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Daily FX Report
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The currency pair traded in a bearish environment and triggered thereby its lowest monthly level
Tue, Jun 30 2009, 09:00 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from beautiful Hamburg and welcome to our Daily FX Report. Yesterday, Germany won the Football 2009 European Championship U-21 and is holding now all three youth European Championship’s at the same time, hopefully a good sign for the World Games in South Africa 2010. However, we wish you a prosperous trading day.
Market review
On Monday the USD declined against a basket of major currencies on speculation that a U.S. report may show that the consumer confidence increase to a multi-month high today, which may boost the risk appetite and increase demand for higher-yielding currencies. The EUR/USD rose from 1.4053 at its opening to 1.4082 at its closing and gained in the early Tokyo trading hours 0.24 % further. This is the fourth daily gain in a row. The EUR was supported on concerns that a member of the ECB-council may signal today that the bank will refrain from cutting interest rates at its next meeting. Additionally, the index of executive and consumer sentiment in the 16-nation zone rose more than expected from 70.2 in May to 73.3, said the European Commission yesterday. Likewise the report from the U.K. showed a climb by 2 points to minus 25, the strongest level since April 2008. The GBP strengthened 0.24 % versus the USD and 1.21 % against the JPY. Japan’s unemployment rate rose to 5.2 %, a five-year high in May, from 5 % a month earlier. The AUD and NZD gained versus the USD, heading for their best quarter since at least 1985, as optimism the global recession is easing. The AUD/USD increased 0.21 % and the NZD/USD 0.78 %.
CHF/JPY
The currency pair traded in a bearish environment and triggered thereby its lowest monthly level. Henceforward, the CHF/JPY recovered and climbed over its S1 pivot point and broke also through all Fibonacci fans at least. Now it remains to be seen if the CHF could defend the level above the upper fan. Should that be the case, it could rise up to the S1 pivot point at 89.49.
GBP/JPY
The GBP/JPY broke through its bearish trend-line and a long legged doji heralded a trend reversal last week. This point marked the new support line at 154.70. Now it remains to be seen, if the bulls will be strong enough to breach the next resistance at 160.48 as well. On the other hand side, the RSI indicator shows an increasing risk for profit takings.
Published on Tue, Jun 30 2009, 09:14 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
| 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
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