FXstreet.com

Daily FX Report

6

0

On Monday the GBP increased against the EUR and the USD

Tue, May 19 2009, 07:33 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG


Good morning from beautiful Hamburg and welcome to our Daily FX Report. The FOREX market around the World is still affected by the global recession, but it seems that the tide has turned, more and more news and economic data’s indicate a trend reversal.


Market review

On Monday the GBP increased against the EUR and the USD after a U.K. report showed that nation’s home sellers raised asking prices in May by the most in more than a year. The average cost of home climbed 2.4 % in April. Also the confidence of U.S. homebuilders rose in May to the highest level since September, to 16 points from 14 points a month earlier. “Our world economic outlook anticipates a return to global expansion by next year”, said John Lipsky, the first deputy managing director of the International Monetary Funds. “However, the recovery is likely to be more gradual than in past recessions.” Yesterday the GBP/USD climbed 1.18 % and the EUR/USD 0.60 % while the EUR versus the GBP shrank from 0.8880 to 0.8835.

The AUD traded close to a weekly high as U.S. equities climbed yesterday and the Australian Central Bank Governor Glenn Stevens said that the global recovery will probably happen “towards the end of the year”. The NZD strengthened as well as the commodity prices rose. The CAD rose by the most in more than a week as stocks gains and crude oil and copper rallied which amplify the demand of commodity-linked currencies.


CHF/JPY

CHFJPY

Since May 11th, the CHF/JPY has been trading in a bearish trend-channel. Yesterday it left the formation and rose over its support-level at 86.14 again. Alongside the crossing, the MACD Indicator may boost the young bullish trend and it remains to be seen if the next resistance at 87.09 could also breach. If the currency pair also crosses the next level, it could clear the way for increasing up to the 88.10 resistancelevel.


GBP/AUD

GBPAUD

On May 15th the GBP/AUD failed after a positive raising phase to cross the 50 percent Fibonacci Retracement line sustainable. Now it seems for another test of the 23.6 percent line. The Momentum Indicator slid below its zero-level but showed a first countermovement. If the Momentum rose over its zero-level again, it could initiate a new bullish trend.


Archive

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

FX View - Headline unemployment rate creates dollar shocker by Interactive Brokers LLC
Fri, Nov 6 2009, 18:41 GMT

Forex Daily Overview - USD mixed, unemployment rises to 10.2% by Easy Forex
Fri, Nov 6 2009, 18:31 GMT

Forex Daily Analysis - USDJPY is moving towards support level at 89.55 by Investija.com
Fri, Nov 6 2009, 14:35 GMT

Forex Technical Report - U.S. Markets Brace for Jobs Data by ForexHound.com
Fri, Nov 6 2009, 13:29 GMT

Forex Technical Report - Dollar Trading Lower Ahead of U.S. Jobs Data by ForexHound.com
Fri, Nov 6 2009, 13:19 GMT

audusd, eurusd, chfjpy, gbpaud, gbpusd, nzdusd

View All

Related content

Forex: EUR/USD: Euro post weekly gains
FXstreet.com | Fri, Nov 6 2009, 22:49 GMT

CURRENCIES: Dollar Dips Vs. Yen As Jobs Data Have Fed On Hold
Dow Jones | Fri, Nov 6 2009, 22:14 GMT

U.S. markets ended with small gains, up for the week; Dollar mixed
FXstreet.com | Fri, Nov 6 2009, 21:32 GMT

Forex: GBP/USD: Cable hovering around 1.6600
FXstreet.com | Fri, Nov 6 2009, 20:34 GMT

CURRENCIES: Dollar Dips Vs Yen As Jobs Data Has Fed On Hold
Dow Jones | Fri, Nov 6 2009, 20:25 GMT

audusd, eurusd, chfjpy, gbpaud, gbpusd, nzdusd

View All

Interested in forex trading? forex brokerage firms!


MG Financial Group
Contact the broker/FDM
Open a demo account
FOREX.com
Contact the broker/FDM
Open a demo account
MIG INVESTMENTS SA
Contact the broker/FDM
Open a demo account
Forex Club Financial Company
Contact the broker/FDM
Open a demo account
Interbank FX, LLC
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.