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Daily FX Report

The USD/CAD declined to 1.0645 at its lowest level on Wednesday

Thu, Sep 17 2009, 08:37 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG  |  View company's profile


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Good morning from Hamburg and welcome to our Daily FX Report. It is very strange what currently taking place at the FOREX market; it seems that the USD and JPY reverse its roles, as more and more carry-trader comes on the USD. However, we wish you a successful trading day.


Market review

The EUR continued its winning streak versus the USD and climbed pip by pip near to a new year high. Yesterday the EUR/USD touched its highest level at 1.4737 and opened in the early Tokyo trading hours nearly unchanged. The bearish USD market is driven on optimism that the global recession is easing. Economists expect today a U.S. report which may show that U.S. housing starts rose and the manufacturing improved. Also the GBP weakened against the EUR to a fourmonth low as a U.K. report showed that the national unemployment rose to the highest level since 1995. The EUR/GBP climbed yesterday from 0.8891 at its opening to 0.8924 at its closing. The USD/JPY rose after a report showed that Japanese purchases of foreign bonds reached a four-year high. The NZD and AUD benefits by the increasing demand for higher yielding and strengthened both near to its highest level in more than a year versus the USD. The NZD/USD rose 1.29 % while the AUD/USD gained 1.17 %. Besides the strong U.S. economic data the CAD rose against its U.S. counterpart as crude oil prices increased, one of the most important national exports. The USD/CAD declined to 1.0645 at its lowest level on Wednesday.


USD/JPY

USDJPY

Since August, the currency pair has been trading in a bearish trend-channel and touched its lowest level around the 90.00 at least. An increasing Momentum indicator shows at the moment a short recovering phase but is apparently not strong enough to push the USD over its pivot point. If the currency pair could cross its pivot point, it may have enough power to quit its long-term downward movement.


USD/CHF

USDCHF

Since the beginning of August, the USD/CHF traded in a downward trendchannel when the bears accelerate the movement and broke through the lower trend-line in September. Previously the Bollinger Bands contracted like a bottleneck and indicated the breakout, similar to the current market situation. Though now, the climbing +DMI could indicate that the pair reached at first a basement.

Published on  Thu, Sep 17 2009, 08:43 GMT


Varengold Wertpapierhandelsbank AG 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.
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