Daily FX Report
0
0
RBA cuts it rate by 0.25 % to 7.00 %
Tue, Sep 2 2008, 08:29 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. RBA cuts it rate by 0.25 % to 7.00 % and said that it looks like the economy will slow be enough to bring inflation down over the time. The AUD/USD jumped 0.2 % to a session high of 0.8520.
Market review
It will not be easy to avoid a global economic recession, even if histrotically growth remains at a high level, the BOJ Governor Shirakawa said. In a speech to business leaders in central Japan he adumbrates that Japan´s economy is likely to recover to a moderate growth, but he warned about the risk of ongoing period of easy monetary policy by the central bank. However the USD/JPY is up from its early low at 107.77 to the day´s peak of 108.54. Some traders guess Japanese corporates and investors opened buy positions before the 01:00 GMT Tokyo corporate fixing. The EUR/JPY is 0.2 % up to 158.28 from a low at 157.12. The GBP/JPY recovered sharply from a low at 192.72 to 194.44.
The EUR and GBP are still vulnerable due to the negative growths in euro zone and UK economies. The EUR/USD hits a 7-month low at 1.4556 and the GBP/USD hits a 2-year low at 1.7850 as EU leaders agreed to postpone talks with russia on a new intended partnership pact on September 15th-16th if moscow hasn’t withdrawn its troops from Georgia. The EUR/USD was down 0.2 % at 1.4578 on Monday. The GBP/USD crawls back to 1.7932 and was down 0.4 % yesterday. The EUR/GBP traded around 0.8132 after reaching a lifetime high at 0.8164.
USD/CHF
From the middle of April to the end of July the USD/CHF traded in a sideways trend channel with a support at pari and a resistance level around 1.0553. After its break trough the resistance the market reached its level from February at 1.11 again. If the market doesn’t break trough this new resistance we could expect a bearish trend development.
GBP/AUD
As expected the GBP/AUD has shown a bearish trend since it touched the resistence level at 2.19. This recovery shows a similar move like in April. Should the market break trough the 2.093 support level it will be the twice entry to the old horizontal trend channel with a support at 2.04 and we could expect a further downward trend movement.
Published on Tue, Sep 2 2008, 08:55 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
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!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.