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Archive for June 2009

Currency Market Afternoon Summary – 30th June 2009

By admin · Comments (0)
Tuesday, June 30th, 2009

Previous Currency Trading Session Summary

The dollar started to weaken against the Euro from the early Asian session, with the pair finally breaking important USD1.4130.  Dollar weakness mainly due to risk appetite seen across all markets and especially in commodities, as oil reached yet another multi week high above $73 per barrel.  Equities, however, have experienced mixed fortunes with Europe down slightly and UK’s GDP figure posting the worst number since the late 1950′s.  In the US the S&P Case-Shiller Home Price Index 20 city composite fell 18.1% in the year ended April against economists’ forecast of a 18.6%.  The 10 city composite dropped 18% in April.

The EURUSD is trading to the upside once again with yesterday’s Dollar rally fading even as risk aversion creeps back.  Dollar needs to hold key levels against both British Pound and Euro of USD1.4 and USD1.66 if moves to the upside are to be maintained.  The next level for the Euro is USD1.4160 and any break and hold above puts USD1.4230 back in the frame.

Currency Market Expectation

EURUSD losses extend through USD1.4035 now as earlier mentioned bids and stops are taken out and traders’ sights turn to the London fixing.   However, flows may be balanced with Q2 squaring of positions.

British Pound pressing lower again, extending into areas of support between USD1.6515/00 (USD1.6505 76.4% USD1.6430/1.6745). A break below this level figure could open a deeper move toward USD1.6485/80 ahead of USD1.6470.

EURJPY is taking a hit with equities on the back of the US data, with bids emerging in the JPY135.30 area to cushion the fall.   Ahead now lie the high risk events of Thursday, including US Non Farm Payroll colliding with the European Central Bank policy meeting and statement so traders may now be squaring their long Euro positions, which were built when the market had a bigger appetite for risk.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.

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Categories : Inter Market Analysis
Tags : currency broker, currency chart, currency charts, currency futures, currency market, currency markets, currency options, currency trade, currency trader, currency traders, daily forex, dollar forex, euro currency, euro trading, foreign currency trading, foreign exchange trading, forex account, forex broker, forex brokers, forex charts, forex course, forex currencies, forex currency, forex education, forex euro, forex exchange, forex forecasts, forex futures, forex hedging, forex margin, forex market, forex mini, forex news, forex pip, forex pips, forex rates, forex real time, forex signal, forex signals, forex spot, forex strategies, forex strategy, forex tips, forex trader, forex trading, forex trading strategies, forex training, fx charts, fx currency, fx forex, fx trading, global currency, global forex, learn currency trading, learn forex, managed forex, online currency trading, real time currency, spot euro, trade forex, trading currencies, trading platform, us currency, usd currency, usd forex, usd trading

Currency Traders Morning Report – 30th June 2009

By admin · Comments (0)
Tuesday, June 30th, 2009

Currency Markets Update

The yen gained moderately against the dollar and euro in Tokyo Tuesday as Japanese players bought the currency for month end settlement and the half year’s repatriation of their overseas assets for bookkeeping, but ahead of the Bank of Japan’s Tankan survey, a closely watched quarterly business sentiment report, due Wednesday, currency traders and investors are unlikely to make big bets on the yen before the release. For that reason, any further falls in the dollar and euro later in the day will probably find a floor around JPY95 and JPY134.80 respectively.

On Monday, the euro vs dollar mostly tracked the price action on the stock markets. European stocks opened in negative territory but investor sentiment improved later in the session. The euro to dollar trended higher for most of the day and closed the session at USD1.4083, compared to USD1.4056 on Friday evening. This constructive global sentiment persisted in overnight trading as the EUR/USD is currently trading above the USD1.41 price level in the early European session.

The British pound fell to as low as USD1.6430 against the U.S. currency after comments from Zhou, however, it rose in tandem with the euro and hit an intra day high of 1.6587 in late New York afternoon.

The Australian dollar was stronger in late Asian trade Tuesday supported by a further improvement in risk appetite in global asset markets that weighed on safe haven assets like the greenback.  The rally in the Australian currency defied the release of worse than expected domestic credit aggregates data that showed business lending slowing to a trickle.

