Daily FX Report
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The USD rose sharp on Thursday after government data showed signs of resilience in the labor market
Fri, Apr 25 2008, 09:26 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from Hamburg. Yesterday the dollar was pushed by the US labor data while the EUR came under pressure by bad German IFO Export data.
Markets review
The USD rose sharp on Thursday after government data showed signs of resilience in the labor market, while a key confidence measure in Germany plunged, weighing on the European currency. The EUR fold 1,3% to the low of 1,5639 which was the worst performance since nearly four years. However the USD rose 1,1% against the basket of six major currencies at 72,569.
The Japanese annual inflation as measured by core CPI hit a decade high of 1,2% in March, as expected, but the BOJ is expected to sit tight on interest rates for a while in the face of a soft economic outlook at home. The USD/JPY is up 0,1% at 104,35. Traders say Japanese exporters offer are lined up between 104,50 and 105 while hefty stops are looming around 105.
Canada’s primary securities dealers unanimously predict on the Bank of Canada will cut its key overnight interest rate in June, but after that most are calling for a pause in the easing cycle. The CAD lost 0,37% against the USD and closed the Thursday at 1,0133.
Technical analysis
EUR/USD
Three days after the EUR/USD hit the all time high at 1,6018 it dropped hard after positive US economy data. The break through the up trend line could be a sign for a cool down of the record highs in the recent months.
USD/CHF
Since the middle of March the USD/CHF traded in a horizontal trend channel. The fourth attempt to break through the resistance at 1,0217 was successful. Should it hold the level in the next trading day could there establish an up trend development.
| Currency | Support 2 | Support 1 | Pivotpoint | Resistance 1 | Resistance 2 |
| EUR / USD | 1,5482 | 1,5581 | 1,5736 | 1,5835 | 1,5990 |
| USD / JPY | 102,78 | 103,51 | 104,02 | 104,75 | 105,26 |
| GBP / USD | 1,9616 | 1,9678 | 1,9747 | 1,9809 | 1,9878 |
| USD / CHF | 1,0055 | 1,0205 | 1,0295 | 1,0445 | 1,0535 |
| AUD / USD | 0,9307 | 0,9352 | 0,9418 | 0,9463 | 0,9529 |
| CAD / USD | 1,0065 | 1,0103 | 1,0157 | 1,0195 | 1,0249 |
| NZD / USD | 0,7800 | 0,7834 | 0,7893 | 0,7927 | 0,7986 |
| EUR / AUD | 1,6530 | 1,6603 | 1,6689 | 1,6762 | 1,6848 |
| EUR / CAD | 1,5654 | 1,5780 | 1,5972 | 1,6098 | 1,6290 |
| EUR / CHF | 1,6056 | 1,6150 | 1,6198 | 1,6292 | 1,6340 |
| EUR / GBP | 0,7876 | 0,7911 | 0,7969 | 0,8004 | 0,8062 |
| EUR / JPY | 161,99 | 162,79 | 163,65 | 164,45 | 165,31 |
| GBP / CHF | 1,9936 | 2,0191 | 2,0325 | 2,0580 | 2,0714 |
| GBP / JPY | 203,35 | 204,60 | 205,35 | 206,60 | 207,35 |
| Date | Time (GMT) | Economic Indicator | Last |
| 25.04.2008 | 06:00 | De Import prices mm | 1,10 |
| 25.04.2008 | 08:00 | EZ Money – Private loans | 10,9 |
| 25.04.2008 | 08:00 | EZ Money-M3 annual grwth | 11,3 |
| 25.04.2008 | 08:30 | GB GDP prelim yy Q1 | 2,80 |
| 25.04.2008 | 13:55 | USU.Mich sentiment final | 69,5 |
| 25.04.2008 | 13:55 | USU.Mich expectation final | 60,1 |
| 25.04.2008 | 14:30 | USECRI weekly annualized | -10,2 |
Published on Fri, Apr 25 2008, 09:39 GMT
Archive
- After a weak start in the new week, the JPY finally rose again after stocks declined
Published On Mon, Jul 13 2009, 12:28 GMT - The USD/CHF keeps on trading in a zigzag movement
Published On Fri, Jul 10 2009, 08:29 GMT - The GBP declined against the USD for the fourth day in a row
Published On Wed, Jul 8 2009, 08:22 GMT - The EUR/GBP rose from 0.8560 to 0.8585 at its closing
Published On Tue, Jul 7 2009, 09:09 GMT - The currency pair traded close to a bullish trend-line (green) during June
Published On Mon, Jul 6 2009, 08:07 GMT
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