Daily FX Report
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The UK retail sales fell for the third running month in August
Tue, Sep 9 2008, 09:13 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg. Yesterday the hurricane “Ike” reached the coast of Cuba and left huge damages behind while authorities warn for further damages in the capital city Havanna today.
Market review
The UK retail sales fell for the third running month in August. According to a survey, the bad weather could be the reason why people stay away from the shops. British Retail Consortium says August retail like-for-like sales drop 1 % year/year, following a 0.9 % decrease in July. Total sales drop 1.4 % year/year in August after a 1.7 % drop in July. The GBP/USD stays close to a 2.5 year low at 1.7471 and trades are around 1.7550 this morning.
According to the latest week data from the Commodity Futures Trading Commission, currency traders pared back their long positions in USD. The Value of USD´s net long position was down to 15.87 $ billion in the second week of September, from 16.55 $ billion the week before, The USD/JPY dips 0.6 % to 107.55, broke under the low of 107.74 from previous day. This movement was caused by the drops in Cross/JPY pairs and the takeover of mortgage giants Fannie Mae and Freddie Mac, traders said. AUD/JPY drops 1.2 % to 87.16 after its jump as high as 90.81 at the previous day. The EUR/JPY dips 0.7 % to 151.60, moving towards a 13-month low at 150.60 after its peak hit at 157.02 last week.
According to the senior OPEC (Organization of the Petroleum Exporting Countries) source near Gulf countries, “reducing production, in such conditions, especially before the first quarter of the year, when oil demand increases, would be unjustified”. The OPEC meets later on the day in Vienna to review policy but it is expected that they let its output targets unchanged.
NZD/JPY
Since the beginning of July, the NZD/JPY has been trading in a bearish trend channel with Fibonacci support and resistance lines. After the market touched the red resistance line twice, it started to decrease with a support at the lowest Fibonacci trend line. If the market doesn’t break trough the red resistance line we could expect a further bearish development.
USD/CAD
Since the beginning of June the USD/CAD has been trading in a bullish trend channel with a support at pari and two resistance levels at 1.024 and 1.0734. For the last days the market traded close to the 1.0734 resistance. If the market breaks trough this level it could continuing its bullish trend phase.
Published on Tue, Sep 9 2008, 09:34 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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