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- New York 05:39
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Daily FX Report
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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
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
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.
Published on Tue, May 19 2009, 07:39 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
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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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