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The price of oil fell below $120 per barrel for the first time since the beginning of May
Tue, Aug 5 2008, 08:34 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from Hamburg. Yesterday, the price of oil fell below $120 per barrel for the first time since the beginning of May. This could be a sign, indicating the break of the energy bubble (we sure hope so!). Today, the US Federal Open Market Committee rate decision sits in foreground, but the markets don’t predict any change.
Market review
The USD rose against the EUR as oil remains weak, hovering near a 3 month below $120 a barrel, hit yesterday. The dollar is also supported by rising concerns about the European economy, as investors are increasingly wary of a possibility of the European economy loosing its momentum, following in the US’s footsteps. The EUR/USD has dipped slightly, and is currently being traded at 1.5530, and the USD/JPY has also faced a slight drop, currently down to 107.96.
RBNZ Gov Bollard reiterated that he sees possibilities for further interest rate cuts as an offset to a weakening economy. He said in an interview that price pressures remain elevated, mainly due to high oil and food costs, but are expected to ease and bring inflation back within the central banks target band over the medium term. Last month, the RBNZ cut interest rates by a quarter of a point to 8%, in its first policy easing in 5 years to support an economy wildly seen to be in a recession.
The Australian Central Bank is expected to keep its interest rates on hold at a 12 year high of 7.25 % as its board meets on Tuesday. However, pressure is mounting for a rate cut as a host of data screams of distress among households and businesses, though analysts are prepared to wait a few months for the first easing in 7 years.
CHF/JPY
The CHF/JPY has been trading in a range between 103 and 104.75 since the beginning of June. Although the rate broke through the support, it came back up within the range. Another sign for a new rise is the candle with the fuse, which lets us assume that the currency pair could rise.
EUR/JPY
After the increase of the EUR/JPY between May and mid of July, the rate hit a resistance at 169.61. Now we see a downward trend channel where the pair traded on the upper side of the channel. This could be a sign for further losses.
Published on Tue, Aug 5 2008, 08:49 GMT
Archive
- The USD climbed to 90.62 versus the JPY
Published On Fri, Nov 6 2009, 11:08 GMT - The USD and the JPY climbed versus the EUR
Published On Thu, Nov 5 2009, 11:21 GMT - The GBP reached 0.8953 versus the EUR
Published On Wed, Nov 4 2009, 10:18 GMT - The USD gained against the JPY and reached 90.33
Published On Tue, Nov 3 2009, 10:25 GMT - The JPY increased to 80.80 against the AUD and even touched 79.47
Published On Mon, Nov 2 2009, 10:04 GMT
Varengold Wertpapierhandelsbank AG
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http://www.varengold.de/ | info@varengold.de
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