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Bernanke said on Tuesday that the Congress must act urgently to stabilize the credit crisis
Wed, Sep 24 2008, 08:18 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg. The chief of the Fed, Ben Bernanke, expects a recession, if the MPs don’t agree to the $700 billion rescue plan for financial institutions. Bernanke said on Tuesday that the Congress must act urgently to stabilize the credit crisis. Otherweise it will have very serious consequences to the financial market and for the economy.
Market review
On Tuesday the USD rose aginst the EUR after a deep fall in previous sessions. Lower oil prices and views that the government’s $700 billion bailout plan might be not so negative for the currency as initially feared, pushed the EUR/USD by 0.7 % to a session low at 1.4621. According to some analysts, the strong boost in EUR/USD yetserday was clearly outsized and the market is in process of reversing that. The currency market outlook on the EUR is downbeat after weak factory data on Tuesday. Now analysts are watching the German Ifo business confidence for further hints of economic weakness in the euro zone.
Big Japanese manufactures were less pessimistic about business condition in the 3 months to Septemper compare to the previous quarter. The business survey index of sentiment was minus 10.0, whereas the index was minus 15.1 in April-June. But the JPY decreased against a number of currencies on the early Wednesday session. The news that Warren Buffet’s Berkshire Hathaway will invest $5 billion in Goldman Sachs Group shot US equity futures up in after-hours trading, reducing some of the inflow that the Japanese currency had enjoyed when Wall Street fell the previous day. It is a vote of confidence when the world’s best known investor spend money in a financially stricken sector said a money manager. The USD/JPY inches up 0.1 % to 105.65. The EUR/JPY climbs 0.3 % to 155.10 and the AUD/JPY gains 0.7 % to 88.55.
NZD/USD
In August the NZD/USD broke through the lower line of the downward trend channel. This development established a new steeper downward trend channel. The NZD trades in a zigzag movement between both trend lines and is now remaining in the near of the resistance line. If the pair don’t cross this level in the next trading days, it will rebound back and continue the short trend.
GBP/JPY
Since the end of July, the GBP/JPY decrased from 216.05 down to 184.56. But afterwards the currency rebounded again and is now trading in the near of the 38.2 % Fibonacci Retracement level. In the last two days the market was quite neutral and developed two dojis. This might be a sign for a new trend impuls in the next days. We should pay attention, if the GBP cross the resiatnce level at 196.59.
Published on Wed, Sep 24 2008, 08:25 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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