FXstreet.com

Daily FX Report

0

0

The USD/CAD rose from 1.1496 to 1.1630 at its closing

Fri, Jul 3 2009, 08:26 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG


Good morning from sticky Hamburg and welcome to the last Daily FX Report of this week. Notwithstanding, the ECB rate decision didn’t hold any surprises but the FOREX market keep on doing very volatile. However, we wish you a nice weekend and a prosperous trading day.


Market review

The EUR fell versus the JPY and the USD for the second day after a U.S. report showed that employers cut more jobs last month than economists expected. The unemployment rate rose to its highest level in almost 26 years to 9.5 % and furthermore the U.S. payrolls dropped by 467,000 in June. Also the unemployment in the European Union increased in June to 9.5 %, the highest level since May 1999. These facts caused an increasing demand for the safety of the USD and the JPY. The EUR/USD and EUR/JPY declined by 0.98 % rather 1.72 %. The European central bank left its key interest rate untouched, decided the ECB-council in Frankfurt yesterday. “The markets are getting a dose of reality after becoming over-optimistic on the worldwide recovery”, said Yuji Saito, head of foreign exchange group in Tokyo of Societe Generale. On Thursday the USD/CHF strengthened 0.86 % because SNB governing board member Thomas Jordan said that officials are ready to intervene to prevent an appreciation of the CHF. Driven by the bad U.S. economic data’s, the CAD fell the most in two weeks versus the USD, on concern that investor’s risk appetite lowering. The USD/CAD rose from 1.1496 to 1.1630 at its closing.


EUR/USD

EURUSD

After rebounded from its peak at the end of May, the currency pair has been trading in a zigzag movement. Today the EUR/USD lost its 38.2% Fibonacci retracement support and enforced the bears. As recently as at the S1 pivot point, at 1.3924, the bulls entered the market again. If the EUR recover again and climb over the 38.2% level sustainable, it could boost the bulls.


GBP/JPY

GBPJPY

In June the GBP/JPY lost the support of the bullish trend-line and failed to cross its resistance at 162.60. Since this time the currency pair tested for several times its support at 154.90. Now it seems for an anew rest on the downside in considering of the tumbled Momentum indicator. Should the support line break, it could be the beginning of a strong bearish trend.

Published on  Fri, Jul 3 2009, 08:33 GMT


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

Technical Major Currencies Report - Technical Major Currencies Morning Report by ecPulse.com
Tue, Nov 24 2009, 09:48 GMT

Forex Daily Analysis - Forex Trading - Dollar Tumbles After Big Day on Wall Street by ForexYard
Tue, Nov 24 2009, 09:47 GMT

Timeframe Breakdowns - EURUSD / EURGBP / EURJPY / GBPUSD by Turtle Futures
Tue, Nov 24 2009, 09:19 GMT

London Bullion Report - Precious metals pause as concerns surface over economic recovery by The Bullion Desk
Tue, Nov 24 2009, 08:56 GMT

Daily World Market Update - Dollar's Day of Data; GDP, Consumer Confidence, Fed Minutes by World First UK Ltd
Tue, Nov 24 2009, 08:39 GMT

employment, eurusd, eurjpy, techbanks, usdcad, highlighted, gbpusd

View All

Related content


Interested in forex trading? forex brokerage firms!


MG Financial Group
Contact the broker/FDM
Open a demo account
FX Solutions LLC
Contact the broker/FDM
Open a demo account
Alpari (UK) Limited
Contact the broker/FDM
Open a demo account		Saxo Bank A/S
Contact the broker/FDM
Open a demo account		Alpari (US), 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.