Daily Analysis
0
0
Dollar trading low as Treasury bailout plan hits confidence
Tue, Sep 23 2008, 10:49 GMT
by Benny Menashe
| EUR/USD | USD/JPY | GBP/USD | USD/CHF | |
| 1.496 | 108 | 1.8955 | 1.106 | |
| Resistance | 1.491 | 107.45 | 1.8795 | 1.0925 |
| 1.4865 | 106.15 | 1.864 | 1.09 | |
| 1.4625 | 105.15 | 1.8475 | 1.07 | |
| Support | 1.454 | 104.55 | 1.844 | 1.061 |
| 1.444 | 104 | 1.8385 | 1.0605 |
The greenback traded very low against the euro on concerns that the U.S. government proposal to buy $700 billion of troubled assets will hit confidence in the nation's finances. The greenback traded low versus the major currencies as Treasury Secretary Henry Paulson's plan would increase the nation's debt ceiling by 6.6 percent to $11.315 trillion. Also weighing on the dollar is the U.S. report this week that may show home sales fell, adding to the case for the Federal Reserve to cut interest rates. The EUR/USD is currently trading at $1.4750 as of 7:51am, GMT.
The pound was little changed against the dollar before an industry report that will show whether U.K. mortgage approvals picked up in August. House prices slid a fourth month in September, Rightmove Plc, Britain's most-used property Web site, said yesterday. The average asking price for a home fell 1 percent from August. Banks granted 22,448 loans for house purchase in July, down 65 percent from a year earlier, the British Bankers' Association said Aug. 26. ``The numbers are likely to confirm mortgage financing has dried up in the U.K.,'' said Lee Hardman, a currency strategist in London at Bank of Tokyo-Mitsubishi Ltd. ``The economic fundamentals are still extremely negative for the pound.'' The GBP/USD is currently trading at $1.8525 as of 8:12am, GMT.
Today's Economic Events
| Time | Event | Currency | Period | Previous | Forecast | Significance | Actual |
| 23:50 | Manufacturing PMI | JPY | Quarterly | -15.1 | -17 | 2 | |
| 14:00 | Fed Chairman Bernanke Testifies | USD | 4 | ||||
| 14:00 | Richmond Manufacturing Index | USD | Sep | -16 | -12 | 2 | |
| 11:00 | Core CPI | CAD | Aug | 0.10% | 0.10% | 3 | |
| 11:00 | CPI m/m | CAD | Aug | 0.30% | -0.20% | 2 | |
| 9:00 | Industrial New Orders m/m | EUR | Jul | -0.30% | -0.70% | 2 | 1.00% |
| 8:30 | BBA Mortgage Approvals | GBP | 22.4K | 20.5K | 2 | 21.1K | |
| 8:00 | Manufacturing PMI | EUR | Sep | 47.6 | 47.2 | 2 | 45.3 |
| 8:00 | Services PMI | EUR | Sep | 48.5 | 48 | 2 | 48.2 |
| 7:30 | Manufacturing PMI | EUR | Sep | 49.7 | 49.2 | 2 | 48.1 |
| 7:30 | Services PMI | EUR | Sep | 51.4 | 50.6 | 2 | 49.3 |
| 7:00 | Manufacturing PMI | USD | Sep | 45.8 | 46.1 | 2 | 43.6 |
| 7:00 | Services PMI | EUR | Sep | 48 | 47.7 | 2 | 50.4 |
| 6:45 | Consumer Spending m/m | EUR | Jul | 0.40% | 0.00% | 2 | 0.40% |
| 6:45 | Consumer Spending m/m | EUR | Aug | 0.40% | 0.30% | 2 | -0.30% |
Published on Tue, Sep 23 2008, 11:14 GMT
Archive
- The Dollar gains as the markets tumble and investors seek a safe haven
Published On Fri, Jul 3 2009, 11:47 GMT - Dollar rises as the market are down and China still intends to use the greenback
Published On Thu, Jul 2 2009, 11:36 GMT - The YEN declines versus the Dollar and the Euro on Tankan Report
Published On Wed, Jul 1 2009, 11:45 GMT - Sterling rockets after good housing data and a weak Dollar
Published On Tue, Jun 30 2009, 11:30 GMT - The Dollar rises against most majors as China say the currency may still dominat
Published On Mon, Jun 29 2009, 10:33 GMT
Finotec
| Global financial trading center, 1 Grivas Digheni and Chrysanthou, 3035 Mylona P.O.B 58007, Limassol
http://www.finotec.com/ | support@finotec.com
Legal disclaimer and risk disclosure
FINOTEC Trading’s Market Commentaries are provided for informational purposes only. The information contained within these reports is gathered from reputable news sources and not intended as investment advice. FINOTEC Trading assumes no responsibility or liability from gains or losses incurred by the information herein.Related reports
Weekly Focus - Is it strong enough? by Danske Bank A/S
Fri, Jul 3 2009, 15:00 GMT
Weekly Market Commentary - Libor and Official Interest rates are at their narrowest by Mizuho Corporate Bank
Fri, Jul 3 2009, 14:33 GMT
London Gold Market Report by BullionVault.com
Fri, Jul 3 2009, 13:24 GMT
Your Summer Housing Market Update by Money and Markets
Fri, Jul 3 2009, 12:39 GMT
European Market Update - Spain June Services PMI: 41.2 v 39.1 prior by TradeTheNews.com
Fri, Jul 3 2009, 12:32 GMT
indicator, eurusd, usd, bailout, gbpusd, usdjpy
View AllRelated content
European Markets mixed, EUR rises and GBP lower
FXstreet.com | Fri, Jul 3 2009, 14:38 GMT
Forex: EUR/USD rebounds at 1.3980, back above 1.4000
FXstreet.com | Fri, Jul 3 2009, 11:46 GMT
CURRENCIES: Dollar Edges Higher In Thin Trade Ahead Of Holiday
Dow Jones | Fri, Jul 3 2009, 11:46 GMT
Forex: GBP/USD falls further to test 1.6300
FXstreet.com | Fri, Jul 3 2009, 11:20 GMT
2nd UPDATE: UK Service Sector Grows, End Of Recession Nears
Dow Jones | Fri, Jul 3 2009, 10:15 GMT
indicator, eurusd, usd, bailout, gbpusd, usdjpy
View All
Interested in forex trading? forex brokerage firms!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.