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Currency Trading Forex – Afternoon Report 24th September 2009

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Thursday, September 24th, 2009

Currency Trading Forex – Market News

The U.K. pound is down sharply Thursday morning after remarks from Bank of England Governor Mervyn King suggested the U.K. central bank is comfortable with weakness in the currency. The dollar in general is lower, although losses against the euro and other major currencies are muted and trading is somewhat cautious ahead of the G-20 meeting of major advanced and emerging economies later in the currency trading forex session. News that initial claims for jobless benefits in the U.S. fell 21,000 to 530,000 in the week ended Sept. 19, compared to the expected increase to 550,000, added to the pressure on the dollar and sent the euro to session high at USD1.4803.

The sharp losses in the pound were a key focus in currency trading forex markets Thursday morning, with the currency dropping to a low of USD1.6170, its lowest level Monday, after King said the sterling’s weakness was “helpful” to the process of rebalancing the U.K. economy in an interview with a regional U.K. newspaper. The clear signal that the U.K. central bank is happy to tolerate currency weakness quickly pushed the euro up to a fresh five month high against sterling and shoved the pound lower against the dollar.

Currency Trading Forex – Market Outlook This Evening

The UK Pound is continuing to fall against the US dollar and now stands at 1.6063 as we approach the floor of the current sideways consolidation, which could prove to be key if this level is breached. The euro vs dollar has eased back slightly for trade around USD1.4688 after reaching an intra day high at USD1.4803 with currency traders noting the various directional conflicts in the pair provided by a very bid euro sterling, a heavy euro Swiss as well as dollar and cable weakness. Currency trading forex markets will now turn their attention to the G-20 meeting that starts in Pittsburgh on Thursday with currency analysts suggesting that the risks to the U.S. dollar stemming from the meeting, look balanced. In addition currency forex trading markets will also be keeping an eye on the euro/Swiss franc exchange rate, which has fallen to its lowest levels since the Swiss National Bank last intervened in June.

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Currency Trading Forex – Currency Market News 24th September 2009

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Thursday, September 24th, 2009

Currency Trading Forex – Markets Overnight

The dollar fell against the yen in currency trading forex markets in Asia Thursday due to heavy selling by Japanese exporters for quarter end settlement, and currency traders say the unit may fall further on lingering concern over the U.S. economic recovery. The greenback stood at JPY90.82 as of 0450 GMT, down from JPY91.32 in New York Wednesday, as Japanese exporters rushed to close their books because the end of the third quarter is nearing, according the traders.

The euro vs dollar rallied to USD1.4845 post FOMC only to meet strong Asian sovereign supply, with the reversal back to USD1.4728 seen as US stock markets turned from positive to negative. System and macro supply continued into early, pre-Tokyo, currency trading forex with sales taking rate on to extended lows of USD1.4685. Rate reversed off lows, with Asian sovereign demand providing a lift to USD1.4740 ahead of a short squeeze on to USD1.4754 before model funds began to provide stronger supply, the rate easing to USD1.4710 before edging back to USD1.4730 into early European dealing.

The UK pound found some solid support across the board as the MPC meeting minutes showed 9-0 votes to keep at current levels of QE and no mention of deposit rate adjustments. The euros to pounds pair traded below 0.9000 but could not hold the level into the close as weakness in US Financial’s weighed down on Sterling heavily.

The Australian dollar weakened in Asian currency trading forex Thursday as investors unwound long positions ahead of a key event for currency markets, the Group of 20 industrialized and developing nations summit due to begin later in Pittsburgh. Traders are watching for any consensus on implementing further regulation of financial markets or indeed any explicit reference to currency values.

Currency Trading Forex – Market expectation

The euro, U.S. dollar and U.K. pound are lower against yen after the Fed’s statement. For the euro vs dollar offers seen placed between USD1.4737/43 (61.8%/76.4% USD1.4754/1.4710) a break above to allow for a move back to USD1.4754. Offers noted to USD1.4760 with stops above, which if triggered to take rate on to USD1.4780/85 ahead of USD1.4800/10. Demand noted back at USD1.4710/00 (61.8%/76.4% USD1.4685/1.4754). Asian traders report that an Asian sovereign was a noted buyer of euro vs dollar, Aussie and sterling off lows, book balancing with the Bank a noted buyer of dollars Wednesday. Other Asian sovereigns also noted showing demand interest into Europe.

The US dollar is once again coming under pressure across the board, pulling the yen to dollar down to fresh lows for the day under JPY90.60. Japanese demand into JPY90.50/45 is now on the radar, ahead of reported strong demand into JPY90.00 barriers. Investors remain bearish on the dollar because they believe sluggish consumer spending may slow the pace of recovery in the U.S economy. They are willing to push the U.S. unit below JPY90, according to many currency trading forex dealers.

For the UK Pound, offers remain in place toward USD1.6390, with further sell interest seen dotted up to USD1.6405. Above here and the rate can edge on toward USD1.6420/25. Support USD1.6330, more around overnight lows at USD1.6318 through to USD1.6300.

