• Home ::
• Technical ::
• Analysis Reports ::
• Daily FX Report

• Send
• Print
• Add To
• Rss

Daily FX Report

USD came also under pressure as oil prices clock another

Mon, May 12 2008, 13:05 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG

Good morning from wonderful sunny and warm Hamburg. Today in Germany there is one more time a bank holiday. And it is the last day to have a wonderful view on Hamburg harbour skyline and many wonderful ships from the whole world.

Markets review

USD/JPY rises 0,56 % to 103,40. USD extends gains after rising earlier on commercial demand, which often includes buying by Japanese importers. In an Interview a Trader from a Japanese bank said, Nikkei´s rise into positive territory in the afternoon seems to be to support USD/JPY and other JPY currency pairs. AUD/USD and NZD/USD are both plumbing session lows after commercial data in both countries shows slowdown signs. AUD/USD lost 0,5 % to 0,9374. The NZD/USD reached a four month low and the market hits 0,7638, that was a lost of 0,6 % during the day. EUR/USD was up 0,2 % at 1,5430. USD came also under pressure as oil prices clock another record high near 125 USD, while EUR was supported after ECB´s Trichet vows to stay tough on inflation risks, even as data shows that the euro zone economy is slowing. GBP/USD was down for more than 0,2 % at 1,9505. This level is a two month low and was supported by BoE, who is thinking about rate cuts in the next month.

Technical analysis

GBP/CHF
The GBP/CHF comes to one trading range after another. The market traded one month between its levels 1,9601 and 2,0266. In the middle of March there was a break through the channels support and the market came back to its old range from the beginning of March. It tried to break its new support at 2,08 but it looks like for more side movements.

USD/CAD
In USD/CAD there was established a very large trading range about two cents. The market moves from pari up to around 1,0240. Since middle of March there was no new trend direction. At the moment the market is on the way back to pari. There is a chance for another rebound in direction of its support at 1,0237.

• Daily Calendar & Key FX Events

Published on  Mon, May 12 2008, 13:18 GMT

Archive

• USD fell against the EUR in a volatile session
  Published On Wed, Jul 2 2008, 07:58 GMT
• Market wants Central Bankers comments
  Published On Mon, Jun 30 2008, 15:24 GMT
• EUR/USD reached a 3 week high at 1.5768 on Thursday
  Published On Fri, Jun 27 2008, 11:19 GMT
• The market is expecting the Fed to raise its interest rates more than once this year
  Published On Thu, Jun 26 2008, 08:34 GMT
• The Fed is expected to keep its interest rate low, at 2%.
  Published On Wed, Jun 25 2008, 08:21 GMT

[ View All ]

• More Reports from this Author
• More Reports from this Contributor

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