http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/http://www.fxstreet.com/technical/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-07-03.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team This is the day we have all be waiting for… First a few facts: retail sales from the Eurozone this morning, rate announcement from the ECB in the afternoon, the ECB press conference AND non-farm payrolls are scheduled at the same time. Spicing up this with a rate announcement from the central bank of Sweden (the Riksbank) we have one toxic cocktail today. The market has already priced in a hike from the ECB later today andThu, 03 Jul 2008 06:55:00 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-07-03.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-07-02.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team It was a rather downbeat beginning to the month yesterday as stock markets tumbled (again…) and risk aversion weighed heavily on both EURCHF and EURJPY. However sentiment improved a little as the US ISM index for the manufacturing sector was released. For the first time since January the index rose above the magic 50 (50.2 to be exact) which points towards an expansion in the sector. The improvement in sentiment causedWed, 02 Jul 2008 06:36:28 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-07-02.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-07-01.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team The European short term interest rates took another round in the carousel as the Eurozone CPI flash estimate beat analysts’ expectations. The red Euribor contracts (Sep09 – Jun10) fell around 20 ticks whereas the short sterling futures contracts fell by “just” 9 - 10 ticks. The short term US rates traded more calmly as the market is awaiting ISM manufacturing today and non-farm payrolls Thursday. With the inflation dataTue, 01 Jul 2008 06:31:28 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-07-01.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-30.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Risk aversion was riding high in Friday’s European trading session as concern over rapidly rising oil prices and jitteriness regarding upcoming 2nd quarter results and this week’s flood of macro economic news including the monetary policy meeting in the ECB, the release of the ISM indices from the US and the all important Non-farm payrolls on Thursday. The jitteriness took its toll on EURJPY and EURCHF and as the RussianMon, 30 Jun 2008 06:27:50 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-30.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-27.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Risk aversion seems to be finding its way back to the financial markets. It is hard to pin point the exact reason why the mood turned sour other than the continued tightness in money markets and nervousness regarding upcoming income statements for the 2nd quarter. Contributing to the jitteriness was an analysis from Goldman Sachs which argued that Citigroup and Merrill Lynch may face further losses in the billion-dollarFri, 27 Jun 2008 06:34:57 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-27.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-26.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday’s rate announcement from Norges Bank took many market participants (us included) by surprise as the key policy rate was raised by a quarter percentage point to 5.75%. At the same time the projected interest rate path was adjusted so that interest rates are expected to peak at 5.88% in March 2009.Furthermore Norges Bank said that inflation in Norway is likely to rise further and from Monetary Policy Report 2/08Thu, 26 Jun 2008 06:59:22 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-26.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-25.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Today all eyes will be on the Fed who will be announcing interest rates at 8:15 pm today. The Fed is widely expected to leave rates unchanged this time around. Lately however several Fed members have been expressing concern regarding the outlook for inflation and Chairman Bernanke has stated that the risk of a deep and prolonged slump in the economy is reduced. Thus rates in the US have risen and markets currently discountWed, 25 Jun 2008 06:37:14 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-25.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-24.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday, the short term interest rates traded with a bullish sentiment all morning until the German business confidence, IFO, disappointed the market. It was the lowest reading since 2005 and it made the European short term rates turn around. The rates in the US continued up during the day while European rates fell and this made the euro drop against the dollar. Overall, the short term European rates fell by 5-6 bps whileTue, 24 Jun 2008 08:48:35 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-24.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-23.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team The dollar still seems range bound between 153.50 (485.80) and 158.50 (450.50), but is currently trading with a soft undertone. We are not likely to see any action on the dollar until Wednesday when the FOMC is announcing the future key policy rate. At present the market is assigning a 10% probability for a hike by 25bps this Wednesday according to Fed Funds futures. The short term US interest rates fell 7- 10 bps FridayMon, 23 Jun 2008 08:36:22 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-23.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-20.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday UK retail sales figures for May were released. Figures showed that sales rose the most since records began two decades ago as Britons bought seasonal food and clothing. The retail sales data were released only less than 24 hours after Bank of England governor Mervyn King delivered a rather gloomy speech in which he addressed the problems in the British economy. In the speech he said that families will see theirFri, 20 Jun 2008 10:37:13 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-20.