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Daily FX Report
The strong USD performed gains against the AUD
Tue, Apr 14 2009, 07:45 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG | View company's profile
Good morning from Hamburg and welcome to our daily FX Report. Unfortunately we have to report again about record economic slowdowns in some countries. But the best news comes from Germany, even the very nice spring weather. Anyway, we wish you a successful trading week.
Market review
The JPY and the USD gained against higher-yielding currencies on expectations the global recession will deepen, which spurred investors to seek both currencies as a safe haven. The Japanese currency increased for the fifth time in six days versus the EUR after a report this week may show China’s economy slowed down to the lowest level in almost a decade. In addition Singapore said its economy may shrink the most in its 44-year history. The EUR/JPY fell to 133.11 after it reached a low at 132.65. The NZD/JPY dipped to 58.97 after it touched a day-low at 58.69 while the CHF/JPY declined to 88.00. The strong USD performed gains against the AUD and reached a high of 0.7271 before it pulled back to 0.7288.
Yesterday the EUR/USD rose for the second day on concerns a German report will show that wholesale prices fell for a series of eight months, tomorrow. The weak EUR performed losses against a few other currencies after investors still looking forward for signals from the ECB. Council member Axel Weber will speak here in Hamburg tomorrow and Erkki Liikanen will deliver a speech in Helsinki the following day. However the EUR/USD rose 1.37% to 1.3368 before it pulled back to 1.3330.
CHF/JPY
During the past three months, the CHF/JPY has been moved in a bullish trend channel. After the pair crossed the important 76.4% Fibonacci resistance level, it reached a peak at the 100% level of 90. This level is additionally an important psychologically resistance. If the market crosses the 100% Fibonacci resistance line, it may continue its upward trend towards the next Fibonacci profit target at 93.50.
GBP/USD
Since the end of February the GBP started a gain phase in a bullish trend-channel against the USD. After the market broke the bearish trend line in March it performed further gains and touched the 1.50 resistance level. If the currency pair is strong enough to cross the 1.50 resistance level, it could continue its bullish trend towards the next feasible resistance lines.
Published on Tue, Apr 14 2009, 11:04 GMT
Varengold Wertpapierhandelsbank AG
http://www.varengold.de/ | info@varengold.de
Archive
- 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 - The EUR/JPY climbed for a third day after touching a high at 124.17
Published On Fri, Mar 12 2010, 09:35 GMT - The JPY gained to a high of 123.02 versus the EUR
Published On Thu, Mar 11 2010, 09:07 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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