Currency Trading Forex – Forex Market Update 23rd September 2009

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Wednesday, September 23rd, 2009

Currency Trading Forex – FX Markets Today

The dollar stabilized Wednesday in early New York trading, after falling overnight to a fresh 12 month low against the euro and 13 month lows versus the New Zealand and Australian dollars. However, after the rally for riskier currencies in Asian trading, caution has re entered the currency trading forex market again as traders look toward this afternoon’s announcement on U.S. interest rates by the Federal Open Market Committee, which is expected at about 2.15 p.m. EDT. The dollar has stabilized in European and early North American trading, returning below USD1.48 from its 12-month peak against the euro at USD1.4843. The British pound rose 0.4% against the greenback to USD1.6428 after minutes from the Bank of England showed that the monetary policy committee voted 9-0 to leave the size of its 175 billion pound asset purchase program unchanged and to make no changes in official interest rates at their September meeting. In Far East currency trading forex markets, the dollar bought 9136 Japanese yen from 91.13 yen on Tuesday.

The Canadian dollar is marginally lower Wednesday morning, reflecting a more stable tone in the U.S. dollar in general and the cautious mood ahead of the results of the U.S. Federal Reserve’s open market committee meeting later in the session. The U.S. dollar was trading at CAD1.0697 from CAD1.0688 late Tuesday.

Currency Trading Forex – Market expectation

The policy setting FOMC is not expected to raise Fed benchmark rates, but attention will focus on the statement accompanying the decision for any hints of an end to the central bank’s ultra accommodative stance. Depending on the wording of the statement and how it is interpreted by investors, the dollar sell off could resume during the New York afternoon. However most currency analysts expect everything will remain much the same, which would lead the euro to continue its rise against the dollar after the brief pause over the past few sessions as traders have taken profits and sat on the sidelines until the Fed’s decision.

Market speculation ahead of the Sept. 9/10 meeting had risen over the possibility the bank could cut the rate paid on reserves held by commercial banks with the BOE in an effort to force the banks to move the reserves into the broader economy.

The euro vs dollar presses under the USD1.4770 area nowd currently trades just under USD1.4760 as earlier mentioned stops are hunted, though momentum thus far suggesting little damage there. Stops said to extend to USD1.4755 or so, more sub USD1.4730. The euro yen offers at and above JPY135.00 so far sufficient to contain the bounce back from earlier Asian lows close to JPY134.10. A clean break above would expose trend line resistance highlighted by Technical analysts at JPY135.23, ahead of Monday’s highs just shy of JPY135.50. Tuesday’s close above the Ichimoku Cloud seen as a positive signal in the currency trading forex market, the top of which today seen as pivotal at JPY134.84.

Currency Trading Forex – Morning Market Report

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Wednesday, September 23rd, 2009

Currency trading Forex - Morning Market Update

The U.S. dollar tumbled across the board in Asia on Wednesday, hitting fresh annual lows against the euro, the New Zealand dollar and the Australian dollar ahead of the latest update on monetary policy by the U.S. Federal Reserve expected later in the day. After a shaky start to the day, the greenback regained lost ground as Asian stocks went into negative territory, but remains weaker overall. This has been sustained by the widely held view that U.S. rates will remain at ultra low levels for a sustained period, minimizing the appeal of U.S. dollar holdings. The U.S. dollar traded at JPY90.87, down from JPY91.18, but still clear of last week’s lows just above JPY90, as Japan’s markets remain closed for holidays since Monday. The currency trading forex markets y reopen again on Thursday.

The Euro rallied from the start of Asia to test USD1.4800 in Europe before consolidating gains around the figure. Key resistance is seen at USD1.4850-70 and then onto the key psychological level of USD1.5000. Sterling traded sideways in Asia and rallied in the European session due to the greenback’s broad based weakness and also short covering against euro (EURGBP retreated from 5-month high 0.9082). Cable continued to move higher in U.S. session as strong equity markets encouraged demand in high yielding currencies.

The Australian dollar rallied to a fresh 13-month high Wednesday helped by yet more weakness in the U.S. dollar in the Asia session. The Australian dollar was quoted at USD0.8760, up from USD0.8685 late Tuesday. Against the Japanese yen, it was quoted at JPY79.475, down from JPY79.65. The currency hit a fresh 13-month high of USD0.8787 in early currency trading forex markets.

Currency Trading Forex – Market Outlook

The dollar, U.K. pound and euro are falling against the yen on Wednesday, but the euro and pound are higher against their U.S. rival, signaling that appetite for risk is still growing. For EURUSD bids seen placed at USD1.4800, a break to allow for a deeper pullback toward USD1.4785/80 ahead of USD1.4770 (NY low USD1.4769). Talk of demand dotted from this latter level down to USD1.4755 with stops placed on a break below. Offers seen placed at USD1.4835/40, more toward USD1.4850.

In other currency trading forex markets, cable found some resistance ahead of USD1.6400, the break and clear above eventually allowing the rate to post highs at USD1.6415 before slipping back to settle around USD1.6385 into early European dealing. Offers remain in place around USD1.6415, more toward USD1.6430 with reports of stops placed on a break above. Bids seen placed from around USD1.6365 through to USD1.6350, with stops placed on a break below. The BOE minutes are this morning’s focus (0830GMT), most expect a 9-0 vote to keep rates unchanged though could see a 7-2 split in the vote for QE expansion (King and Miles voting for an increase).

More negative news for the currency may come Thursday and Friday when leaders from the Group of 20 nations will meet in Pittsburgh. Any comments on the dollar’s role as the global currency, the ongoing economic recovery or financial regulation will be watched closely.

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Currency Trading Forex – Afternoon Report 24th September 2009

Currency Trading Forex – Currency Market News 24th September 2009

Currency Trading Forex – Forex Market Update 23rd September 2009

Currency Trading Forex – Morning Market Report

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