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Daily Forex Commentary

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Another line of Fed speakers today

Fri, Nov 30 2007, 07:40 GMT
by Jyske Bank Team

Jyske Bank  |  View company's profile


Today´s comment

After having strengthened over the past couple of days, the British currency weakened somewhat yesterday as a bit of Wednesdays dramatic markets movements were reversed. Furthermore Blanchflower – a member of the BoE – said that he thinks that rates need to come down no, so that the central bank can get ahead of the curve. We remain bearish on Sterling and are currently waiting for the right time to re-establish a long position in EURGBP.

In the currency markets we are currently testing important levels on several currency crosses.
EURUSD retested the October-November upward trend in the course of yesterday’s European trading session. However the currency pair hasn’t succeeded in making a final break yet. Furthermore we note that the USD index is currently testing the 21-day moving average on the upside Hence at this time we stick to a neutral stance on the currency cross rate.

EURSEK rose for the third day and is currently testing the mid August highs
Furthermore USDCHF is currently testing the 21-day moving average (currently at 112.07) on the upside and a clear break of this level could indicate further upside on EURCHF as well.

Tension in the money markets is still intact. Hence the 1-month EUR Libor rate hit a 6½ year high of 4.80 pct. yesterday as banks are still struggling to raise liquidity covering the seasonally thin year-end period.

On the macroeconomic front it will be yet another busy day as markets will be watching the speeches made by Fed members, Plosser, Poole and Kroszner closely for indications of the outcome of the 11th – 12th monetary policy meeting.


Today´s Key Events

  • 11:00 Consumer confidence (EUR)

  • 11:00 GDP, Revised (EUR)

  • 11:00 Consumer prices (EUR)

  • 14:30 Personal Income (USD)

  • 14:30 PCE deflator (USD)

  • 15:45 Chicago PMI (USD)

  • N/A Fed’s Plosser, Poole and Kroszner speak (USD)

Short Term

Published on  Fri, Nov 30 2007, 07:45 GMT


Jyske Bank | Vestergade 8-16, DK-8600 Silkeborg
http://www.jyskebank.com | jyskebank@jyskebank.dk

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Legal disclaimer and risk disclosure

The analysis is based on information which Jyske Bank finds reliable, but Jyske Bank does not assume any responsibility for the correctness of the material nor for transactions made on the basis of the information or the estimates of the analysis. The estimates and recommendations of the analysis may be changed without notice. The analysis is for the personal use of Jyske Bank's customers and may not be copied.
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