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Daily FX Report
Admittedly the MA Oscillator crossed its Moving Average and approaching the zero level
Tue, May 26 2009, 08:01 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG | View company's profile
Good morning from Hamburg and welcome our Daily FX Report. Yesterday the market volume was marginal because of a public holiday in the U.S. and U.K., today we expect more dynamics favoured by important economic data’s.
Market review
The EUR/USD traded on Monday near the highest level since the beginning of 2009 and reached its high at 1.4048. The USD was also charged against the JPY by ongoing speculation that the U.S. bond sales this week could jeopardize the U.S.’s AAA credit rating, Standard & Poor’s lowered its outlook for the U.K.’s rating to “negative” last week. For the time the EUR got under pressure during the early Tokyo trading hours, before a French government report today could show that the consumer spending weakened in April. In order of this, the EUR/GBP fell to 0.8791 at its low. The ECB Executive Board member Jose Manuel Gonzalez-Paramo said yesterday, that the bank will seek a quick exit from its non-standard policy measures, which the market interpret as a sign that the ECB won’t cut the key interest rates again. In Germany the business confidence rose for the second month to 84.2 points, while economist expected a gain to 85 points. Nevertheless, the President of the German Bundesbank, Axel Weber, said there are some signs, which would allow being optimistic about a recovery of the domestic economy.
The NZD declined before a report could show that the government decreases the budget on May 28th. This report will be expected with suspense, after Standard & Poor’s put New Zealand’s AA+ credit rating to negative outlook and said it wanted to see evidence of an improving fiscal position.
GBP/CHF
The currency pair has been trading close to a bullish trend-channel during the last week, until the trend was broken in the last trading hours on Friday. Yesterday the bearish trend went on and tested the support at 1.7213 for several times. If this support breach sustainable, it could boost the downward trend. Admittedly the MA Oscillator crossed its Moving Average and approaching the zero level, which may support the bulls.
EUR/CAD
It seems that the EUR/CAD stopped the bearish trend and tries to build a new basement around the 1.5700 level. Having the currency pair lost both supports at 1.5889 and 1.5810 it crossed the middle Fibonacci Fans and if it negotiate the last Fan as well, it could initiate a new bullish trend. In this case the old supports should be a good indicator for strength of the trend.
Published on Tue, May 26 2009, 08:10 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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