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Daily FX Report
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AUD/JPY and NZD/JPY rose to its highest level since November 2008
Wed, Jan 7 2009, 10:13 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from beautiful and cold Hamburg. Around the world circulate a lot speculation how deep the World’s economic recession will really be and which country can protect its economy effective. It seems that this question affect the FOREX market powerful at the present. However, we wish you a prosperous trading.
Market review
AUD/JPY and NZD/JPY rose to its highest level since November 2008 based on optimism U.S. President-elect Barack Obama’s economic stimulus plan which will help to recover the United States from recession. The head of currency strategy at National Australia Bank Ltd., John Kyriakopoulos, wrote according in a research “Reduced pessimism on the global economic outlook is evident”. Also the AUD/USD climbed to a three-month high at 0.7267 from Tuesdays closing at 0.7175.
The last three days the EUR/USD fell temporarily 5.30 percent to its low at 1.3313 and rebound to 1.3536 on Tuesdays closing while the Euro-Zone Consumer price index rose 1.6 % in December. On early Wednesday Tokyo trading the currency pair was under considerable strain again and fell to 1.3432. As well EUR/JPY weakened as derivatives showed that some investors are betting the ECB will lower its key interest rate next week. The EUR fell versus JPY 1.74 percent to 125.10 at its low on Wednesday.
GBP gained versus a basket of major currencies based on speculations the interest-rate cuts will revive the British economy faster than economists expected. EUR/GBP fell from 0.92741 at its opening to 0.90695 at its closing.
GBP/USD
The GBP/USD traded since September 2008 in a strong bearish trend and breached for several times the lowest Bollinger bands. After GBP/USD crossed the middle Bollinger bands yesterday it seems to test to break the downward trend-line which could assist a turnaround.
EUR/USD
On 5th December EUR/USD lost its supportline at 1.3752 and fell until its next support at 1.3365 yesterday. Should this line breach the currency pair could boost its bearish trend. Another indicator for this could be the Oscillator which shows that now the longperiod line fell under the middle-line.
Published on Wed, Jan 7 2009, 10:20 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
| Große Elbstraße 27, 22767 Hamburg
http://www.varengold.de/ | info@varengold.de
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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