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Currency Trading Forex – Market Analysis 22nd September 2009

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Tuesday, September 22nd, 2009

Currency Trading Forex – Overnight

The U.S. dollar fell against the euro and the yen in currency trading forex markets in Asia Tuesday, giving up recent gains as equity markets in much of the region rallied on improved risk sentiment. With Japan’s markets still closed for a three day holiday, South Korea’s equities led the charge, rising 1.4%, followed by a 0.7% gain in Singapore. The Euro fell from the USD1.4700 handle but was very resilient as dip buyers and crosses supported the pair. The euro yen broke above JPY135 and euros to pounds pair consolidated gains above 0.9050. The failure to test USD1.4600 saw buyers gain the upper hand supported by US stocks which finished only slightly lower on the day.

The Pound came under more pressure in currency trading forex yesterday on the back of a publication from Bank of England indicating that the financial crisis might have lowered the long term value of Sterling, whilst the Australian dollar closed higher on Tuesday, riding the coat tails of the New Zealand dollar, which leapt to a 13-month high on positive news from the country’s largest milk producer.

Currency Trading Forex – Outlook Today

Currency trading forex analysts said the underlying tone on the dollar is negative due to the expectation that the U.S. Federal Reserve will keep rates at current ultra low levels at least until late this year or even early next year. The euro vs yen is under pressure with dollar yen into European dealing, triggering stops under JPY134.80 down to lows around JPY134.65. Attention now turns to the top of the Ichimoku Cloud at JPY134.50 as next support.

For the euro vs dollar German analysts are cited as providing the main buy interest that sees the currency rate extend recovery to USD1.4732 in early Europe. Move passes through reported US name offers at USD1.4725/30, with stops through USD1.4740 so far remaining intact. European stocks are seen opening mildly higher Tuesday, as investors enter at more attractive levels following the bout of profit taking seen in the previous session.

The Australian dollar looks set to remain in its well established uptrend but headwinds could stiffen this week if the FOMC meeting produces any hint of hawkishness. The U.S. Fed will start a two-day meeting later Tuesday and will release a widely anticipated policy statement Wednesday. On Thursday and Friday, leaders from the Group of 20 nations will meet in Pittsburgh, and any comments on the global economy or financial regulation will be watched closely for any comments which could affect the currency trading forex markets.

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

Currency Trading Calendar – 18th September 2009

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Friday, September 18th, 2009

Today’s currency trading calendar is relatively quiet today, as we only have six major pieces of news scheduled for release today, starting with the Bank of Japan monthly report which contains the statistical data that the BOJ Policy Board members evaluated when making the latest interest rate decision, and provides detailed analysis of current and future economic conditions from the bank’s viewpoint. In general if the view is more hawkish than expected then this will be good for the Japanese yen. This item of fundamental news on the currency trading calendar is then followed by German PPI and Current Account numbers in Europe, with the first of these forecast at 0.1%, against a previous of -1.5%, so again some more good news in Europe should the forecast be correct, with the Current Account forecast to fall from -4.3B from -5.3B.

The big fundamental news item for the UK today on the currency trading calendar are the Public Sector Net Borrowing figures which are certain to move the currency markets, with a huge increase in borrowing from 8.0B last time to a massive 17.7B this time round, but given the state of the UK finances this figure may not surprise the currency markets.The number represents the difference in value between spending and income for public corporations, the central government, and local governments during the previous month, and there is no consistent way that currency markets react to the news. This data is also released along with the Preliminary M4 money supply which is forecast at 0.7% against a previous of 1.5%.

Finally today on the currency trading calendar we have Wholesale Sales in Canada, which are forecast to show a slight improvement over last month at 0.7% today, up 0.1% on last time. This is generally considered to be a leading indicator of consumer spending as retailers generally order more goods from wholesalers when they expect consumer sales to increase.

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

Currency Trading – Currency Markets Analysis

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Thursday, September 17th, 2009

Currency Trading – Market Update

The dollar held gains versus major rivals in currency trading in the US markets on Thursday after weekly initial U.S. jobless claims posted a smaller than expected rise. The Labor Department said 545,0000 Americans filed initial claims for jobless benefits in the latest week, down 12,000. A separate report said housing starts increased to a 598,000 annualized pace in August. The dollar has been on the ropes in recent weeks. Pressure has been tied in part to rising risk appetite, which has seen investors shun the dollar’s safe haven status in favor of equities and other assets. Analysts also blame low U.S. interest rates, which have made the dollar an attractive vehicle for carry trades that center on borrowing in dollars and then purchasing higher yielding assets. The euro rose to a fresh one year high of USD1.4768. The Australian dollar advanced to its highest level since August 2008, USD0.8775. The Canadian dollar also rallied and the U.S. unit fell as low as CAD1.0608, its lowest level since last October.

