Daily FX Report
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The oil price slipped slightly to 118.54 in Asia session
Wed, Aug 6 2008, 10:44 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from cloudy and rainy Hamburg. Well rate decisions became boring last time because the market is discounted on nothing and the US Federal Reserve Bank do not think about making a new step. However the USD could continue its gains from Monday while interest rate was steady at 2%.
Market review
Signals of stable US interest rates from the Federal Reserve Bank for the coming months and sliding oil prices supported the USD to reach a seven week high against the JPY this morning in Asia trading session. The oil price slipped slightly to 118.54 in Asia session. With only one dissenting vote the US Fed rate kept stable at 2 % in their rate decision yesterday. USD/JPY recovered to 108.28 after touching its seven week high 108.48. The EUR was slightly up against USD this morning to 1.5495 after hitting its seven week low on Tuesday at 1.5445.
The Australian Reserve Bank also kept their rates stable at 7.25 %. But in this case the bankers are looking for an upcoming ease in the next months. The AUD gained 0.2 % against the USD to 0.9182 and rebounded from its four month low of 0.9132.
The NZD held steady above 10 month lows on Wednesday ahead of key jobs data which could bolster the case for more domestic interest rate cuts. The NZD/USD was trapped in a tight range around 0.7250, capped by a firmer USD on the back of a fall in oil prices.
GBP/CHF
The GBP/CHF crossed the upper line of the horizontal trading range mid last month. But at the beginning of this week it came back and trades actual on the upper level of the range. But the momentum could let guess further losses in this pair.
USD/CHF
The USD/CHF crossed 1.05 the first time clearly since the end of May. The next significant level will be on 1.06. When the market will cross this level it could establish a long term bullish trend to its old support at 1.11 from the beginning of this year.
Published on Wed, Aug 6 2008, 10:56 GMT
Archive
- The USD/CAD rose from 1.1496 to 1.1630 at its closing
Published On Fri, Jul 3 2009, 08:26 GMT - The deficit climbed from A$282mln in April to A$556mln in May
Published On Thu, Jul 2 2009, 10:45 GMT - The EUR/GBP has been trading close to a downward trend-line during the last quarter
Published On Wed, Jul 1 2009, 08:54 GMT - The currency pair traded in a bearish environment and triggered thereby its lowest monthly level
Published On Tue, Jun 30 2009, 09:00 GMT - In the middle of June, the currency pair slumped down and fell to 131.43
Published On Mon, Jun 29 2009, 08:54 GMT
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