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-10.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team One thing is for sure at the moment – the interest rate market is not boring! Four numbers: 55, 45, 38, and 20 – that are approximately the number of basis points the 2-year US Treasury rate, and the implied rates by the Eurodollar June 09 future, the Short Sterling June 09 future, and the Euribor June 09 future respectfully went up yesterday! How often does that come along? The Fed’s Bernanke spoke yesterday aboutTue, 10 Jun 2008 06:25:21 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-10.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-09.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Friday was a dramatic end to the week in the financial markets. The surprise jump in the US jobless rate to 5,5 % , highest since October 2004 , send both the USD and US stock markets tumbling. A record jump in oil prices and talks that Israel is planning a strike on Iran nuclear facilities only made things worse. US stocks were down around 3 % at the end of the day while EUR/USD closed around 157,7 (USDDKK at 473) havingMon, 09 Jun 2008 07:16:10 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-09.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-06.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday’s main event was the monetary policy meeting in the European Central Bank. Rates were left unchanged at 4% as expected by the majority of market participants however the comments made by ECB president Trichet at the press conference were unexpectedly hawkish. Thus Trichet said that “risks to price stability have increased further” and that there is a good chance that inflation rates will remain elevated.Fri, 06 Jun 2008 07:27:26 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-06.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-04.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday the USD strengthened to a two-week high versus EUR after comments made by Fed chairman Ben Bernanke. Bernanke said that the Fed is “attentive to the currency and will guard against inflation expectations”. Thus he seemed to hint that the Fed is done cutting rates this time around thereby supporting comments made by Treasury Secretary Paulson who said that he “very strongly” favours a “strong” dollar. Thus it seemsWed, 04 Jun 2008 06:42:08 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-04.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-03.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday risk aversion reared its ugly face once again as ratings on three of the largest US securities firms (Morgan Stanley, Merrill Lynch and Lehman Brothers) were cut by Standard & Poor’s who said that the firms in question may have to book further writedowns. Furthermore the announcement that Wachovia CEO Kennedy Thompson is stepping down fuelled speculation that Wachovia also faces further losses. Stock marketsTue, 03 Jun 2008 06:26:12 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-03.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-02.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Investors are in for an exiting week as the macro economic calendar heats up. On this side of the Atlantic rate announcements from BoE and ECB are due and as the European Central Bank keeps reiterating that inflation is a major concern investors will be paying close attention to the statement made at the press conference on Thursday. From the US we can look forward to the release of the ISM indices for the manufacturing andMon, 02 Jun 2008 07:33:14 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-06-02.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-29.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday durable goods orders from the US lifted the dollar in spite of relatively high inflation data from the Eurozone. Norges Bank kept its main deposit rate at 5.50% at the rate announcement in the afternoon as we expected. There was given no clear indications of the future rate policy. It was highlighted that inflation has increased more than expected, but also that Norges Bank acknowledges that growth is decreasing.Thu, 29 May 2008 06:20:30 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-29.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-28.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Well perhaps not… However, our focus will definitely be on Norway today as the central bank is announcing the future deposit rates and as the Governor of the central bank, Svein Gjedrem, speaks about monetary policy rates. Broadly consistent with market expectations, our house view calls for unchanged rates in Norway at today’s announcement. The next monetary policy report is due June 25 and Norges Bank may be reluctant toWed, 28 May 2008 07:17:15 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-28.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-27.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Monday was rather quiet as both the US and the UK markets were closed. Today however activity on the macro economic calendar is picking up as we will receive news on the confidence of the American consumer this afternoon. Although the index has fallen dramatically in the past six months our economists expect a further drop in May and we expect that one of the main focal points among market participants will be the AmericanTue, 27 May 2008 06:28:29 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-27.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-26.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Sentiment in the financial markets remained negative on Friday as elevated oil prices has fuelled concern over the effects on the struggling global economy. In the FX markets the sour mood has rubbed off on the CHF which strengthened by nearly 1.50% against the EUR last week. On a technical level EURCHF seems supported around 161.25 and momentum indicators suggest that the risk of further CHF-strengthening in the short termMon, 26 May 2008 06:44:58 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-26.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-23.