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Daily FX Report

The AUD/USD fell today from 0.8389 to 0.8347

Tue, Aug 25 2009, 08:41 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG  |  View company's profile


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Good morning from sunny Hamburg and welcome to Varengold’s Daily FX Report. The week began very interesting with an important hiring decision in the U.S. Anyway, we wish you a prosperous trading day.


Market review

Yesterday an unofficial report adumbrated that the Chairman of the Federal Reserve Bank, Ben Bernanke, will be nominated to a second term by U.S. President Barack Obama, according to an administration official. Bernanke’s four-year term as chairman expires on 31st of January 2010. While European industrial orders increased more than economists expected by 3.1 percent from May, a report showed yesterday, the EUR/USD declined from 1.4329 at its opening to 1.4281 at its lowest level. Also the JPY gained against the EUR after Asian stocks fell as renewed concerns that the U.S. financial crisis will linger revived demand for so-called safe-haven currencies. The EUR/JPY weakened in the early Tokyo trading hours from 135.27 to 134.23 at its lowest level. The CAD touched a two-week high against the USD after a government report showed that the nation’s retail sales increased in June five times as fast as economists forecasted. The AUD/USD decreased also on expectations that declines in Asian stocks will damped demand for higher-yielding assets. The AUD/USD fell today from 0.8389 to 0.8347.


USD/CHF

USDCHF

The USD/CHF has been trading in a zigzag movement since June 2009 and at the moment the Bollinger Bands are contracting which may result in a burst, as seen in the youngest history for several times. In considering of a falling –DMI indicator the ADX suggests that the bulls could use the low level to enter the market again. On the other hand there is a risk of starting a longterm downward movement, if the currency pair will extend its losses


GBP/AUD

GBPAUD

The GBP/AUD has been trading inside a bearish trend-channel since the beginning of July. Having the currency pair tried and failed for three times to quit this trend, the bearish movement boosted and slid near to its second pivot support level. Henceforward the GBP/AUD recovered and now it remains to be seen if the next support level at 1.9643 could assist for a further attempt to break through the trend-channel.

Published on  Tue, Aug 25 2009, 11:27 GMT


Varengold Wertpapierhandelsbank AG http://www.varengold.de/ | info@varengold.de

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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.
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