Currency Market Outlook European Trading

The euro, yen and U.K. pound are all higher against the dollar on Tuesday, as forex players look to the stock markets for some inspiration.The UK Pound eased off ahead of the European open to USD1.6610 but soon picked up fresh demand interest into Europe. Release of stronger than expected nationwide house price data provided the added boost to spike the rate through USD1.6660/65 and on to USD1.6702. Profit taking then eased the rate back to USD1.6580 before secondary buying lifted it again, taking it on to USD1.6732. Offers are seen placed at USD1.6750 ahead of USD1.6800. Bids placed at USD1.6680, USD1.6660/50.

Strong spike higher in cable on housing data has lifted the euro vs dollar back to USD1.4125, but sales of euro sterling are seen acting as a counter weight. Offers remain in place at USD1.4130/40, a break  here could open a move toward USD1.4180 ahead of USD1.4200. Support remains between USD1.4100/1.4095, with stops on a break of USD1.4090. Further bids noted toward USD1.4070 ahead of USD1.4055/50.

Traders will be watching the U.S. non-farm payrolls report for June due Thursday, with many economists expecting  the report to show 350,000 jobs shed in June, compared to a 345,000 contraction in May. If the numbers are worse than expected, then the data could weigh on share markets, encouraging players to buy the yen, which they consider a safe haven asset.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.

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Categories : Forex Cross Pairs, Forex News, Inter Market Analysis
Tags : currency broker, currency chart, currency charts, currency futures, currency market, currency markets, currency options, currency trade, currency trader, currency traders, daily forex, dollar forex, euro currency, euro trading, foreign currency trading, foreign exchange trading, forex account, forex broker, forex brokers, forex charts, forex course, forex currencies, forex currency, forex education, forex euro, forex exchange, forex forecasts, forex futures, forex hedging, forex margin, forex market, forex mini, forex news, forex pip, forex pips, forex rates, forex real time, forex signal, forex signals, forex spot, forex strategies, forex strategy, forex tips, forex trader, forex trading, forex trading strategies, forex training, fx charts, fx currency, fx forex, fx trading, global currency, global forex, learn currency trading, learn forex, managed forex, online currency trading, real time currency, spot euro, trade forex, trading currencies, trading platform, us currency, usd currency, usd forex, usd trading

Currency Market Afternoon Summary 29th June 2009

By admin · Comments (0)
Monday, June 29th, 2009

Previous Currency Trading Session Summary

We start another week with a slightly stronger USD, this time helped by Chinese officials announcing that they are prepared to stay with the greenback as the reserve currency for the time being in the face of market rumours suggesting that they (and others – Russia & Venezuela to mention but two) have been looking for an alternative.   Despite this vote of confidence the euro vs dollar currency pair is trading in a very narrow range and is little changed from last week’s levels.  Trading volumes are thin in this holiday shortened week as a combination of the summer lull and 2nd Quarter position squaring and reconciliation kicks in keeping many traders on the sidelines.  The result is EURUSD unable to move much below USD1.4040.

In the UK both net lending and mortgage approval data came in below expectation which led to some early downward pressure on the British Pound.  However, any pullback is being seen as a buying opportunity with the pair so far touching USD1.6550.  A weekly close and hold above 1.66 still needed as evidence for a sustained move higher.

Currency Market Expectation

With an economic calendar almost devoid of any significant data traders are focusing on the ADP report of Wednesday and the NFP which, because of Friday’s 4th July celebrations, will be released on Thursday.   With the release of the ADP the market can begin speculating and moving.

The other important event of the week which traders are waiting for is the ECB’s interest rate decision and subsequent statement from Jean Claude Trichet.   This is probably the most eagerly awaited as Trichet should give the market some clear signals for the future direction of the EURO.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.

