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GBP/USD ? Market strategy is bearish, selling down till the 1.9698$ level
2008-04-24 16:52:00
GBP/USD-market strategy can be a sell till the level 1.9698$Technical oscillators supporting the bearish trend for the currency pairTo strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines after a bearish crossover below the zero line. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in a bearish direction. Also, MA oscillators indicate a bearish cross on the short MA line. As seen on the chart there are two tops leading downwards to a selling trend.
More About: Selling , Market , Strategy , Bearish

USD/JPY ? Market strategy is bullish, buying till the 103.85 level
2008-04-24 16:50:00
USD/JPY-market strategy can be a buy till the level 103.85Technical oscillators supporting the bullish trend for the currency pairTo strengthen our analysis; we use many other indicators, starting with MACD (Moving Averages convergence divergence); we notice the MACD lines after a bullish crossover above the zero line. In order to find the power of the market, we use RSI (Relative Strength Index).With RSI; we can determine that the market is in a bullish direction. Also, MA oscillators indicate a bullish cross on the short MA line. As seen on the chart there are two bottoms leading upwards to a buying trend.
More About: Buying , Market , Strategy , Bullish

Euro breaks the key 1.60 level following hawkish outlook for the Euro Zone.
2008-04-24 16:50:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) weakened yesterday as hawkish comments coming from the Euro Zone pushed the Euro to a record high of 1.6018 against the greenback. Traders are now adding to bets the next move by the ECB will be to hike rates in reaction to continual inflationary concerns, which may see the dollar weaken even more in the short term. On Tuesday U.S Existing Home Sales for the month of March fell another -2% to 4.93 million, inline with expectations of 4.93 million, this figure was slightly down from 5.03 million in February. In share market news airline stocks fell as surging oil prices cut into profits, dampening investor sentiment. The Dow Jones fell by 104 points (-0.8%), whilst the NASDAQ lost 31 points (-1.3%). Oil prices again reached new highs as Nigerian oil supply concerns remain. Prices rose US$1.89 a barrel to US$119.37.The Euro (EURO) broke through $1.60 for the very first time as ECB officials voiced their continual concerns over inflatio...
More About: Outlook , Breaks

Aussie reaches 24-year high, following higher than forecast CPI. USD recove
2008-04-24 16:49:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) strengthened against the bulk of the majors on Wednesday as poor economic data coming out of the Euro Zone and slightly more dovish comments from ECB officials pushed the greenback higher, causing a flow on effect against other currencies. The U.S dollar gained further ground after Luxembourg?s Finance Minister Jean-Claude Juncker expressed concern over the pace of the greenback?s decline suggesting it wll hurt Euro economic growth. U.S stocks gained on Wednesday following a number of companies bettering expected earnings. This saw the Dow Jones rise by 43 points (0.3%) and the NASDAQ increase 28 points (1.2%). Oil prices remained strong, seeing only marginal gains as a weekly U.S inventory report showed an increase in stock by 2.4 million barrels. As a result, prices only rose US23c a barrel to US$118.30. Looking ahead, weekly Jobless Claims is to be released on Thursday with forecasts of little change from last week?s 372k. Also ou...
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The Dollar continue its negative trend
2008-04-24 16:49:00
Today the US currency is trading steady against the Euro at 1.5975, after reached a high of 1.6002The Dollar reached a new record low on Tuesday, trading at 1.6020 against the Euro. Today the US currency is trading steady against the Euro at 1.5975, after reached a high of 1.6002. The European Central Bank is expected to keep interest rates on 4 percent, while the American Federal Reserve is forecasted to lower the interest rate from the current 2.25 percent later this month. Hiking oil prices also contribute to the Dollar slump, since they have a negative impact on the American economy. ?As long as the trend of rising oil prices stays, the Euro looks set to go further up, given that the surge in oil could further hurt the US economy and therefore the Dollar?, said Hideaki Inoue, chief manager of forex trading at Mitsubishi UFJ Trust Bank.The Australian Dollar climbed to a 24-year peak versus the US currency, due to the inflation rate acceleration to more than 4 percent. The specula...
