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Daily FX Report
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The BOJ will hold its interest rates at 0.50%
Fri, Aug 22 2008, 10:46 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. The BOJ will hold its interest rates at 0.50 % after a meeting this week. However we wish you good luck for today and a nice weekend.
Market review
US Fed Chairman Bernanke made no comment regarding the prospect of interest rates or the US economy in the opening minutes at a central bank meeting in Wyoming. He is due to present a more detailed speech today at 14:00 GMT at the Kansas City Fed’s conference, where he is expected to touch on financial market instability. Some traders are hesitant to open new positions before hearing words from Bernanke on the credit market and financial situation. The EUR/USD rose to a high of 1.4886 as the dollar index suffered its biggest one-day drop in five months with a chart support at 75.90, and crude oil edged up and held at over $121 a barrel. Those gains gave an increase to the AUD and NZD. Gold dipped early while the USD/JPY recovered to 108.87 from a low of 108.13.The government will try to find out a way to support the declining economy next week, said Japan’s economic minister Kaoru Yosano, and added that the government is in doubt whether to increase its budget to carry out the measure, which some fear could lead to more debt issuance. Financial Minister Ibuki stated that he does not anticipate issuing any debt to support the expected stimulus package.
USD/JPY
Since the beginning of June, the USD/JPY has been trading in a horizontal channel with a resistance at 108.49 and a support level at 104. After breaking through the resistance, the market made a semicircle move and recovered back. Should the market entry the trend channel we could expect a short term potential for decreases.NZD/JPY
Since the end of last month, the NZDJPY has traded in a bearish trend channel. After breaking through the upper trend line, the market touched the 79 level from the beginning of August. If the market doesn’t break trough the new resistance it could continue its downward movement.Published on Fri, Aug 22 2008, 10:50 GMT
Archive
- The CAD slid towards a three month low versus the USD
Published On Tue, Feb 9 2010, 09:08 GMT - The EUR has been trading in a bullish trend channel against the AUD
Published On Mon, Feb 8 2010, 08:45 GMT - The AUD/JPY recovered from a six-month low
Published On Fri, Feb 5 2010, 10:17 GMT - The USD/CAD closed at 1.0570 yesterday after its opening at 1.0707 on Monday
Published On Wed, Feb 3 2010, 08:09 GMT - The CAD increased against the EUR and the JPY
Published On Tue, Feb 2 2010, 09:25 GMT
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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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