The varengold bank fx trading platfrom will be closed for some of the holidays
Good morning from wonderful Hamburg. Shortly before the Easter weekend the market is looking forward to a lot of interesting economic data. After a quiet Asia session, we expect an exiting and volatile day session. The Varengold Trading Desk wishes you happy Easter!
Market review
On Thursday the AUD/USD weakened 0.70% after a government report showed that the jobless rate rose to a five-year high. So the AUD declined for the fifth day in a row, which is the longest negative period since January 2009. The JPY slipped against the USD but remained, well supported as investors held of to return to riskier assets. Volatility in stock markets is keeping investor risk appetite low, prompting them to cut bets they had built in past weeks on higheryielding currencies. This development helps the JPY to recover from multi-month lows. Also an unexpected rose in machinery orders supported the currency.
The CHF decreased 0.36% against the EUR on speculation that Philipp Hildebrand will keep the focus on limiting the currency’s appreciation. He will succeed central bank chairman Jean-Pierre Roth when he retires at the end of the year and he said that the Swiss National Bank will “resolutely maintain” its policy.
The GBP lost ground versus the JPY and USD as a report showed the UK economy contracted 1.5% in the first quarter of this year. Additionally, Ireland’s credit rating dropped to AA- with a negative outlook. The GBP/JPY closed yesterdays trading session 0.94% lower while the GBP/USD finished the session with a loss of 0.21%.
CAD/JPY
Since the beginning of March, the CAD/JPY has been trading in a bullish trend channel. In the last week the pair trades in the middle of the formation, but the short term MA and also medium term MA is going to cross the long term MA from the top, which is normally a short signal. Additionally, the RSI indicator doesn’t show an overbought signal, so the currency could drop down near to the lower trend line.
USD/CHF
On a long term view, the USD/CHF trades in the bottom half of Andrews Pitchfork. In March the Bollinger Bands narrowed and the USD fell towards 1.1115. Due to a doji development, the pair established a strong support at this level. In the last days we could notice a new doji crowd and a long signal in the MA Oscillator. A break through the medium Bollinger Band could support the assumption and the pair could rise again to the medium pitchfork line.
We would like to inform you about the FX Trading hours during the Easter days.
Thursday, 9th April 2009 Close at 11pm Hamburg time (5pm NY time)
Friday, 10th April 2009 Closed
Sunday, 12th April 2009 Opened at 11:59pm Hamburg time (6pm NY time)
Monday, 13th April 2009 Regular Trading
