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Daily FX Report
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The CAD slipped against the USD on Monday
Tue, Aug 26 2008, 08:42 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. Yesterday, the worldwide equity markets traded with some losses. The US indices lost about 2%. In addition, oil had a recovery after its bullish rally on Friday. Let’s have a look, and see what will happen today.
Market review
The CAD slipped against the USD on Monday, as equity markets tumbled on credit market fears, lessening the appeal of North American assets and the demand for CAD to buy them. In response to the falling stock markets, investors bought safe haven government debt. The CAD closed at 1.0509 against the USD and was down from 1.0486 where the market closed on Friday. Because of the thin volume in USD/CAD, the market stayed in a tight range between 1.0440 and 1.0515, also because of a holiday in Britain, which tends to amplify moves.The USD extended gains against the EUR on Moday, with European data releases being eyed for further evidence of declining economic growth in the euro zone. The AUD reached a seven month low of 0.8564 as investors sold riskier assets and high yielding currencies on renewed credit troubles. The USD/JPY was little changed and traded at 109.32. After New Zealand posted its highest monthly trade deficit in eleven months in July the NZD fell as low as 0.6896 against the USD.
AUD/USD
The AUD/USD gave some hope for bullish trends in July after a break through its strong resistance around 0.964. However, after a short excursion over this level, the market started a rally downwards and stopped around 0.87. After a short recovery, the market turned down again. It is hard to predict the market’s next moves, but it could continue with its bearish trend.EUR/CAD
In the EUR/CAD, the strong bullish market movement, started in May, was stopped promptly at the end of July. Since the beginning of August the market has been moving downwards, with no signs for a recovery any time soon. If the market breaks the upper trend line, it could comes up some long potential. Otherwise, the bearish trend could persist.Published on Tue, Aug 26 2008, 08:44 GMT
Archive
- The USD/JPY trades near flat of around 88.82 after opening at 88.84
Published On Mon, Nov 23 2009, 10:10 GMT - Investors and economists don't expect an interest rate change by the Federal Reserve
Published On Fri, Nov 20 2009, 10:32 GMT - The EUR fell also against the JPY as it reached the low at 132.80
Published On Thu, Nov 19 2009, 10:13 GMT - During November, the GBPUSD has been moving along the Andrws' Pitchfork
Published On Wed, Nov 18 2009, 10:01 GMT - The USD/CAD has established a support level of around 1.0430
Published On Tue, Nov 17 2009, 10:27 GMT
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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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