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The Daily Forecaster: AUDUSD
08.07.2008 23:18
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While losses have been encouraging, without a clean break below the 0.9511 low we may just be seeing an alternative Wave iv correction. Thus to confirm further losses we need a break below a minor 66.7%-76.4% projection in the current decline to 0.9467-86.
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Forex and Dow Jones Recommended Levels
08.07.2008 23:18
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EUR/USD Today's support: - 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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What Bernanke Could Be Hinting About Interest Rates
08.07.2008 23:18
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The sharp drop in oil prices has helped to strengthen the US dollar. Pending home sales dropped more than expected, but it has failed to put a dent in the greenback which continues to follow equities higher. The dollar is becoming a safe haven bet as the Federal Reserve reminds...
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British Pound Could Break 1.96 On Weak Trade Balance
08.07.2008 23:17
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Traders continue to push the British pound lower against the US dollar. Since last Wednesday, the currency pair has fallen close to 300 pips. It has now broken below the 100-day SMA, leaving the door open for a move down to support at 1.96. This level is the 23.6 percent...
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Daily Forex Market Commentary
08.07.2008 22:14
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The dollar unexpectedly marched higher on Tuesday after the oil prices fell again and the US stock indices managed to advance. There was little impact from news that the index of pending home re-sales fell 4.7 percent in June following an upwardly revised 7.1 percent gain in April. It's summer...
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FX Technical Commentary
08.07.2008 22:14
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Euro 1.5660 Initial support at 1.5606 (50% retracement 1.5303 to 1.5910) followed by 1.5535 (61.8% retracement 1.5303 to 1.5910). Initial resistance is now located 1.5754 (July 7 high) at followed by 1.5910 (July 3 high).
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Bernanke Helps Out Wall St, Plunging Oil Helps Out The USD
08.07.2008 22:14
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U.S. Dollar Trading (USD) received a boost from falling Oil which posted its largest one day drop since March over $5 per barrel. May Pending Home Sales were weaker than expectations at -4.7% vs. -2.8% forecast and 7.1% in April. Fed Chairman Bernanke helped to boost the stock market and...
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Forex Exchange Morning Report
08.07.2008 22:14
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An unusually sharp decline in oil prices boosted US equities in NY afternoon trade and lent support to the US dollar. However, the greenback's gains were relatively modest, with USD Index only back to where it was on Monday, not helped by more soft housing data. Indeed after a dip...
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Dollar Edges Higher On Jawboning
08.07.2008 22:14
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The dollar edged up higher on Tuesday, rising to 1.5637 versus the euro and 107.51 against the yen as comments from Fed officials' added support for the greenback. Economic data released today included pending home sales and wholesale inventories. May pending home sales plunged sharply, down by 4.7% and reversing...
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Fed May Extend Lending, Bernanke Said
08.07.2008 22:13
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The dollar rose Tuesday as Federal Reserve Chairman Ben S. Bernanke said the Fed may extend its emergency credit facility program for Wall Street banks into 2009. The greenback was also supported by higher US equity prices. The EUR/USD declined and traded just above the 1.56-handle support. The GBP/USD fell...
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Asian And European Stocks Slide Boosting Risk Aversion
08.07.2008 22:13
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The Pound-Dollar slid 115 pips in the NY session after it had set an intra-session high at the 1.98 level. By 2 PM EST the Dollar had returned to 1.9680, the level it reached yesterday prior to the slide in US stocks. Traders pushed aside the home sales data from...
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New York Session Recap
08.07.2008 22:13
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The greenback was bid in NY trading as the rally in US stocks, sharply lower oil prices, and some more hawkish rhetoric out of the Fed helped the buck extend gains. US stocks rallied with the S&P 500 up nearly 2% on the day after the market was comforted by...
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Lower Commodity Prices Push Dollar Higher
08.07.2008 16:19
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The markets are seeing relief in commodity prices, providing room for the dollar to continue its recent rally. With that said, any hint of negative news from the weak performing financials or continued losses in the housing market could cause a significant turnaround in the dollar. Pending home sales fell...
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Eco Data 7/9/08
08.07.2008 15:18
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Federal Reserve vs. European Central Bank: Who is the Least Hawkish?
08.07.2008 15:18
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Federal Reserve Chairman Ben Bernanke has the market guessing about whether interest rates will be increased this year. His comments this morning about increasing the duration of emergency lending to investment banks reduces the chance that borrowing costs will rise. Take a look at the recent comments from Fed and...
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