Daily FX Report
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Yesterday the Crude Oil fell more than 7 % and today more than 4 %
Tue, Sep 16 2008, 09:11 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from Hamburg the most beautiful city in Germany. Yesterday the market was shocked by the news of the bankrupt of Lehman Brothers which tumbled the Equity Markets. The Dow Jones Index lost more than 500 points. Yesterday the Crude Oil fell more than 7 % and today more than 4 %. That shows us how dangerous or profitable markets can be, depending on which side you are.
Market review
The Subprime crises list new victims: The newest is the tarnished investment bank Lehman Brother which reports the insolvency yesterday. Additionally, the Bank of America purchased Merrill Lynch. The bankruptcy of the 158-year old Group Lehmann and global financial service firm Merrill Lynch resulted in significant price losses on the world financial markets. The investors’ attention is now focused on American International Group (AIG), one of the world largest insurers, for clues if there are other companies which need to raise capital to cover mortgage-related losses. The EUR/USD reacted very volatile with a session high at 1.4479 and a low at 1.4084, but it closed just 0.3 % under the opening.
Canadian Prime Minister Stephan Harper said on Monday he is very concerned about the economic situation globally and in the United States, but he said Canada’s economic fundamentals have remained solid. But the Bank of Canada had injected 2,305 billion CAD into the market. However the Canadian homesales decreased 3.4 % in August and house prices slid in some western markets. The USD/CAD lost 0.55 % and closed the Monday at 1.0686.
The Australian central bank mentioned that it has cut interest rates this month to avoid the danger of a sharper economic slowdown. Nevertheless, it is the task of the policy to reduce the inflation from its 17 year high. Today the AUD is down 1.75 % versus the USD and is currently being traded at 0.7895.
GBP/AUD
Yesterday the GBP/AUD broke through the 2.20 resistance, which it tried to cross the first time in the mid of August and a second time last week. If the break through impulse is strong enough, we will expect a further increase.
EUR/CAD
On Thursday the EUR/CAD turned its downward trend for a correction. Yesterday the candle of the chart was as a dojie with the high at the old support from mid of August. That old support will become a resistance if the pair doesn’t cross this level in the next trading days.
Published on Tue, Sep 16 2008, 09:20 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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