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team The financial markets remain subject to drastic mood swings. Thus sentiment Thursday morning was rather negative as rapidly climbing oil prices fuelled worries about prospects for inflation. Interest rates rose and in the bond markets the UK turned out to be the underperformer of the day. Furthermore in the money markets the December 09 Short Sterling Future dropped 30 bps compared to an 11 bps drop in the correspondingFri, 23 May 2008 07:10:43 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-23.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-22.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team It is clearly evident after the Ifo and FED minutes releases yesterday that the euro is still going strong. The euro strengthened versus the pound, the dollar, Norwegian and Swedish kroner in addition to the high-yielders. The euro did, however, perform less well against the traditional funding currencies CHF and JPY. Both CHF and JPY strengthened versus EUR (and DKK) during yesterday’s trading session as the market fearedThu, 22 May 2008 07:22:44 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-22.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-21.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Market sentiment turned sour yesterday and with the oil prices surging towards new highs near 130 USD per barrel sentiment remained bleak throughout the American trading session. The outlook this morning is not all that positive as Asian stock markets are in the red and futures on European stock indices point towards a negative opening. Furthermore macro economic events could contribute to the sour mood among investors asWed, 21 May 2008 06:19:17 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-21.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-20.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday the dollar bounced back due to a stronger than anticipated leading indicator from the US. Momentum is still downwards for the dollar and the currency cross rate is still trading is a downwards trend channel. Bank of Japan kept its main policy rate steady at the rate announcement this morning as widely expected by the market and by our economists. The minutes from the policy meeting in Reserve Bank of Australia inTue, 20 May 2008 06:51:10 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-20.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-19.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team University of Michigan Consumer Confidence surprised Friday on the downside. Economists in the market had surveyed 62, however, the actual figure released was only 59.5. Once again the big R-word was frequently used among market participants and USD depreciated versus the euro and the yen. It seems like the euro is gaining momentum versus the dollar, but the market will be highly focused on macroeconomic releases from theMon, 19 May 2008 06:28:18 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-19.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-16.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Inflation remains one of the main themes in the financial markets. As inflation pressures rise investors are starting to speculate that the major central banks may be near the end of the long row of interest rate cuts. After having cut the key interest rates by 3.25 percentage points to 2 percent the Fed is now expected to raise rates by 25 bps around year end. In the Euro Zone ECB members maintain a hawkish stance and keepFri, 16 May 2008 07:34:20 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-16.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-15.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday one of the main focal points was the release of the inflation report from the BoE. In the report the British central bank stated that risks for growth are on the downside while those for inflation are on the upside. In fact the central bank said that inflation might stay above their 2%-target over the coming years and may approach 4% towards the end of 2008. Short Sterling futures extended their losses in the wakeThu, 15 May 2008 06:28:15 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-15.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-14.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team The long-awaited inflation report from Bank of England is due shortly before lunchtime today. The minutes from the MPC meeting in March lead us to suspect that the inflation report due today will point towards further cuts from BoE, but also that there are inflation concerns to address and hence rate cuts will come gradually. The last report from February pointed towards BoE cutting rates by 50bps during 2008 due toWed, 14 May 2008 07:00:54 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-14.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-13.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Monday was a positive day across the line. Financial shares gained after the large US bond insurer MBIA Inc. reported better-thanexpected results and said that business volume appears to be rising. In addition, the oil price fell from all-time high which also proved beneficial for financial markets. Overall, riskdemand was spurred and in several instances erased the gains that the funding currencies had experienced ThursdayTue, 13 May 2008 06:28:24 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-13.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-09.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team The USD fell from its two-month high against the EUR after the ECB announced that rates were left unchanged at yesterday’s monetary policy meeting. At the press conference Trichet repeated his inflation mantra as he stated that although risks to growth in the Euro Zone prevail the ECB must keep a tight rein on inflation and inflation expectations. In other words it doesn’t seem like the ECB is anywhere near following theirFri, 09 May 2008 06:17:17 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-09.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-08.