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Daily FX Report
Central banks around the globe cutting interest rates to stabilize the world wide economy
Thu, Oct 9 2008, 09:21 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG | View company's profile
Good morning from wonderful Hamburg. Yesterday we have seen large interventions from central banks around the globe cutting interest rates to stabilize the world wide economy and bring back confidence to the market participants.
Market review
Due to the coordinated string of central bank rate cuts the AUD/JPY and EUR/JPY buyers got more risk appetite and speculations grows of more joint actions, such as to guarantee interbank lending. The Nikkei average surges more than 2% after suffering the worst 1-day drop since the crash of 1987 on Wednesday. There are still hopes that governments might take more action to fight the financial crisis. The EUR/JPY is up to more than 2% at one point, the gaining as a rise in Nikkei helps investor appetite to improve a bit.
Volatilities remain at extremely steep levels and even in some cases nonsensical levels, some traders said. The sell-off in the AUD has sent levels of implied volatility spiking into uncharted territory. The AUD/JPY jumps about 5% to 69.75 with a day-opening at 66.33 but crashed 20% in the first three days of the week. The EUR/JPY is up more than 2%. The EUR/USD climbs as high as 138.39 before falling back to 137.95. The USD/JPY rises 1.8% to 1010.85.
The employment of Australia rose about 2,200 in September, with forecasts for a flat reading. As expected the unemployment rate at 4.3%. The job participation rate is below forecasts at 65.1%.
EUR/GBP
In the middle of August the EUR/GBP broke through the 0.784 and showed after that a huge rebound with breaking the 0.802 resistance level. A similar movement we can see now. When the market doesn’t come back from its break through at the 0.784 level we could assume further bullish movements.
GBP/CHF
Since August the GBP/CHF has traded in a strong bearish trend channel. In the beginning of September the market broke through the lower trend line and touched the 1.96 support level. Now the pair has crossed the support and the lower trend line which might be a clear sign for further bearish movements.
Published on Thu, Oct 9 2008, 09:29 GMT
Varengold Wertpapierhandelsbank AG
http://www.varengold.de/ | info@varengold.de
Archive
- The CAD rose to the strongest level in almost two-years against the USD
Published On Wed, Mar 17 2010, 09:55 GMT - The euro-zone still hopes that Greece's budget cuts will make a bailout unnecessary
Published On Tue, Mar 16 2010, 10:10 GMT - The industrial production rose 1.7 % from December
Published On Mon, Mar 15 2010, 09:57 GMT - The EUR/JPY climbed for a third day after touching a high at 124.17
Published On Fri, Mar 12 2010, 09:35 GMT - The JPY gained to a high of 123.02 versus the EUR
Published On Thu, Mar 11 2010, 09:07 GMT
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.Related reports
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