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Categories : Inter Market Analysis
Tags : currency broker, currency chart, currency charts, currency futures, currency market, currency markets, currency options, currency trade, currency trader, currency traders, daily forex, dollar forex, euro currency, euro trading, foreign currency trading, foreign exchange trading, forex account, forex broker, forex brokers, forex charts, forex course, forex currencies, forex currency, forex education, forex euro, forex exchange, forex forecasts, forex futures, forex hedging, forex margin, forex market, forex mini, forex news, forex pip, forex pips, forex rates, forex real time, forex signal, forex signals, forex spot, forex strategies, forex strategy, forex tips, forex trader, forex trading, forex trading strategies, forex training, fx charts, fx currency, fx forex, fx trading, global currency, global forex, learn currency trading, learn forex, managed forex, online currency trading, real time currency, spot euro, trade forex, trading currencies, trading platform, us currency, usd currency, usd forex, usd trading

Currency Markets – Trading Report 29th June 2009

By admin · Comments (0)
Monday, June 29th, 2009

Currency Market – Morning Update

The US dollar rose against the Japanese yen and euro in Asia Monday, after comments from China Sunday suggested that the country would not change its policy of keeping the dollar as its key foreign reserve currency for now. The markets took the remarks as a sign that the dollar will continue to keep its role as a major reserve currency, prompting short term investors and hedge funds to buy the U.S. dollar, as a sign of renewed confidence. On Friday, the PBOC issued a report that mentioned the need to create a new reserve currency, raising concerns in the market that China would shift out of dollar assets sooner than expected. The dollar climbed more than a third of a yen to 95.59 from its level in New York Friday, before giving up some of its gains. Profit taking and a modest slip in risk appetite weighed on the Australian dollar in late Asian trade Monday, although the currency has held close to the psychologically key USD 0.80 mark.

On Friday, the euro reaped the benefits of the weakening US dollar as investors fled the safe haven currencies. The euro climbed over 1%, heading toward a two-week high of USD1.4139 hit earlier this week. Cable surged from 1.6375 to 1.6498 in European opening with traders citing short covering ahead of the weekend and the pair received another boost after the release of U.S. data. Sterling rose to as high as 1.6564 and ended the session at1.6521. The Canadian dollar broke out of its range against the U.S. currency, boosted by firm commodity prices and a revival in investors’ thirst for assets perceived to be riskier.

Currency Market Outlook – European Trading

Traders have been moving to sell the euro in a thin market Monday, with dealers in Singapore saying that sovereign names were spotted selling the euro. Some dealers are looking to buy the euro off its lows, while the major currency pairs continue to trade in narrow ranges this morning in early market trading. The dollar and euro are slightly higher against the yen, while the U.K. pound is mixed.

Looking ahead to later today, the US dollar may continue to move in the 94.80 to 97.00 trading range once again,  before Thursday’s U.S. June non farm payrolls index, a closely watched indicator of the health of the U.S. economy, which may finally inject some much needed direction into this lack lustre pair. Ahead of the data, yen selling pressure from Japanese mutual funds for portfolio adjustment may offset exporters’ yen buying to close accounts at the end of June.

For the euro vs dollar support is now seen at 1.3980/70 (USD1.3976 61.8% USD1.3887/1.4119), and a break below could expose stops, which if triggered may allow for a deeper move toward USD1.3945/40. Resistance remains in place at USD1.4040/50.

Trader’s note that the UK pound has found support at 1.6443  corresponding to a 61.8% retracement of the move up from USD1.6368 to USD1.6564. Support remains in place to USD1.6435 with stops below USD1.6430, with next support interest level now seen at USD1.6415, with interest extending toward USD1.6400.

You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links.  I have also included details on an excellent ECN broker.

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Categories : Forex Cross Pairs, Forex News, Inter Market Analysis
Tags : aussie dollar, australian dollar, currency broker, currency chart, currency charts, currency fundamentals, currency futures, currency market, currency markets, currency options, currency trade, currency trader, currency traders, daily forex, dollar forex, euro currency, euro trading, euro vs dollar, foreign currency trading, foreign exchange trading, forex account, forex broker, forex brokers, forex charts, forex course, forex currencies, forex currency, forex education, forex euro, forex exchange, forex forecasts, forex futures, forex hedging, forex margin, forex market, forex mini, forex news, forex pip, forex pips, forex rates, forex real time, forex signal, forex signals, forex spot, forex strategies, forex strategy, forex tips, forex trader, forex trading, forex trading strategies, forex training, fx charts, fx currency, fx forex, fx trading, global currency, global forex, learn currency trading, learn forex, managed forex, online currency trading, real time currency, spot euro, trade forex, trading currencies, trading currency, trading platform, us currency, usd currency, usd forex, usd trading
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