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Daily FX Report
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BoJ will probably keep rates on hold
Mon, Aug 18 2008, 12:54 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. The BOJ 2-day meeting will start today and it seems that the rates will be kept on hold. However we wish you a good start to the week.
Market review
The Bank of Japan will probably keep rates on hold in a signal that crumbling demand can no longer offer factories enough business to keep Japan out of recession. Otherwise, wages are stagnant while food and fuel prices go higher. The BOJ is seen as having little room to raise rates from 0.5% for several months. There will be a 2-day meeting starting today, with its decision expected between 03:00-05:00 GMT today. According to a dealer at a Japanese bank, there has been relatively strong buying of the JPY from Japanese investors, and the market remains thin and such big flows tend to trigger moves in the same way. USD/JPY hit a low of 109.97 and a high of 110.10, currently it is down 0.4% on day. EUR/JPY fell to a day low of 161.82 and a high of 162.22.According to the newspaper “The Australian”, the Commonwealth Bank of Australia, which is the country’s no. 2 bank of assets, might offer $5.2 billion to British bank HBOS Plc for its Australian unit BankWest.
The EUR/USD hit a session high of 1.4767, recovering sharply from its 6-month low of 1.4645. It got a lift as gold and oil also hits their highs for the day. Gold is up to a high of $799.45 and US Crude oil increased by $1.52 to a high of 115.29.
EUR/USD
From last Monday to Thursday the EUR/USD traded in a horizontal trend channel with a support level at 1.485 and a resistance at 1.4948. After breaking through the support, the market started to fall. In the late trading session at Friday the market stopped falling, and there seems to be a new support that has developed. If the market doesn’t break through this level, we might be able to expect a recovery back to the original horizontal trend channel.AUD/USD
Last week the AUD/USD traded in a horizontal trend with a support at 0.8606. After the market touched the support level twice the market started to rise and there seems to be a new resistance at 0.872. If the currency pair doesn’t break trough this new resistance, we could expect a recovery to the support.Published on Mon, Aug 18 2008, 12:57 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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