Search
Daily FX Report
0
0
Crude Oil is up nearly $1 to 116.40
Mon, Sep 1 2008, 08:22 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. This morning stock markets fall throughout Asia after the world No. 2 computer maker Dell comment a slowing global economy and also for the technology sector. However we wish you a nice start in this week with hopefully more enjoyable news.
Market review
Hurricane “Gustav” forced the US energy companies to shut down offshore oil production and there refineries. Crude Oil is up nearly $1 to 116.40 while the dollar index rise 0.4% to 77.505, after touching a peak of 77.578 earlier, close to the 8-month high.
A survey from property consultants Hometrack shows a fall in house prices in UK for an 11th straight month in August. The fall of 5.3% is the biggest annuel drop since the survey began in 2001. The bad data of the british housing market is one of the reason why traders value the sterling lower because they expect the BoE rate cuts. The GBP/USD dips 0.7% on the day at 1.8094 after touching a 2-year low of 1.8081. The EUR/GBP touched a record high of 81.39 but recoverd back to 81.11 while the EUR/JPY is down 0.8% to a 4-month low of 158.42.
A private survey in Australia shows manufacturing activity contracts for a third straight month in August. The main reason for this development is the global credit squeeze and the increasing input costs. The RBA plans to reduce interest rates from 7.25% to 7% at this policy conference on Tuesday which would be the first cut in seven years. The AUD/JPY falls to its lowest level since the beginning of April at 92.40.
EUR/CAD
Between June and the middle of August, the EUR/CAD has been trading in a horizontal trend channel with a resistance at 1.6164 and a support level at 1.5700. Last Tuesday the market touched again the support level at 1.53 from the end of May. It seems that the currency pair is now on the way back to its old trend channel which might be a sign for a bullish trend.
GBP/CHF
Since the end of April, the GBP/CHF has been trading in an horizontal trend channel with a resistance at 2.08 and a support level at 2.00. Today the market broke trough the 2.00 support level. The cross happened in combination with a gap. This might be a clear sign for a short trend recruitment.
Published on Mon, Sep 1 2008, 08:36 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
| Große Elbstraße 27, 22767 Hamburg
http://www.varengold.de/ | info@varengold.de
Legal disclaimer and risk disclosure
This document is issued and approved by Varengold WPH Bank AG. The document is only intended for market counterparties and intermediate customers who are expected to make their own investment decisions without undue reliance on the information set out within the document. It may not be reproduced or further distributed, in whole or in part, for any purpose. Due to international laws/regulations not all financial instruments/services may be available to all clients. You should have informed yourself about and observe any such restrictions when considering a potential investment decision. This electronic communication and its contents are intended for the recipient only and may contain confidential, non public and/or privileged information. If you have received this electronic communication in error, please advise the sender immediately, and delete it from your system (if permitted by law). Varengold does not warrant the accuracy, completeness or correctness of any information herein or the appropriateness of any transaction. Nothing herein shall be construed as a recommendation or solicitation to purchase or sell any financial product. This communication is for informational purposes only. Any market or other views expressed herein are those of the sender only as of the date indicated and not of Varengold. Varengold reserves the right to consider any order sent electronically as not received unless it is confirmed verbally or through other means.Interested in forex trading? forex brokerage firms!
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
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.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.