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Daily FX Report
10
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The JPY also fell against the USD and the EUR
Thu, May 7 2009, 08:23 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning. The economic data are signalizing an economic rebound, which makes the FOREX market more and more volatile. The global economy seems finally be on the way to reach the end of the recession. Anyway, we hope you’ll make successful trades and have a nice Thursday.
Market review
The JPY fell against 15 of the major currencies on speculation the U.S. banks need less new capital than projected, decreasing demand for the JPY as a safe haven from the global financial crises. The JPY also fell against the USD and the EUR after Treasury Secretary Timothy Geithner said “none of the 19 banks that underwent stress tests are insolvent”. That spurred gains inside the stock and other financial markets, expecting investors would buy higher-yielding assets. Yesterday the USD/JPY fell to a low of 97.94, but recovered back to 98.46. The EUR/JPY decreased for a third day in a row to 130.87 after touching the 1.30 support line yesterday.
The EUR dipped against the USD after expectations the ECB would cut interest rates by 25 bps and buy debt to stimulate the financial growth. The European currency fell for a 3rd day against the USD and for the 7th day against the CAD. The EUR reached its lowest level versus the CAD since November 18th 2008.
The strong AUD performed gains against almost all the major currencies after the employment in the South Pacific nation unexpectedly rose in April. The AUD climbed to a seven month high against the USD and the JPY. It reached the 74.00 level against the JPY, which is the highest since November 2008 and gained for a 5th day versus the USD.
GBP/CHF
Since the 28th of April, the GBP/CHF has been moving inside a bullish trend channel. It has reached the highest level since April 15th. The market seems to be in a recovery phase. If the pair breaks through the 1.72 resistance line, it could rise further towards the possible resistance level at 1.73.
GBP/AUD
At the end of December 2008 the GBP/AUD ended the long-term bearish phase by crossing the trend-channel. Afterwards the recovery phase resisted at the 2.3 level. Today the market broke through the support line at 2.0230, which is the lowest level since April 1997. If the market extends the break clearly, it may be a sign for further bearish movements.
Published on Thu, May 7 2009, 08:27 GMT
Archive
- The AUD/JPY fell to 81.85 and the NZD/JPY fell to 64.80
Published On Tue, Nov 24 2009, 11:04 GMT - The USD/JPY trades near flat of around 88.82 after opening at 88.84
Published On Mon, Nov 23 2009, 10:10 GMT - Investors and economists don't expect an interest rate change by the Federal Reserve
Published On Fri, Nov 20 2009, 10:32 GMT - The EUR fell also against the JPY as it reached the low at 132.80
Published On Thu, Nov 19 2009, 10:13 GMT - During November, the GBPUSD has been moving along the Andrws' Pitchfork
Published On Wed, Nov 18 2009, 10:01 GMT
Varengold Wertpapierhandelsbank AG
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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
Fundamental Currencies Comments - Currencies ahead of U.S. data by ecPulse.com
Tue, Nov 24 2009, 11:34 GMT
Market Session Recaps - London Session by FOREX.com
Tue, Nov 24 2009, 11:33 GMT
Daily FX Report - The AUD/JPY fell to 81.85 and the NZD/JPY fell to 64.80 by Varengold Wertpapierhandelsbank AG
Tue, Nov 24 2009, 11:04 GMT
European Market Update - German IFO survey hits 15 month highs by TradeTheNews.com
Tue, Nov 24 2009, 11:00 GMT
Daily Trading Forecast - USD Still Waltzes to the Same Tune by Swiss e Trade AG
Tue, Nov 24 2009, 10:58 GMT
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