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Daily FX Report
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The GBP declined against the USD for the fourth day in a row
Wed, Jul 8 2009, 08:22 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from wonderful Hamburg and welcome to our Daily FX Report. There are increasing signs corroborate by some new economic data’s that the global recession will not be easing as fast as hoped. However, we wish you a successful trading day.
Market review
The GBP declined against the USD for the fourth day in a row, its longest run since April on concern that the Bank of England will expand its asset-purchase program to revive the economy. The GBP/USD fell from 1.6286 to 1.6139 at its yesterdays closing and extended its losses in the early Tokyo trading hours and slid to 1.6063. The JPY rose versus the EUR and the USD to a six rather five-week high. Released by a Japanese Report which showed that the national machinery orders unexpectedly fell three percent in May, its third decline in the last three month and the tumbling Asian stocks stoke fears that the worldwide slump will be prolonged and prompting Japanese investors to sell overseas assets and bring their money home. The USD/JPY weakened 0.48 % on Tuesday while the EUR even loss 0.91 % against the JPY. Australia’s consumer winning trust in its national economy back as a report showed today. The Index rose 9.3 % in June and climbed to its highest level since 19 months. Though the AUD/USD was driven by the uncertainty of the markets and abates demand for higher-yielding and decreased 0.23 % after a yesterday loss of 1.08 %. This week the CAD fell for the first time after crude oil, Canada’s most important export and tumbled to a six-week low.
EUR/CHF
The EUR/CHF has been trading in a bearish trend-channel and dispenses its June gains bit by bit. Having the currency pair touched for several times the upper trend-channelline, the S1 pivot point seems now to intercept the bears. Also the shrinking ADX indicator suggests that the downward trend may loss its power. It remains to be seen if the support will be strong enough to push the bears across the trend-channel.
NZD/USD
After the currency pair lost its support of the trend-channel on June 2nd, it tried to reenter the channel for two-times and failed, finally having the NZD/USD fell below its pivot point at 0.6371. This point marked a new bearish trend-line and the Momentum indicator assists the bears furthermore after falling below its zero level.
Published on Wed, Jul 8 2009, 08:32 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
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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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