Currency Trading – Market expectation

EURUSD upside still seen as the least course of resistance despite recent correction lower from USD1.4768 level last traded Sept 2008. Risk is seen to the 2.00% moving average envelope, which is still widening and today valued at USD1.4843. The daily studies are pointing higher and showing no sign of reversing lower.

The euros to pounds pair have reported demand interest, placed down to stg0.8890, continues to provide a cushion, as rate attempts to extend pullback from earlier Asian highs at stg0.8934. Further demand noted between stg0.8885/80 with stops below. Rate currently trades around stg0.8903, off recent lows at stg0.88975.

USDJPY lifts over JPY91.50 area in the wake of the US data, dollar popping to JPY91.60+ as offers around JPY91.50 were absorbed, the pair stalling shy of further supply at JPY91.70. Pair still underpinned by earlier chunky buys by a US name as the US session got underway.

The grinding nature of the USD lows suggests that sellers are being met with willing buyers on the dips but the buyers just don’t have what it takes to reverse the oversold condition. Analysts said as long as equities continue to advance it will be harder to reverse bearish sentiment but a correction in USD could happen anyway as shorts are over extended; equities might follow the USD rather than the other way around. They suggest keep looking for the clues that a USD reversal is brewing as the majors are all over extended at this point, so we could see some interesing currency trading opportunities in the next few days.

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

Forex Analysis – Forex Markets 16th September 2009

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Wednesday, September 16th, 2009

Forex Markets – Overnight

The dollar fell to almost a nine month low against the euro in Asia Wednesday as investors reduced dollar holdings on views that the U.S. currency may weaken for now due to pessimism over the U.S. economy. Investors have been selling the greenback across the board as they speculate the Federal Reserve will be forced to keep its interest rates low for the time being to support the country’s fragile economy. Indeed, The Dollar Index, a gauge of the currency’s value against six major currencies including the euro, fell to a one-year low of 76.407. On Tuesday, Chairman Bernanke said that, from a technical point of view, the “recession is very likely over at this point,” during a question-and-answer session at the Brookings Institution. The euro advanced to a new nine-month high against the dollar Tuesday for the sixth consecutive trading session. It remained firm Wednesday, while the dollar and sterling both fell back. At 0615 GMT, the euro was trading at USD1.4687, up from USD1.4658 in late New York business Tuesday.

The British pound fell to a one-week low against the greenback after Bank of England Governor Mervyn King made statements that he would consider rate cuts on commercial banks’ reserves held at the central bank. The news raised speculation that the BoE may continue to extend its 175 billion pound quantitative easing program. The Australian dollar continued to press higher in Asia on Wednesday and should push for a fresh one-year high as key support for a weakening U.S. dollar gives way.

Forex Markets Outlook

The euro is supported against the U.S. dollar and the U.K. pound as risk appetite got a further boost. USDJPY traders comments on the react drop to JPY90.50 in dollar-yen after new FinMin intervention comments, says a local came in and bid the level causing short term specs to cover back. Rate currently trades around JPY90.62. Cable meeting resistance at USD1.6480/85 (USD1.6483 61.8% USD1.6515/1.6431) and further resistance noted at USD1.6495 (76.4%) ahead of stronger area between USD1.6515/20. Bids now seen placed to USD1.6430 (76.4% USD1.6403/1.6515), stronger toward USD1.6400 with stops below. Looking ahead, currency players will watch for the U.S.’s consumer price index for August because a bad figure could lead to lower long-term U.S. interest rates, and that would prompt more dollar selling, said analysts. About Australian dollar analysts said the local unit is now in a well entrenched upward path and should break its recent high of USD0.8676, helped by firmer equities and the U.S. dollar’s woes.

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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Archive for forex broker – Page 2

Currency Trading Forex – Market Analysis 22nd September 2009

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Forex Analysis – Forex Markets 16th September 2009

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