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Last night the oil price decreased
Fri, Jul 18 2008, 08:32 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from Hamburg. Last night the oil price decreased, and for the first time since the beginning of June, traded at under $130 a barrel. That must be good news for the gas bill, and raises hopes for further price drops. But what can we do against the high gas bill? The best is to earn enough money in Forex that it doesn’t matter.
Market review
ECB chairman Trichet outlined a base-line scenario of reduced growth in the second and third quarters of 2008, and laid out projections for moderate growth in the following quarters. Along with these growth projects, he gave descriptions of current growth risks, including “significant financial market correction, the possible further increases in oil and commodity prices, and the possible unwinding of global financial imbalances.” Furthermore, Trichet said that the ECB was committed to control inflation, with a target of below 2 percent, from the record 4 percent in June, and hinted that future interest rate hikes might not be out of the question. The EUR/USD was nearly unchanged, increasing 0.26% and closing at 1.5864.
The USD has begun to stabilize, likely supported by relaxed oil prices. It is, however, still capped due to recent shakeups in the financial system. On Thursday, the USD had the best day against the JPY in over 3 months, with a high of over 107, after hitting 1 ½ month low of 103.75 on Wednesday.
Australia’s Q2 export prices beat expectations and soared 13.5 % qtr/qtr, caused by a boom from rising commodity prices, while import prices rose 1.4%, slightly below expectation of around 1.7%. The data had a little impact on the Aussie, which nurses slight losses on the day at 0.9711 and is near the session low at 0.9708.
EUR/USD
After reaching a new all time high on Tuesday, the EUR has since been retreating against the USD. The 1.58 level developed into a hard mark, as it first provided resistance in May and June, and now it has become a support. If this trend continues, the EUR/USD could reach a new high next week.
USD/CHF
The USD/CHF had a support line at 1.0125 throughout June. However, it seems to currently be caught in a downward trend channel, and that the top of the trend channel was touched yesterday. If this turns out to be a real trend, it will open an attack on the 1-even level, which could be the next support.
Published on Fri, Jul 18 2008, 08:40 GMT
Archive
- The JPY gained against a basket of major currencies
Published On Mon, Dec 1 2008, 11:44 GMT - The USD headed for its biggest weekly decline in almost three years against the EUR
Published On Fri, Nov 28 2008, 09:09 GMT - The EUR/USD was back again above the 1.29 level
Published On Thu, Nov 27 2008, 09:08 GMT - The JPY has gained against the EUR
Published On Wed, Nov 26 2008, 08:37 GMT - Yesterday the EUR/USD rose 2.8 %
Published On Tue, Nov 25 2008, 09:49 GMT
Varengold Wertpapierhandelsbank AG
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