More About: Negative , Trend

New Home Sales
2008-04-24 16:48:00
Previous: 590 Thousand UnitsForecast: 584 Thousand UnitsDefinitionIs an economic indicator in the United States released by the US Department of Commerce's Census Bureau, it's published on a monthly basis for the prior month, including both prices and quantity statistics. It is an indicator that reports sales to newly constructed residences in the US. It is looked at as a lagging indicator for demand on the market, and in definition to New Home s it is considered the deal done in the year the house was built or the year after that.The data is provided monthly on the Census Bureau's website they are reported in unadjusted monthly rates and seasonally adjusted on the year. The importance for this indicator steams from the ripple effect is has on sales, especially durables, and that it is very sensitive to changes in economic conditions and income levels. None the less, this indicator is criticized for important limitations in contrast to others measuring the housing market. Mainly a...
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Euro falls on predicted bad data out of the euro zone
2008-04-24 16:47:00
The export sector is developing quite well. The moment will come where the exchange rate level will start to cause serious harm.The euro fell for a second day against the dollar on speculation an industry report today will show German business confidence declined in April, indicating the currency's strength is hurting Euro pe's biggest economy. Last week the euro zone?s top official said that the strength of the currency had not yet hit the pain threshold for exporters. Luxembourg Prime Minister Jean-Claude Juncker did not see the strong euro hurting the European economy ?for the time being?. The euro at the time reached a record high of $1.5912 this week?s high reached $1.6019, making German cars and French wines more expensive in the U.S. The high exchange rate eased euro-zone inflation by reducing the cost of the dollar-priced oil imports. Mr. Juncker , who leads monthly talks between the 15 euro nations, refused at the time to say what level would hurt, but said ?We are not ste...
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Daily Forex Overview
2008-04-24 16:47:00
Previous session overviewOn Wednesday, the dollar rebounded from historical lows versus the euro as weak economic data in the euro zone led investors to take the view that Tuesday's dollar sell-off was overdone. Some of the pullback for EUR/USD was simply a result of positioning factors, because the market had been buying euros all week and it got a little ahead of itself.The US dollar also gained ground after Luxembourg's Finance Minister Jean-Claude Juncker expressed concern that the pace of the greenback's decline will hurt economic growth. EUR/USD - Closed NY at USD1.5890 and initially eased to USD1.5880 before edging to USD1.5897. Reversal gained momentum on reported comments from Greg Ip suggesting Fed may pause after its next 25bp cut. Move ran into decent French demand ahead of USD1.5850, after stops were triggered below Wednesday's base of USD1.5860.Sterling strengthened versus the US dollar after Bank of England minutes showed two votes against easing policy this month...
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German Business Confidence at two years low
2008-04-24 16:46:00
Europe starts to suffer by the high oil prices and the crisis over the Atlantic. The German y Business Confidence down to the lowest level in the last two years. The biggest European economy Germany the locomotive of Europe comes in crisis period due too the high inflation caused by foods and oil prices jump. The International Monetary Fund cut Germany?s growth forecast for this year. Due too these problems for Europe the investors expect the European Central Bank action. It is expecting the bank to dump the inflation and to cut the interest rates within six months time. The dollar starts with fast recovery against the euro after the release of Germany Business Confidence during the morning European session. If the recovery continue the euro dollar trading should reach levels of 1.5550 said George Marshal forex analyzer in World-Signals.com.
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The Dollar continue its negative trend
2008-04-23 17:14:00
Today the US currency is trading steady against the Euro at 1.5975, after reached a high of 1.6002The Dollar reached a new record low on Tuesday, trading at 1.6020 against the Euro. Today the US currency is trading steady against the Euro at 1.5975, after reached a high of 1.6002. The European Central Bank is expected to keep interest rates on 4 percent, while the American Federal Reserve is forecasted to lower the interest rate from the current 2.25 percent later this month. Hiking oil prices also contribute to the Dollar slump, since they have a negative impact on the American economy. ?As long as the trend of rising oil prices stays, the Euro looks set to go further up, given that the surge in oil could further hurt the US economy and therefore the Dollar?, said Hideaki Inoue, chief manager of forex trading at Mitsubishi UFJ Trust Bank.The Australian Dollar climbed to a 24-year peak versus the US currency, due to the inflation rate acceleration to more than 4 percent. The specula...
