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Daily FX Forecast
16.07.2008 09:15
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EUR/USD has tested 1.5950 first Resistance earlier today as it was suggested Now all eyes will be focused on US Core Consumer Price Index numbers at 12:30 GMT The consensus is at 0.2% The uptrend remains intact for retest of 1.6000 and 1.6035-40 aea if the number comes out at...
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London Session Recap
16.07.2008 08:19
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The USD was broadly lower in the London session as US financial sector worries continued to permeate the market while data out of Europe was broadly in line with expectations. The theme in the Eurozone was consumer prices as we got reports for Germany, France and the Eurozone composite there....
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Little Chance Of A Fed Hike This Year As The Market Crisis Deepens
16.07.2008 08:19
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Only a month ago, the market was fully pricing in at least one rate hike from the Fed by the end of this year (with a significant 77 percent chance of a quarter-point tightening by August 5th). Things have certainly changed since then. According to Fed Fund futures, trader are...
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Currency Technical Report
16.07.2008 08:19
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Euro reached new all time highs (1,6040), without any clear break. Despite bulls' efforts to keep prices above 1,6000, bears gained momentum leading euro back below 1,5900 area. Yesterday's retracement didn't show any clear reversal signs and the formation of a sideways consolidation below yesterday's tops, seems as the most...
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Technical Analysis Daily: USD/JPY
16.07.2008 08:19
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The US Dollar dropped significantly from yesterday against the Japanese Yen from Tuesday's top 106.25 to today's bottom 103.78, which are the first resistance and support levels respectively for the currency couple today. If the negative trend continues, next support further down is expected at 103.15, the break of which...
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FX Thoughts for the Day
16.07.2008 08:19
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Cable has whipsawing endliessly since morning between 2.01-2.00; however, it is finding decent Support at 2.00. As long as it holds a rise in the day is possible. For now, a break beyond either is necessary to give a direction to the market. The hourly seems a little bearish and...
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Risk Averse Markets as Dollar Continues Fall
16.07.2008 07:13
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The greenback is still weak in the market as investors are now pessimistic about the outlook of the U.S economy as the financial market turmoil is still ongoing. Before the Feds stated that growth worries were diminished and that growth should start to pick up again, yesterday in the semiannual...
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Dollar Off Lows But Nervousness Persists - Will Oil Help?
16.07.2008 06:13
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A relatively quiet night of consolidation in currency markets tonight as both euro and sterling spent most of the early European session basing about the 1.5900 and 2.0000 levels respectively. After making new record highs the EURUSD dropped sharply in yesterday's North American trade mainly on the collapse in oil...
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European Market Update
16.07.2008 06:13
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The USD was mixed in European trading as global equity markets retained some composure to the recent wave of jitters, aided by steady oil prices. Dealers noted that geopolitical concerns and financial sector unease could easily return to drive trading sentiment. The EUR/USD is around 1.5930, pretty much unchanged from...
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European Inflation Rises To 4%, As Energy Costs Soar
16.07.2008 06:13
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European consume prices rose to 4.0% from 3.7% the month prior on an annualized basis, which is the highest in more than 16 years. The record setting pace of oil has fed rising gasoline and heating costs. The ECB and economist had expected prices to reach these levels, which was...
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Forex Technical Analysis
16.07.2008 06:13
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EUR/USD is in an uptrend from recent bottom at 1.5301, that was the final of the prolonged consolidation since 1.5909 (17 March 2008). Technical indicators are slowly rising and trading is situated above the 50- and 200-Day SMA, currently projected at 1.5609 and 1.5095.
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U.K. Jobless Claims Jumps, As The Economy Moves Closer To A Recession
16.07.2008 05:18
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U.K. jobless claims rose 15,500 in June after a revised higher 14,300 the month prior. It marked the fifth month that claims rose and was the biggest increase since 1992, the last recession. The slowing global economy, rising inflation and the worst housing slump since the last recession have led...
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EUR/USD Daily Outlook
16.07.2008 05:18
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EUR/USD retreats after making new record high at 1.6038. An intraday top should be in place with 4 hours MACD dragged below signal line and further retreat could be seen to 4 hours 55 EMA (now at 1.5814). Though, further rally is still expected as long as pull back is...
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GBP/USD Daily Outlook
16.07.2008 05:18
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Cable turns sideway after reaching as high as 2.0158 but at this point, intraday bias remains on the upside as long as 1.9966 minor support holds. As discussed before, rise from 1.9363 represents another rising leg of the consolidation pattern that started at 1.9337. Further rally is expected to be...
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Technical Analysis Daily: GBP/USD
16.07.2008 05:18
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The British Pound started rising yesterday against the US Dollar from Monday's bottom 1.9820 to today's top 2.0115, which are the the first support and resistance levels respectively for the currency couple today. If the positive trend continues, next resistance is expected at 2.0200, followed by 2.0280. In downward direction...
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