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team EURUSD fell significantly yesterday as a consequence of softer EU retail sales and German Factory orders while rumours in the market speculated that the ECB in addition would change their hawkish tone. Moreover, US officials are believed to have told the Financial Times that both the US and Europe desire a stronger dollar. The article said among other things that Eurozone officials believe that USD has reached undesirableThu, 08 May 2008 06:15:19 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-08.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-07.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday was another relatively quiet day in the financial markets where investors seem to be awaiting Thursday’s rate announcements from the UK and the Euro Zone. Today’s macro economic calendar doesn’t offer any major market moving events. Thus in the absence of significant news we could very well be in for another quiet day. Currently EURGBP and EURUSD almost seem to move in tandem and with momentum tilting towards theWed, 07 May 2008 06:20:02 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-07.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-06.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday’s European trading session was rather quiet as London was closed due to a UK holiday. Thus overall there was very little movement in FX markets. The USD retreated somewhat from recent highs versus EUR and so far EURUSD seems supported around 154.20 corresponding to the March lows. The main trigger on the currency cross rate will be the monetary policy meeting in the ECB on Thursday where market participants willTue, 06 May 2008 06:41:54 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-06.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-05.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team While we have been on holidays in Denmark, a number of things have happened in the financial markets. Firstly, the Federal Reserve cut the benchmark rate by 25bps as expected. The most interesting about this event was the wording in the press release. The FOMC has dropped their referral to downside risks for growth, but kept its options open in order to be able to react on further credit turmoil. Initially, the dollar wasMon, 05 May 2008 06:50:57 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-05-05.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-30.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Yesterday EURJPY dropped through important short term support levels thus hitting target on our selling recommendation. Before markets closed the currency cross rate managed to recover somewhat but short term momentum still seems to speak in favour of further downside potential. Thus we have chosen to extend our selling recommendation targeting 159.85 with stop loss placed at 162.45. In the past couple of days we haveWed, 30 Apr 2008 06:18:03 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-30.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-29.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Members of the ECB governing council were once again yesterday on the wires expressing their concern with inflation in the Eurozone. Liebscher said i.e. that he was very concern about inflation and that it would remain elevated for longer than earlier forecasted. Mersch said that decisions by the governing council were taken by consensus and that it is necessary to avoid second round effects. Hurley highlighted that foodTue, 29 Apr 2008 06:21:13 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-29.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-28.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Once again we face a week with important scheduled events regarding the US economy. In the past month the signals from the different economic indicators have been rather mixed and market sentiment has shifted between recession when one economic indicator was released and called off the recession with the release of the next. If you derive the expectations to the state of the US economy from the current expectations to rateMon, 28 Apr 2008 06:39:14 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-28.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-25.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Sentiment in the financial markets has shifted and investors are starting to speculate that Fed rate cuts are coming to an end. In addition the EUR came under immense pressure yesterday as the German IFO index fell short of expectations. Thus EURUSD dropped markedly and stop loss on our buying recommendation was triggered. Risk on the currency cross rate in the near term remains on the downside but support is likely to beFri, 25 Apr 2008 06:55:21 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-25.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-24.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Norges Bank raised rates as widely expected by 25bps to 5.50% and noted that the current expectations to the rates in the future still were valid. Norges Bank expect that the rates will top out around 5.63%, which means that there is a 50% probability for yet another hike later this year, however, we expect this to be the last hike this time around. NOK has gained a great deal of support from the ever increasing oil priceThu, 24 Apr 2008 06:20:15 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-24.htmlhttp://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-23.htmlToday’s comment Majors & Scandies By the Majors & Scandis Team Market sentiment remains fairly positive and this morning Asian stock markets are in positive territory. Short term interest rates on both sides of the Atlantic have risen dramatically and market expectations of rate cuts from both the Fed and the ECB have been moderated quite substantially. Thus market participants are currently speculating that the Fed might leave rates unchanged next week and rates in the Euro Zone areWed, 23 Apr 2008 06:26:27 GMThttp://www.fxstreet.com/technical/forex-strategy/jyskebank@jyskebank.dk (Jyske Bank)http://www.fxstreet.com/technical/forex-strategy/daily-forex-research/2008-04-23.html