More About: Negative , Trend

ECB can't get its story straight as EURUSD does a dance around 1.6000 level
2008-04-23 17:11:00
The Bank of Canada cuts 50 bps, but offers marginally less dovish guidance than expected. Bank of Norway decision in focus today. MAJOR HEADLINES ? PREVIOUS SESSIONBank of Canada cut rate 50 bps to 3.00% as largely expected. US Mar. Existing Home Sales out at 4.93M vs. 4.92M expected US Weekly ABC Consumer Confidence out at -40 vs. -39 the previous week Japan Mar. Adjusted Merchandise Trade Balance out at ¥770B vs. ¥890B expected Australia Q1 Headline Consumer Prices increased 4.2% YoY vs. 4.0% expected France Mar. Consumer Spending fell -1.7% vs. -0.2% expected Sweden Riksbank kept rates unchanged at 4.25% as expected EuroZone Apr. Preliminary PMI Manufacturing out at 50.8 vs. 51.6 expected and PMI Services out at 51.9 vs. 51.5 expectedTHEMES TO WATCH ? UPCOMING SESSIONKey Risk Events (All times in GMT) Bank of England Minutes (0830) Bank of Norway announces Deposit Rates (1200) Bank of Norway's Bergo to speak on CB Rates (1245) Canada Feb. Retail Sales (1230) US Weekly Crude Oil ...
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The USD Reaches All Time Low
2008-04-23 17:10:00
Economic NewsUSD The U.S. economy is facing fresh difficulties that will probably further dampen the national currency. Yesterday, the greenback tumbled to fresh lows trading as low as 1.6022 vs. the EUR after the European Central Bank policy makers signaled they may raise Interest Rates due to inflation concerns. The USD extended its drop against the EUR following the low printing of the US Existing Home Sales in March. Falling house prices and rising mortgage risks continue to slow the U.S. economic growth. As a result of shrinking sales, builders are forced to pare back construction and reduce prices. A tumbling dollar also prompted investors to purchase commodities. U.S. Crude Oil rose yesterday to a record 119.90 a barrel in New York, gaining on a Nigerian supply disruption and a U.K. refinery strike threat. Crude from Nigeria, Africa's biggest producer, is low in sulfur and is prized by U.S. refiners because of the proportion of high-value gasoline it yields. The falling doll...
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Euro rallies up to 1.6019 on expectation ECB may raise rates
2008-04-23 17:07:00
Euro rose against the Dollar on Tuesday trading above 1.6000 for the first time since its 1999 inception amid growing expectations that the European Central Bank's next move may be an interest rate hike. ECB Governing Council Member Christian Noyer said the bank would do what is needed to bring inflation back to its target of just below 2%, adding that the central bank would move rates if needed. That followed comments from Governing Council member Yves Mersch, who said the ECB has to ask itself each month whether a rate rise is needed to control inflation. ECB is seen keeping rates at least at a six-year high of 4% for a while. In contrast, markets expect the Federal Reserve to lower benchmark US rates further from the current 2.25% at a policy meeting on April 29-30. US economic data on Tuesday showed the housing market remains soft, with existing home sales falling 2% last month to 4930k. The Bank of Canada cut its benchmark interest rate by 50bp as expected.News and Events:Euro...
More About: Euro , Rallies , Rates

Gold: Overnight Rally Fades as Euro and...
2008-04-23 17:06:00
Gold: Overnight Rally Fades as Euro and "Monetary" Crude Oil Dip from New All-Time Highs vs. DollarSPOT GOLD PRICES gave back an overnight rally in early London trade on Wednesday, dropping 0.9% to a low of $914.60 per ounce as the Euro and crude oil both slipped from their new record highs vs. the Dollar.World stock markets lacked direction in volatile trade, while US Treasury bond prices fell for the eighth day running.That pushed two-year US bond yields up to a nine-week high of 2.35%, but still left real returns ? after inflation ? sharply negative."Interest rate futures are currently pricing an 82% probability of a 25 basis-points Fed rate cut [next week] and an 18% probability of rates being held constant at 2.25%," write Walter de Wet and Manqoba Madinane in today's Gold Market note from Standard Bank in Johannesburg."Although still unlikely, the probability of the Fed rate being held constant is increasing, with markets now ruling out the likelihood of an aggressive 50 basi...
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Daily Technical Analysis
2008-04-23 12:59:00
EUR/USDCurrent level-1.5953The currency pair is in an uptrend unfolding from the 1.2484 bottom and probably ahead of a significant reversal on weekly basis. The technical indicators are rising and the trading is situated above the 50-day and the 200-day SMA, currently projected at 1.5317 and 1.4516.240 min.chart Yesterday the pair broke through the 1.5927 intraday resistance, reaching high at 1.6019. It is obvious, that the inner structure of the rise is far from the classic impulse pattern, as that fact limits the upward potential of the current trend. Despite that fact, we will expect reliable support to be build at 1.5927 for the next upmove to 1.6102. Crucial for our bullish view is 1.5893, as penetrating that level will set a target at 1.5796.resistancesupportintradayintraweek 1.60191.60-sentiment1.61021.6346intradayi ntraweek1.59271.57961.58961.5669 USD/JPYCurrent level - 103.02The pair is in a clear downtrend from the 114.66 top, after completing the broad consolidation sinc...
