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Eco Data 7/4/08
03.07.2008 23:14
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This Week's Market Outlook
03.07.2008 23:14
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In one fell swoop the greenback managed to reverse what was shaping up to be a terrible week, on the back of an NFP number that was seen as in line with expectations and an ECB seemingly on hold following the 25 bps increase. EUR/USD opened the week near 1.5790...
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Forex and Dow Jones Recommended Levels
03.07.2008 23:14
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EUR/USD Today's support: - 1.5654, 1.5636 and 1.5612(main), where correction is possible. Break would give 1.5596, where correction also may be. Then follows 1.5568. Break of the latter would result in 1.5543. If a strong impulse, we would see 1.5510. Continuation will give 1.5492.
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NZDUSD Rally Should Be Sold
03.07.2008 22:15
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Slowly, the NZDUSD has fallen over 700 pips from its March top. We view the drop as just the beginning of a much larger decline. How low can Kiwi go? You may surprised by our target.
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Dollar Rallies After NFP - How Much Further Can It Rise?
03.07.2008 22:15
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Non-farm payrolls were right in line with expectations, triggering a broad based dollar rally. Even though the US economy saw a net job loss for the sixth consecutive month, the sheer fact that non-farm payrolls was no where near -100k, was enough to drive the dollar higher (More details on...
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Canadian Dollar: Could IVEY PMI Trigger A Breakout?
03.07.2008 22:15
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CAD/JPY would be the biggest beneficiary of a strong IVEY PMI number. The market has turned dollar bullish after it learned that the non-farm payrolls report failed to threaten the current trajectory of Fed monetary policy. This helped to lift USD/JPY as well as the other yen crosses. CAD/JPY has...
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FX Technical Commentary
03.07.2008 22:15
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Euro 1.5705 Initial support at 1.5694 (Trendline support) followed by 1.5628 (June 26 low). Initial resistance is now located 1.5910 (July 3 high) at followed by 1.6019 (April 22 high).
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Dollar Surges After ECB Pulls Future Rate Hikes Off The Table
03.07.2008 22:15
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U.S. Dollar Trading (USD) experienced an extremely volatile day hitting multi-month lows against Euro before gaining heavily as the large sell off in the Euro dragged the USD up against all the Majors. US data was weak but not disastrous with the highly anticipated Nonfarm Payrolls (NFP) coming in at...
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Forex Exchange Morning Report
03.07.2008 22:15
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FX markets traded with understandable caution overnight ahead of the ECB announcement and US jobs data. These produced sharp net gains for USD, mostly against EUR and CHF, as while the ECB hiked 25bp as expected to 4.25%, ECB president Trichet said he had 'no bias' regarding any future interest...
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Dollar Not Down Despite Downbeat Data
03.07.2008 22:15
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The dollar rose against most key currencies Thursday despite downbeat data on the US labor market and services sector. US employment declined for a sixth consecutive month and the US labor market showed continued deterioration. The US services PMI unexpectedly contracted in June on falling orders and employment, but it...
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ECB Pres. Trichet's Comments Sink Euro, As ECB Hints At 'One-and-Done' Move
03.07.2008 22:14
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The surprise to the markets came in ECB President Trichet's comments following the announcement. He signaled that the bank may have taken a one-and-done approach, and are not likely to start a series of increases. Those traders expecting a more hawkish stance on inflation were disappointed and the Euro-Dollar pair...
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New York Session Recap
03.07.2008 22:14
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What started as a potential continuation lower in the USD, ended with a rally against most major currencies. The European Central Bank raised rates as expected but played down further rate increases. The US employment data came in worse than expected at -62,000 in May but US stocks rallied. The...
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Euro Plunges on Trichet
03.07.2008 16:16
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The dollar rallied sharply against the euro in New York trading, rebounding from 1.5908 to beneath the 1.57-level at 1.5683. Ahead of a long weekend holiday in the US, traders digested a barrage of economic events earlier in the session prompting a sharp reversal in the euro from its 2...
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Dollar Rallies on Non-Farm Payroll Data
03.07.2008 15:18
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The Usd rose in the European session based on better primarily on the Non-Farm payroll data, and comments by Trichet of the ECB. The EurUsd retracted from the low 1.59 level to the 1.57 price, while the UsdJpy moved from 105 to 106 based on dollar strength. The GbpUsd retreated...
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ECB: Rate Hike but Remarkably Cautious
03.07.2008 15:18
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The signal the ECB sent out is that it is serious about its anti-inflation mandate, although markets were little changed after the decision as it was widely expected. However, in line with our expectations the ECB took a balanced approach while still leaving the door open for future changes in...
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