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Daily FX Report

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The EUR/USD climbed for a third day to 1.4712 after increasing to 1.4718

Tue, Oct 6 2009, 08:35 GMT
by Varengold Bank Research Team

Varengold Wertpapierhandelsbank AG

Today we are going to report about a rally in Asian Stocks and a weak USD partly caused by a report of a UK newspaper. We hope you will have good luck and a wonderful Tuesday.

Market review

The USD fell for a second day versus the JPY after Japan’s finance minister said that he told the Group of Seven leaders weak-currency policies were undesirable. The USD decreased versus 14 of the 16 major counterparts while Asian stocks rallied and “The Independent”, which is a British newspaper, published a story. It said that Persian Gulf oil exporters have been holding secret decisions with China, Russia, Japan and France about replacing the USD with a basket including the EUR, JPY, CNY and even Gold as the unit of account for crude prices. The USDIndex, which tracks the U.S. currency against six other major currencies including the EUR, dipped 0.3 percent to 76.478. The EUR climbed on concern a report may show today that the German factory orders climbed for a six month.

The EUR/USD climbed for a third day to 1.4712 after increasing to 1.4718. The USD/JPY fell for a second day and reached a low at 88.98 before pulling back to 89.14. The AUD/CHF climbed for a second day after the RBA increased its key interest rates. The AUD/USD reached its high at 0.8849 recovering from its weak start in the new month.

AUD/CHF

Since the middle of August, the AUDCHF has been gaining close to an upward trend line. After touching the green support for the fourth time the market touched the middle Bollinger Band and is trading close to the resistance level around 0.9100. If the pair goes through this level, it may gain further towards the potential resistance at 0.9200 and the upper Bollinger Band.

EUR/PLN

During the end of September the EUR/PLN finally broke through the 4.2500 resistance line and touching the upper line of the upward trend channel. While pulling back under the resistance, the pair looks to be on the way to reach the lower line and make a curve towards the 4.2500 back. But if the market will break through the lower line of the channel it may show more losses.

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Published on  Tue, Oct 6 2009, 11:48 GMT