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Daily FX Report
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The USD dipped against the EUR this morning
Fri, Aug 29 2008, 07:38 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. Time is money and the time is running. We have Friday again and we hope you had a profitable week. The Varengold Trading Team wishes you a nice weekend.
Market review
The USD held firm against a basket of currencies in this morning, consolidating gains made on Thursday on data showing that the US economy grew at a faster pace than initially thought during the second quarter. Ahead of the US Labor Day holiday on Monday there could be a wait and we might see mood with a thin market today. The GBP hit a two year low against the USD at 1.8242 after UK data showed that British house prices posted their biggest annual fall for seventeen years while retail sales saw the strongest drop since records began a quarter of a century ago. The EUR was flat against the USD and traded around 1.4705. The EUR remained off its six month low hit this week after the ECB doused expectations for a rate cut.The CAD eased 0.5 % against the USD yesterday, caused by drops in the oil price after the international Energy Agency pledged to dip into emergency stockpiles if tropical storm Gustav disrupted US oil productions. The CAD was at 95.07 and was down to this level from 95.53 in the late trading session on Thursday.
USD/JPY
The USD/JPY tried some times to break through its upper sideways trend line. In the first third of August it was done. With this break the market made about 200 Pips on the long side. But now a new sidewards trend comes up. Its old resistance work as a support line around 108.50 and its new resistance establishes at 110.55. The market is on the way to its support line and when this line will break it could signalize short potential.GBP/AUD
After GBP/AUD breaks through its sideward trend channel at the end of July it comes up a nice bullish trend. In the middle of August the market started with a recovery and established a niche berish trend channel. The market trades arount the bottom trend lin and when it will break through this line we might see stronger short potential.Published on Fri, Aug 29 2008, 07:41 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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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.
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