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FX Video | News Trade Alert
2008-04-23 12:58:00
Below You may find a Forex Technical Video :
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EURUSD daily outlook - Wednesday
2008-04-23 12:56:00
The Euro finally got past the 1.6 psychological barrier on yesterday, setting the new record high at 1.6019. The daily close just a few points below the 1.6000 mark is strengthening the medium term momentum and there's much more room for further action on the upside. A full break of 1.6 (daily close above) is needed in order to focus a bit higher towards the 1.61 and 1.62 projected targets. On a near term basis, a correction is possible especially if it occur as a false reversal signaling an end of the dollar weakness. Downside moves should be limited into the lower half of the 1.59 area where strong support is seen formed by the previous resistance of 1.5900-1.5915. Lower than that we notice decent support at 1.5865 then 1.5830 formed by fib levels. Resistance starts at 1.6000 followed by 1.6020 then 1.6050 and 1.61. Current quote is 1.5975 @06:00 GMT Support levels: 1.5970, 1.5945, 1.5925, 1.5900-15, 1.5865 and 1.5830.Resistance levels: 1.6, 1.6020, 1.6050 and 1.6100. Market sent...
More About: Daily , Outlook , Wednesday

EUR/USD with first breaks above 1.60
2008-04-23 12:56:00
EUR/USD (1.5992)European & US sessions forecast levels: 1.5930/1.6090Trend Sessions: European: Neutral/UpwardUS: Neutral/UpwardMarket Focus: 2:45 AM French Consumer Spending, 3:30 AM German Services PMI, German Manufacturing PMI, 4:00 AM Italian Retail Sales, EU Services PMI, EU Manufacturing PMI, 5:00 AM EU Industrial New Orders.Daily Strategy: The dollar for first time breaks the psychological level above 1.60 against the euro. We are predicting such attack and set new target to reach of 1.62 within two weeks time. The traders buy euros in expectations for levels of 1.65 during May and June. The last record of EUR/USD is at 1.6019 and seems that will be break with new record again. The trading strategy is to open long positions, as buy on dips. The time for profit taken is earlier and is expecting new attack today.
More About: Breaks

Currency Majors Technical Analysis
2008-04-23 12:47:00
European SessionEUR/USD - Euro Dollar1,5998. EUR USD broke 1,5980 resistance. EUR USD is in a consolidation after the last bullish movement. Bollinger bands are parallel and form the trend. ForexTrend 1H, 4H, daily (Mataf Trend Indicator) is in a bullish configuration. 4H ForexSto (Modified Stochastic) indicate a bullish pressure on EUR USD. The uptrend should continue to gather momentum. The target is expected at 1,6070 (70 pips). Resistances1,6020 - 1,6070Supports1,5970 - 1,5925GBP/USD - British Pound Dollar1,9954. GBP USD is in a consolidation after the last bullish movement. GBP USD is in a range between 1,9750 and 2,0030. GBP USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility decreases. Bollinger bands are tightened. ForexTrend 1H (Mataf Trend Indicator) is in a bullish configuration. 4H ForexSto (Modified Stochastic) indicate a bullish pressure on GBP USD. The price should continue to move in 1,9750 / 2,0030 range. We won't ...
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Euro breaks the key 1.60 level following hawkish outlook for the Euro Zone.
2008-04-23 12:46:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) weakened yesterday as hawkish comments coming from the Euro Zone pushed the Euro to a record high of 1.6018 against the greenback. Traders are now adding to bets the next move by the ECB will be to hike rates in reaction to continual inflationary concerns, which may see the dollar weaken even more in the short term. On Tuesday U.S Existing Home Sales for the month of March fell another -2% to 4.93 million, inline with expectations of 4.93 million, this figure was slightly down from 5.03 million in February. In share market news airline stocks fell as surging oil prices cut into profits, dampening investor sentiment. The Dow Jones fell by 104 points (-0.8%), whilst the NASDAQ lost 31 points (-1.3%). Oil prices again reached new highs as Nigerian oil supply concerns remain. Prices rose US$1.89 a barrel to US$119.37.The Euro (EURO) broke through $1.60 for the very first time as ECB officials voiced their continual concerns over inflatio...
