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New Zealand Q2 producer prices rose 5.6%
Tue, Aug 19 2008, 07:03 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from Hamburg and welcome to the Varengold Daily FX Report. New Zealand Q2 producer prices rose 5.6%, much more than the 2.6% increase expected by economists. This development is the fastest pace in more than 20 years. However we wish you a nice day and good luck in trading.
Market review
Platinum lost over 5%, falling to its lowest level since the beginning of August as weaker gold and oil prices spark another round of selling. The spot platinum price went down to a low of 1,310 an ounce. The fall in commodities is helping support the dollar index. The USD/JPY is down 0.3% to a low of 109.80 while the EUR/JPY slipped pips to 161.70. The EUR/USD also dipped along with gold, while some margin traders keep unwinding positions placed that were betting that the global economy would hold up better from the US slowdown. The EUR/USD lost about 10 pips from the late US trade to a low of 1.4686. It is falling back near its 6-mth low of 1.4645. The one month correlation among EUR/USD and gold is +0.98 vs. a one year correlation of +0.86. That’s showing a stronger near-term linkage.The RBA saw a case to reduce interest rates earlier to head off a deeper slowdown in the economy, even if inflation remained high. AUD decreased to its day’s low of 0.8634 but recovered quickly back to 0.8672 as the meeting of RBA gave a little sign of whether they will open for a 25-bp or 50-bp rate cut next month. The AUD/JPY also fell down to a low of 94.78 and bounced back to 95.20.
USD/CHF
Since the 13th of August the USD/CHF has been trading in an increasing trend channel with a support at 1.092 and a resistance level at 1.006. In yesterday’s late trading session, the market has traded close to the under trend line. If the currency pair breaks trough this trend line, we could expect a downward development today.USD/NZD
Since the beginning of April, the NZD/USD has been trading in a decreasing trend channel. After touching the upper trend line for the third time the market broke trough the support, but there seems to be a recovery back to the trend channel after the market was supported at 0.68 six days ago.Published on Tue, Aug 19 2008, 07:06 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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http://www.varengold.de/ | info@varengold.de
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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