Daily FX Report
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The USD/JPY is up 0.4 % at 93.50 while the EUR/JPY climbed 0.65 % to 118.20
Tue, Dec 2 2008, 11:15 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg. The consequences of the Global financial crises are getting worse from week to week. That is the reason why major central banks and governments are trying to take measures to fight against the global recession.
Market review
Even tough the Nikkei decreased 6.4 % today, the JPY fell against the USD after touching a fiveweek high at 93.03 yesterday because of the speculation that Japanese importers are buying foreign currencies to meet their year-end funding needs. The Japanese currency also declined against the EUR before the emergency meeting of the Bank of Japan today, in which they plan to consider ways to help companies obtain funds. The USD/JPY is up 0.4 % at 93.50 while the EUR/JPY climbed 0.65 % to 118.20. The JPY is likely to remain relatively strong as major central banks are expected to cut interest rates on their policy meetings this week. According to some traders the JPY could rise against higher-yielding currencies and the USD/JPY could slip towards 90.87. Economic indicators which were released yesterday reinforced the bleak perspective for the global economy. Manufacturing data in the United States fell in November to its lowest since the 1987-1982 economic recession. The EUR/USD is a little up on the day to 1.2630 after touching a high of 1.2651.
A lot of market players are waiting for a rate decision by the RBA on Tuesday. The AUD/USD decreased 2.41 % to 0.6370. The expectations are that the RBA would cut interest rates by 75 bps to a five-year low of 4.5 % this week.
NZD/JPY
Since the end of September the NZD/JPY has been trading under a bearish trend line with a support level at 49.00. It is the third time that the market is touching the 49.00 support line. If the market goes through the 49.00 support level, it could continue the bearish trend development.
EUR/CAD
The EUR/CAD is back again on the middle Bollinger band after touching the upper band clearly. As you can see the market shows already a short return formation. If the currency pair doesn’t break the middle Bollinger band, it could show a pullback towards the upper band.
Published on Tue, Dec 2 2008, 11:21 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
Varengold Wertpapierhandelsbank AG
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