Daily FX Report
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The USD dipped against the EUR this morning
Wed, Aug 27 2008, 14:17 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. Last night, one of the world’s biggest cruise ships arrived in Hamburg. The Queen Mary 2 stopped by again for a visit in town, and it was a big happening in the harbour with some small fireworks. We wish you some fireworks for your trading today with some good results.
Market review
The USD dipped against the EUR this morning, taking a breather after hitting a six month high yesterday on data showing a deterioration in German business morale. The EUR gained about 0.3% from late US trading to 1.4698. The EUR pulled away from its six month low at 1.4570 from yesterday. The GBP also edged up about 0.3% against the USD to 1.8433 and trimmed some of its losses after cooling down to a two year low of 1.8330 on Tuesday. The JPY was also stronger against the USD this morning and was up to 109.29. This was also a gain of about 0.3%. This loss in the USD could be caused by selling by Japanese exporters, some professionals assumed.The NZD has been trading around 0.7009 against the USD today, extending gains after hitting a two week low of 0.6896 on Tuesday, as the EUR reclaimed some of its losses versus the USD on short covering. A support line in NZD/USD could be around the level of 0.6940 and a resistance could be at 0.7040. Today, the market waits for the release of the National Bank of New Zealand’s business outlook for August. Some market professionals expects a slight recovery in confidence on cheaper energy costs and lower interest rate.
GBP/JPY
The GBP/JPY established a strong downward trend at the beginning of August. The trend channel was broken once through the upper line and once through the bottom trend line. Both breaks were not sustained, and the market continued on with its downard trend. If there is no sustained break through one of these lines, the market could keep on falling.GBP/CAD
In GBP/CAD, it looked like more bullish potential with the second attempt to break the resistance line at 2.04. But after this short excursion, it was met with a very strong and cliffy bearish market with a break through its strong supprt at 1.99. The market doesn’t show any signs for a recovery anytime soon, and so the bearish trend could hold on.Published on Wed, Aug 27 2008, 14:20 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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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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