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Daily FX Report
3
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The GBP dropped to the lowest level against the USD in almost 5 years
Fri, Oct 10 2008, 08:22 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg. There are a lot of hopes for more help of the governments on the G7 meeting later on the day. In spite of more rate cuts of central banks the markets did not rebound and the most of stocks and indices from all over the world closed the day with losses after an extreme sell off in US equities.
Market review
The GBP dropped to the lowest level against the USD in almost 5 years to 1.6847 on concern on the dispute between UK and Iceland governments over financial assets which will maybe escalate. The cable declined to 1.6922 in Tokyo from 1.7097 late in NYC yesterday. It earlier reached 1.6902 the weakest since November 2003. Also against the EUR the GBP fell to 79.94 pence per euro.
The JPY jumps against major currencies with no end in sight global stock plunge. The Nikkei dips near 11% to 8,183, the biggest 1-day drop since the 1987 stock market crash. Along with the Nikkei the USD/JPY is down to 98.80 after touching a day-low of 97.91 earlier in the day. The USD/JPY could fall below the 13-year low of 95.77, some traders say. The EUR/JPY is now at 133.49. That’s the lowest level since August 2005.
The GBP/JPY is also down to its 7-year low of 166.54 after touching a day high of 170.51. The dollar index touches a 14-month high at 81.939 as the AUD and GBP extend losses. The AUD and NZD also fell as US stock markets tumbles and investors dumped risky assets on concern the world will slip into recession, curbing demand for commodities both nations export.
NZD/USD
Since the middle of March the NZD/USD has been trading in strong bearish trend channel. After touching the upper trend line twice and the 0.69 resistance level the market rebounded and broke through the lower trend line. These movements could be a sign for further bearish movements.
EUR/CAD
Since the beginning of August the EUR/CAD has traded in a falling trend channel. After going through the 1.5 support level the currency pair recovered and is now over the upper trend line of the channel. This could be a buy-signal with a stop at the 1.62 resistance line.
Published on Fri, Oct 10 2008, 08:33 GMT
Archive
- The AUD/JPY fell to 81.85 and the NZD/JPY fell to 64.80
Published On Tue, Nov 24 2009, 11:04 GMT - The USD/JPY trades near flat of around 88.82 after opening at 88.84
Published On Mon, Nov 23 2009, 10:10 GMT - Investors and economists don't expect an interest rate change by the Federal Reserve
Published On Fri, Nov 20 2009, 10:32 GMT - The EUR fell also against the JPY as it reached the low at 132.80
Published On Thu, Nov 19 2009, 10:13 GMT - During November, the GBPUSD has been moving along the Andrws' Pitchfork
Published On Wed, Nov 18 2009, 10:01 GMT
Varengold Wertpapierhandelsbank AG
| Große Elbstraße 27, 22767 Hamburg
http://www.varengold.de/ | info@varengold.de
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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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