More About: Outlook , Breaks

Daily Forex Overview
2008-04-23 12:45:00
Previous session overviewBank of France Governor Christian Noyer, a member of the ECB's governing council, was the latest official to suggest ECB rate hikes could be on the table.The absolute number of existing homes sold was slightly more than expected another -2% to 4.93 million, in line with expectations of 4.93 million, this figure was slightly down from 5.03 million in February. House prices actually ticked higher which is a relief for the housing market even though that relief will probably be temporary. California reported the highest level of mortgage defaults in 15 years, reflecting the severity of the problems in the US real estate market. Expect the US economy to get worse before it gets better.Oil prices again reached new highs as Nigerian oil supply concerns remain. Prices rose USD1.89 a barrel to USD119.37.The euro reached new record highs on surging oil prices and hawkish rhetoric from European Central Bank policymakers. Rising inflation stemming from soaring food an...
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Cross Rates
2008-04-22 15:08:00
(GBP/JPY)The Pound continued to drop against the Yen as the pair was being traded within an overbought area and needed a correction, on intraday basis the pair might start heading towards the upside but over the short term the pair still needs more downside wave in order to gather enough momentum and start heading towards the upside, while the point at 202.74 seems to offer good demand for the pair.Support203.31 202.74 202.26 201.72 201.19 Resistance203.81 204.59 205.14 205.85 206.53 Recommendation... (EUR/JPY)The Euro also dropped against the Yen as the technical indicators are showing for further downside wave over intraday and short term basis, the pair is starting to enter an oversold area though but no clear signs of reversal have emerged yet, while the point at 161.73 offers strong demand for the pair.Support163.20 162.66 162.22 161.73 161.24 Resistance163.62 164.06 164.40 164.89 165.28 Recommendation... (EUR/GBP)The Euro started to rise against the Pound since yesterday and...
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Major Currencies
2008-04-22 15:07:00
EUROThe European currency witnessed a very strong upside move yesterday after it successfully breached the key resistance area at 1.5850 to reach to psychological level at 1.5950 as we notice the euro progressed in a number of attempts to breach that level yet failing to do so we expect the euro to progress to the downside today. The trading range for today might be among the key resistance level at 1.5985 and the key support at 1.5700. The general trend is to the upside as far as 1.4260 remains intact, targets now are at 1.6080 and 1.6360. Support1.5899 1.5885 1.5866 1.5848 1.5812 Resistance1.5925 1.5949 1.5968 1.5983 1.6010 RecommendationWe expect selling euro below 1.5945 with targets at 1.5850, stop loss above 1.5995 GBP The British pound lead a strong bearish wave with high levels of volume yesterday as it was able to breach the strong level at 1.9932 to reach as low as the 1.9780 support level. Technical indicators reflect the potential for an upside correction for the pound ...
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EURUSD daily outlook - Tuesday
2008-04-22 15:06:00
The Euro recovered on yesterday climbing back into the 1.59 area but the gains seem short-lived as the pair already fell 70 points in a few minutes. In order to put some pressure on the 1.6 mark once again, the Euro has to find solid support into the 1.59 zone or else the downside moves will be violent as seen on Friday's decline and today as well. Medium term sentiment is bullish and will remain so while the Euro holds above the 1.5700 level but the intra-day studies are bearish at the time of this report. Support is currently seen at 1.5850 backed by 1.5830 then 1.5790, 1.5750 and 1.5710. Minor resistance is noticed at 1.5885 followed by 1.5925, 1.5945-55 and then 1.5980-1.6000. More ranging action is likely to be seen while the pair stays into the range of 1.5750-1.6, upside being favored. Current quote is 1.5875 @06:10 GMTSupport levels: 1.5850, 1.5830, 1.5790, 1.5750 and 1.5710.Resistance levels: 1.5885, 1.5925, 1.5945-55 and 1.5980-1.6000. Market sentiment: long-term : bullis...
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The dollar makes temporary recovery against the euro
2008-04-22 15:03:00
EUR/USD (1.5869)Euro pean & US sessions forecast levels: 1.5815/1.5985Trend Sessions: European: Neutral/UpwardUS: Neutral/UpwardMarket Focus: 10:00 AM Existing Home Sales.Daily Strategy: The dollar continues to trade close to the record level against the euro. Ay negative news for the US economy will push the euro to set new record against the dollar as break above the psychological levels of 1.60. The trading strategy is opening long positions, as buy on dips. The problems for USA banks will deeper for couple of months the most important news will be how deep is the recession and how much are the losses of the biggest USA banks. If the dollar falls above 1.60 against the euro we can see levels of 1.62-1.63 within a week time.
