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Daily FX Report
7
0
The USD gained against the JPY and reached 90.33
Tue, Nov 3 2009, 10:25 GMT
by Varengold Bank Research Team
Varengold Wertpapierhandelsbank AG
The JPY and the USD lost against the most of its major counterparts. The AUD has continued its upward trend and the government of Australia will increase the interest rates. However, we wish you a successful trading day.
Market review
The EUR climbed for a second day versus the USD and the JPY on renewed optimism that the global economy is recovering from the finance crises. That increases the demand for investors to buy higher yielding assets. The EUR reached 133.65 against the JPY. Furthermore, the EUR climbed versus the USD to 1.4794. The JPY weakened against 15 of its 16 major counterparts before a U.S. report forecasts that factory orders will rebound in September. That may reduce the demand for the relative safety of the JPY. The USD gained against the JPY and reached 90.33. Also the USD weakened against the most of its 16 major counterparts, as it lost against 13 of them. Responsible for that are speculations that the Fed will keep the interest rates near zero for a longer period. The reasons therefore are that the banking system in the U.S. is still far from a recovering and isn`t robust enough.
The AUD continued its bullish trend for a second day before the central bank announces to increase the interest rates from 3.25% to 3.5% today.
EUR/NZD
Since the beginning of September, the EUR has been trading in a bearish trend channel against the NZD. Recently, the currency pair moved upward and crossed the upper line from the trend channel. The EUR even reached its resistance at 2.0570 but it seems that the resistance is probably strong enough to stop the bullish trend. Furthermore a changing trend maybe indicated by a crossing MACD through the signal line from the top.
NZD/USD
By the end of October, the NZD has been trading in a bearish trend channel against the USD. At the moment, the currency pair trades near to the upper line from the trend channel. When the NZD touched the upper line, the prices always rebounded. Also the MA Oscillator could support with a breakthrough of the signal line a continuing bearish trend channel.
Published on Tue, Nov 3 2009, 13:02 GMT
Archive
- 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 - The USD/CAD has established a support level of around 1.0430
Published On Tue, Nov 17 2009, 10:27 GMT - The CAD/JPY has been moving inside two trend channels
Published On Mon, Nov 16 2009, 10:15 GMT
Varengold Wertpapierhandelsbank AG
| Große Elbstraße 27, 22767 Hamburg
http://www.varengold.de/ | info@varengold.de
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.Related reports
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