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Daily FX Report
The EUR fell against a basket of major currencies
Thu, Mar 26 2009, 08:39 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG | View company's profile
Today we await bad economic news from Japan, which could have influence on the FOREX market. The JPY has already shown bearish signs as it made losses against a basket of currencies. However, we hope for better than expected economic news. Good luck in Trading!
Market review
The EUR fell against a basket of major currencies as a report showed that Banque AIG, a unit of AIG’s Financial Products division, may face defaults on $234 billion of derivatives after two executives stepped down in Paris. The EUR/AUD fell to 1.94 from 1.9453 after it touched a low at 1.9367. The USD fell against the EUR and the NZD. The EUR/USD reached a high at 1.3619 from 1.3567 and the NZD/USD rose over 1.5%.
The JPY fell on expectations that Japanese reports will show retail sales and business sentiments are deteriorating, which would reduce demand for the nation’s currency as a safe haven from the world wide financial crises. The JPY fell for a second day against the EUR after Asian stocks extended a global rally that spurred investors to seek higher-yielding assets. The AUD and NZD rose against the JPY as the MSCI Asia Pacific Index rose to a two-month high. The JPY fell to 132.70 from 132.48 versus the EUR. On March 24th it touched the 134.51 level, which was the lowest level since October 21st. The AUD/JPY rose to a high of 68.60 from 68.07 after losses from the previews day. Similarly the CAD/JPY, it reached a high around 79.60 from 79.32 and touched a low of 78.68.
CAD/JPY
Since the middle of January the CAD/JPY has been trading in an upward trend phase. Now the Market has reached the two resistance lines at 79.00 from November and the 80.50 from the beginning of January. It seems to oscillation between these two resistance lines. If the Currency pair crosses the 80.50 resistance line, there might be further gains towards the 87.00.
NZD/USD
From December 2008 to the middle of March, the NZD traded inside a bearish Fibonacci fan. As the market crossed the upper line of the fan, it performed further gains and reached the highest level since the beginning of October of 0.58. If the market breaks through the 0.58 resistance line, it could rise further and reach the 0.60 resistance level of December and January.
Published on Thu, Mar 26 2009, 08:44 GMT
Varengold Wertpapierhandelsbank AG
http://www.varengold.de/ | info@varengold.de
Archive
- The USD/JPY closed nearly unchanged at 90.45 after opening at 90.37
Published On Fri, Mar 19 2010, 10:21 GMT - The CAD expanded its gains against the USD and approaches the parity level
Published On Thu, Mar 18 2010, 10:59 GMT - 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
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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