Daily FX Report

Good morning from wonderful Hamburg and welcome to Varengold’s Daily FX Report. The letters of the day are T G I F thanks god it’s Friday. The week was declaredly very stressful with all the decisions about interest rates and speeches of all the powerful guys that leads to all these record highs and lows.

Markets review

The EUR/USD hits new record high at 1,5396 yesterday as the ECB downplays prospects of an interest rate cut. Against the CHF the USD touched a record low too at 1,0210 and a three year low against the JPY at 102,45. Amongst others the Feb job data are blame for it.

The GBP/USD break above the two Dollar mark as better than expected UK economic data, notably services and manufacturing PMI, and expected GBP short positions create conditions for this rally.

The USD/JPY implied volatility rose as the spot dropped down to the fresh low. The historical one week volatility rose from 14,5% up to 16,6%, while the historical 1 month volatility rose from 13,2% up to 14,5% because the BoJ leaves its interest rate unchanged at 0,5%.

Technical analysis

AUD/USD

Since the middle of January the AUD/USD trades in an upward trend channel. In spite of the trend break at the beginning of the week we expect that the AUD will continue his upturn in a flatter channel.

GBP/USD

The GBP/USD crossed in the yesterday trading session the resistance and quoted first time since December 2007 again over the mark at 2,0000. Should it hold this level in the next days it could further raise till the new developed resistance at 2,0500.

Pivot Points - Daily FX Support and Resistance Levels
Currency	Support 2	Support 1	Pivotpoint	Resistance 1	Resistance 2
EUR / USD	1.5338	1.5363	1.5396	1.5421	1.5454
USD / JPY	102.09	102.36	102.63	102.90	103.17
GBP / USD	2.0044	2.0074	2.0114	2.0144	2.0184
USD / CHF	1.0195	1.0209	1.0222	1.0236	1.0249
AUD / USD	0.9187	0.9221	0.9283	0.9317	0.9379
CAD / USD	0.9804	0.9826	0.9845	0.9867	0.9886
NZD / USD	0.7918	0.7940	0.7968	0.7990	0.8018
EUR / AUD	1.6456	1.6537	1.6583	1.6664	1.6710
EUR / CAD	1.5104	1.5123	1.5153	1.5181	1.5202
EUR / CHF	1.5687	1.5710	1.5742	1.5765	1.5797
EUR / GBP	0.7635	0.7643	0.7651	0.7659	0.7667
EUR / JPY	157.40	157.67	157.96	158.23	158.52
GBP / CHF	2.0482	2.0514	2.0565	2.0597	2.0648
GBP / JPY	205.49	205.92	206.41	206.84	207.33

Daily Calendar & Key FX Events
Date	Time (GMT)	Economic Indicator	Last
07.03.2008	11:00	DE Industrial output mm	0,8
07.03.2008	12:00	CA Unemployment rate	5,8
07.03.2008	13:30	US Average earnings	0,20
07.03.2008	13:30	US Unemployment	4,9
07.03.2008	14:40	US ECRI inflation index	117,9
07.03.2008	20:00	US Consumer credit mm,$	4,5

Download full report with charts

Published On Fri, Mar 7 2008, 10:57 GMT

About this Report

Varengold Wertpapierhandelsbank AG

http://www.varengold.de/

info@varengold.de

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The highest level since the 16th of January
Fri, Feb 10 2012, 07:27 GMT
The EUR was able to keep its two-day advance versus the JPY
Thu, Feb 9 2012, 08:06 GMT
The USD gained 0.3 percent and climbed to 77.01 JPY
Wed, Feb 8 2012, 07:26 GMT
The USD after a 0.2 percent drop yesterday
Tue, Feb 7 2012, 07:34 GMT
The EUR weakened 0.3 percent to 100.46 against JPY
Mon, Feb 6 2012, 08:14 GMT

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