•  
  • New York 05:14
  • London 09:14
  • Barcelona 10:14
  • Tokyo 18:14
  • Sydney 20:14

  • SignUp | Login

Daily Market Outlook

Wed, Apr 29 2009, 00:27 GMT

AceTrader  |  View company's profile


AceTrader 1-wk TRIAL

www.AceTraderFX.com 24-Hr Real-time Signals Consistent Performance Intra-day, Daily, Weekly. with Email Alerts Function Try 1-week for $25 USD
Vote:

1

0

Market Review -   28/04/2009 21:06 GMT

Euro rallies against the dollar after comments from ECB's Smaghi


The euro rallied against the dollar on Tuesday, helped by the improving U.S. data and comments by European Central Bank Executive Board member Lorenzo Bini Smaghi, who suggested a foray into quantitative easing by the bank was not yet a done deal. Investors were encouraged to buy riskier assets and the euro surged to session highs of 1.3167, 126.88 and 0.8995 against the dollar, yen and sterling respectively.  
  
Meanwhile, the British pound rebounded after falling to as low as 1.4518 against the dollar in European morning as Confederation of British Industry said U.K. index of retail sales rose this month to the highest level since January 2008 as stores overcame the recession and rising unemployment. The U.K. CBI distribution trade showed a net 3 percent reporting higher sales in April, compared with a net 44 percent saying sales fell last month. The sterling traded as high as 1.4692 against the dollar in New York morning before retreating on profit-taking and cross-selling in sterling (eur/gbp rose from 0.8882 to 0.8995).  
  
Economic reports from the U.S. showed consumer confidence climbed in April to 39.2, the highest level since November, from 26.9 in the previous month, while a separate report signaled the housing market in U.S. may be stabilising as the decline in home prices in 20 major U.S. cities slowed in February for the first time since 2007. The better-than-expected U.S. sentiment reduced safe-haven demand and capped the dollar’s early gains due to fears about swine flu (the World Health Organisation lifted its pandemic alert to phase 4 from phase 3). In New York session, it fell from 96.78 to 96.34 against the yen, from 1.1599 to as low as 1.1420 versus the Swiss franc, and from 1.2269 to 1.2164 against the Canadian dollar.  
  
On Wednesday, markets in Japan will be closed due to ‘Showa Emperor’s Day’. Economic data releases from other nations include eurozone business climate and economic sentiment, Switzerland’s KOF indicator, U.S. gross domestic price, personal consumption, PCE and Fed rate decision (18:15GMT), and New Zealand RBNZ rate decision (21:00GMT). The FOMC is expected to keep rates unchanged at 0.25 percent, however, the New Zealand central bank will probably cut the benchmark interest rate for a seventh consecutive time by 50 basis points to record-low pf 2.5 percent as a deepening global recession slows exports and business investment.

Published on  Wed, Apr 29 2009, 17:01 GMT


Trendsetter Financial Markets Ltd. | Room 1309 - 1311, 13/F., Tai Yau Building, No. 181 Johnston Road, Wan Chai, Hong Kong.
http://www.AceTraderFX.com | cs@acetrader.com

Archive


Legal disclaimer and risk disclosure

Trendsetter does not warrant or guarantee the accuracy, timeliness or completeness to its service or information contained therein. Trendsetter does not give, whatsoever, warranties, expressed or implied, to the results to be obtained by using its services or information it provided. Users are trading on their own risk and Trendsetter shall not be responsible under any circumstances for the consequences of such activities. Trendsetter and its affiliates, in no event, be liable to users or any third parties for any consequential damages, however arising, including but not limited to damages caused by negligence whether such damages were foreseen or unforeseen.
Vote:

1

0

Related reports

Financial Trend Analysis Strategy: Short EURUSD by Financial Trend Analysis
Mon, Mar 22 2010, 08:40 GMT

The curves in both the US and Germany flattened in a bearish to mixed way by KBC Bank
Mon, Mar 22 2010, 08:12 GMT

The Greek Tragedy: Euro hurting as EU summit approaches by FXstreet.com
Mon, Mar 22 2010, 08:11 GMT

USD Still Gaining Ground by ACM - Advanced Currency Markets
Mon, Mar 22 2010, 08:04 GMT

Daily Forex Overview by Dukascopy Swiss FX Group
Mon, Mar 22 2010, 08:03 GMT

indicator, eurusd, eurozone, gbpusd

[ View All ]

Related content


Interested in forex trading? forex brokerage firms!


FOREX.com
Contact the broker/FDM
Open a demo account
Forex Capital Markets, LLC (FXCM)
Contact the broker/FDM
Open a demo account
City Credit Capital (UK) Ltd
Contact the broker/FDM
Open a demo account		Easy-Forex® Trading Platform
Contact the broker/FDM
Open a demo account		Alpari (UK) Limited
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

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.

©2010 "FXstreet.com. The Forex Market" All Rights Reserved.