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Currency Majors Technical Analysis
2008-04-22 14:55:00
European SessionEUR/USD - Euro Dollar1,5909. EUR USD is in a consolidation after the last bullish movement. EUR USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. Bollinger bands are flat. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. 4H ForexSto (Modified Stochastic) indicate a bullish pressure on EUR USD. The consolidation should continue. The price should continue to move in 1,5790 / 1,6000 range. We won't take a position. The risk/reward ratio is too high to take a position.. Resistances1,5940 - 1,5980Supports1,5875 - 1,5850GBP/USD - British Pound Dollar1,9814. GBP USD is in a consolidation after the last bearish movement. GBP USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility decreases. Bollinger bands are tightened. 4H ForexSto (Modified Stochastic) indicate a bearish pressure on GBP USD. The consolidation should continue. The price sho...
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U.S dollar boosted by improved financial profit results
2008-04-22 14:54:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) strengthened on Friday as market sentiments drastically improved following Q1 results from Citigroup coming in better than expected, with a loss of US$5.1 billion, much lower than the US$10 billion loss during Q4. Based on this result, the market reacted as if it was an indication the worst of the credit turmoil may be over. Despite this positive sign, it is still widely predicted the Fed will cut rates by 25bps when it meets later this month. Contrary to this popular opinion, Philadelphia Fed President Plosser hinted that he felt the Fed had cut rates enough to promote economic growth. This saw the Swiss franc and yen being the most heavily sold off owing to a return to risk appetite amongst investors. The Euro was also much weaker against the greenback following more positive corporate profit results along with commentary coming out of the Euro Zone through the week indicating a strong Euro was not desirable. In share market news, ...
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Existing Home Sales
2008-04-22 14:54:00
Previous: 5.03 Million Unit Forecast: 4.92 Million UnitDefinition Existing Home Sales is a measure of the selling rate of pre-owned single family homes, collected by the National Association of Realtors from 650 realtor associations.General EffectThe report provides a measure for the level of sales of existing home sales, it's considered a good indicator of activity in the housing sector as it almost counts for 70%, as sales are highly dependant of mortgage rates and will tend to react in a few months lag to change in rates, as after a recession phase (recovery phase) in an economy sales are expected to come strong due to the gradually increasing demand which accumulated through the recession.So existing home sales is directly connected to mortgage rates and so as a result will be affected by inflation if interest rates are considerably high this would lead to a decline in demand on mortgage loans as it would be very expensive for people to fund buying houses, another way to look a...

Bank of England announces plan to increase liquidity. US dollar weakens as
2008-04-22 14:53:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) was softer against the other majors other than sterling despite no significant data being released, leaving the market to find its own direction based on sentiment. US Fed officials Kroszner and Evans both spoke on Monday, avoiding the topic of monetary policy in their comments. Kroszner touched on transparency in lending standards and standardization aiding the sub-prime mortgage market, but suggested the financial markets remained ?bogged down by unease.? Troubled news continues to flow from the financial sector as the second largest U.S bank, Bank of America Corp., reported a 77% drop in Q1 profit brought about by US$6bn of credit write-downs. Speculation has mounted that Citigroup may cut its dividend again following on from billion dollar write-downs. Chicago Board of Trade (CBOT) has cut its predictions of a 50bps rate cut when the Fed meets at the end of the month, however believes there is a 92% chance of a 25bps rate cut. In...
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Traders await US housing data today; Dollar gains some ground
2008-04-22 14:51:00
US Existing Home Sales and the House Price Index will be released today; the market hoping to see some stability in those numbers. The Bank of England announced a robust mortgage rescue plan. The Bank of Canada is widely expected to cut rates.News and Events:The EURUSD traded in a tight range overnight before breaking down to 1.5834 in this morning?s session. Investors are highly focused on thirty-nine S&P500 companies that release their reports today. With crude oil at $117/barrel and Gold spot at $916/oz, the greenback is struggling to gain support. Reports out from Japan indicate that investors continue selling the dollar and buying Japanese Yen. US Existing Home Sales and the House Price Index will be released today; the market hoping to see some stability in those numbers.The Bank of England announced a robust mortgage rescue plan under which the central bank will swap commercial banks? securities for UK treasury bills in the hopes of easing lending fears in the money marke...
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