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Daily FX Report
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The USD/CHF keeps on trading in a zigzag movement
Fri, Jul 10 2009, 08:29 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
Good morning from rainy Hamburg and welcome to our last Daily FX Report for this week. The FOREX market presents itself very volatile, just as the last week. It seems that every new economic data or news influenced the trend between depression and hope. However, we wish you a nice weekend.
Market review
The GBP rose against the EUR and the USD after the Bank of England decided against extending its asset-purchase program and left the key interest rate at an all-time low at 50bps. The GBP/USD rose from 1.6072 to 1.6380 at its highest level, the biggest jump in almost three weeks and the EUR/GBP weakened 0.66 %. The Group of Eight leader avoided a discussion over the USD’s role as the world reserve currency as they agreed not to devalue their own currencies to promote their exports. The U.S. employment market strengthened surprisingly strong as shown by an unexpected decline of the initial jobless claims to 565,000 from 617,000 a week earlier, the lowest level since January. Today in Japan a report showed that the national producer prices fell to a record pace in June by 6.6 % after a revised sliding of 5.5 % in May. The JPY gained versus the GBP and the EUR 0.38 % rather 0.33 % in the early Tokyo trading hours, while the AUD/JPY and NZD/JPY rose on speculation that the recent losses had been excessive. The CAD increased against the USD from a multi-month low at 1.1681 to 1.1548 at its lowest level as advanced commodities and stocks boosted investor demand for commoditylinked currencies.
USD/CHF
The USD/CHF keeps on trading in a zigzag movement. After the currency pair touched during its youngest bearish movement the S1 pivot point, it rebounded and aimed its pivot point at 1.0828 again. The Momentum indicator shows also a sign for a further recovering phase. If the Momentum could cross its zero level, it may boost the bulls.
GBP/USD
Since the middle of June, the currency pair traded in a small horizontal range, but the bears prevailed and due to this fact the GBP/USD fell near to the important support level at 1.5985 on 8th July. Since that time it recovered and breached the third and second Fibonacci fans. Also the ADX suggests a well supported bullish trend and may assist to extend the trend.
Published on Fri, Jul 10 2009, 10:18 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
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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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