NAPM index 427,7

Published on  Mon, Mar 31 2008, 08:49 GMT


Archive

Varengold Wertpapierhandelsbank AG  | Große Elbstraße 27, 22767 Hamburg
http://www.varengold.de/ | info@varengold.de

Legal disclaimer and risk disclosure

This document is issued and approved by Varengold WPH Bank AG. The document is only intended for market counterparties and intermediate customers who are expected to make their own investment decisions without undue reliance on the information set out within the document. It may not be reproduced or further distributed, in whole or in part, for any purpose. Due to international laws/regulations not all financial instruments/services may be available to all clients. You should have informed yourself about and observe any such restrictions when considering a potential investment decision. This electronic communication and its contents are intended for the recipient only and may contain confidential, non public and/or privileged information. If you have received this electronic communication in error, please advise the sender immediately, and delete it from your system (if permitted by law). Varengold does not warrant the accuracy, completeness or correctness of any information herein or the appropriateness of any transaction. Nothing herein shall be construed as a recommendation or solicitation to purchase or sell any financial product. This communication is for informational purposes only. Any market or other views expressed herein are those of the sender only as of the date indicated and not of Varengold. Varengold reserves the right to consider any order sent electronically as not received unless it is confirmed verbally or through other means.


Interested in forex trading? forex brokerage firms!


MG Financial Group
Contact the broker/FDM
Open a demo account
ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
Deutsche Bank
Contact the broker/FDM
Open a demo account		Saxo Bank A/S
Contact the broker/FDM
Open a demo account		Interbank FX, LLC
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

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.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.