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Trend is looking for a rebound. Technical oscillators support the bullish t
2008-04-14 14:23:00
GBP/USD ? Market strategy can be a buy at the level 1.9762 and taking profit at the level 1.9804GBP/USD ? Market strategy can be a buy at the level 1.9762 and taking profit at the level 1.9804Trend is looking for a rebound. Technical oscillators support the bullish trend for the currency pairTo support our technical analysis we will use oscillators such as MACD (Moving Average Convergence Divergence); we see that the buying pressure is gaining traction; also we notice the long EMA line is crossing the signal line up and bellow the zero line, revealing an upward trend. MA- short MA (10) is close to the bullish crossover of the long MA (20). Bollinger bands are getting thinner and we see the prices start to correct up from the lower Bollinger band. RSI (Relative Strength Index) line started a bullish direction and is pointing to overbought levels.Finotec
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BoE cuts rates, ECB remain hawkish. G7 Meeting over weekend.
2008-04-14 14:22:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) grinded higher on Thursday tracking equity markets and as expected rate announcements coming out of Europe. Commodity prices fell as investors returned to risk averse assets overnight. The US trade deficit for February widened more than forecasted to US$62.3 billion (5.7%), whilst initial jobless claims fell by a more than expected 53k to 357k. The Fed?s chairman, Ben Bernanke, spoke about financial stability in the U.S yesterday, making claims they will be proactive in finding a solution to the U.S financial instability. Despite the poor data coming from the U.S and claims from the International Monetary Fund (IMF) that the U.S is headed for a recession, U.S share markets gained with the Dow Jones closing 54 points up (0.4%), while the NASDAQ rallied 29 points (1.3%) following strong growth in technology stocks. Oil prices fell by US76c (0.7%) a barrel to US$110.11 following claims from a Saudi Arabian exporter that oil supplies wer...
More About: Weekend , Rates , Cuts , Meeting

Brother Can You Spare 10 Grand?
2008-04-14 14:21:00
The grainy footage of Great Depression soup lines and Hoovervilles now in heavy rotation on the major news outlets has been largely counterbalanced by a parade of economists who reassure us that such a protracted downturn is currently inconceivable. Their confidence stems primarily from the belief that government safety nets enacted since the New Deal, together with a Fed chairman who is a self-professed depression buff, will prevent a replay of the 1930s. As usual, this analysis is woefully optimistic and sidewalk pencil sales may in fact be a growth industry. Although Bernanke may have spent much time studying the Great Depression, his understanding of it is anything but sound. That epic slowdown resulted from a series of policy mistakes, first by the Federal Reserve and then by the Federal Government. Bernanke?s view is that these mistakes were simply not large enough. What the current Fed chairman does not grasp is that the seeds of the Depression were sown during the ?roar...
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G7 Meeting voices concerns over recent currency volatility
2008-04-14 14:20:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) strengthened on the back of indications the G7 summit was concerned over recent market volatility, ?Since our last meeting, there have been at times sharp fluctuations in major currencies and we are concerned about their possible implications for economic and financial stability.? The G7 statement also suggested that ?exchange rates should reflect economic fundamentals,? indicating the G7 is concerned about currency levels. The news coming from G7 is positive for the dollar, whilst it doesn?t indication direct action, it does signal the next move towards coordinated foreign exchange intervention. U.S data news released on Friday had little impact in comparison to the G7 commentary as the Michigan Sentiment report fell 6.3 points to a 26-year low of 63.2 in April. Within this, inflation expectations continue to grow raising concerns over the Fed?s current use of monetary policy to promote financial stability without concern over infla...
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Retail Sales
2008-04-14 14:19:00
Previous -0.6%Forecast 0.1%DefinitionA monthly measurement of all goods sold by retailers based on a sampling of retail stores of different types and sizes. The retail sales index is often taken as an indicator of consumer confidence. Released at 8:30 am EST around the 12th of each month, the report reflects data from the previous month. This report is the "advance" report, which can be revised fairly significantly after the final numbers are calculated. Many analysts choose to look at the figures "ex-auto", which means excluding the volatile car sales figure. It is thought that this number is a better measure of across-the-board purchasing trends. The report does not include money spent on services, so it represents less than half of total consumption during the month. However, even with these limitations, the figures are closely watched as an indicator of the health of the economy.General EffectAt the most cases retail sales index has a significant effect at currencies market. In ...
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Dollar rebounds on G7 concerns
2008-04-14 14:17:00
The Euro closed above the 1.5800 mark on Friday but couldn't hold its gains over the weekend due to the G7's weekend reaction and statementsThe Euro appreciated last week above 1.58 against the Dollar , but dropped over the weekend, as a consequence of the G7?s summit reaction. The Euro closed above the 1.5800 mark on Friday but couldn't hold its gains over the weekend due to the G7's weekend reaction and statements and opened quite lower, testing support levels in the 1.56 area. The dollar's appreciation over the weekend indicates that there is risk of concerted intervention by the G7. The dollar rose to a one-week high against the euro, after the Group of Seven expressed concern over sharp fluctuations following a 14 percent slump in the greenback over the past year. The G-7 changed its statement on currencies for the first time in four years after the meeting in Washington on April 11, pledging to ``monitor exchange markets closely, and cooperate as appropriate.'' The yen r...
More About: Concerns

The world economy is in crisis and we are not seeing the bottom yet
2008-04-14 14:16:00
G-7 continues to monitor the forex market very closely and is concern about the fluctuations in exchange rates. Most of the analysers said that these words would help to the dollar not to lose so fast against the major currency. In World -Signals.com we do not believe the win of the dollar by G-7 meeting. The dollar will remain under new attacks and we can see levels of 1.60 and above this month said George Marshal analyser in World-Signals.com. At the same time the cut of oil production by OPEC will boost the oil above $112 up to $115 in very short time that will help to the euro to gain against the dollar above 1.60. The world economy is in crisis and we are not seeing the bottom yet, said George Marshal. The situation will out of control if all majors banks not start working together to avoid the consequences by the credit crisis and U.S. recession together with strong inflation in Europe. The inflation will remain the main concern for Europe. Europe will give to the world the inf...
More About: Economy , The World , Crisis , Bottom

The world economy is in crisis and we are not seei
2008-04-14 14:12:00
The world economy is in crisis and we are not seeing the bottom yet. G-7 continues to monitor the forex market very closely and is concern about the fluctuations in exchange rates. Most of the analysers said that these words would help to the dollar not to lose so fast against the major currency. In World -Signals.com we do not believe the win of the dollar by G-7 meeting. The dollar will remain under new attacks and we can see levels of 1.60 and above this month said George Marshal analyser in World-Signals.com. At the same time the cut of oil production by OPEC will boost the oil above $112 up to $115 in very short time that will help to the euro to gain against the dollar above 1.60. The world economy is in crisis and we are not seeing the bottom yet, said George Marshal. The situation will out of control if all majors banks not start working together to avoid the consequences by the credit crisis and U.S. recession together with strong inflation in Europe. The inflation will rema...
More About: Economy , The World , Crisis

Daily Forex Overview
2008-04-14 14:11:00
Previous session overviewOn Friday, the dollar slumped versus the euro and yen on reeling risk appetite after a disappointing consumer sentiment and earnings reports.The Group of Seven leading industrial nations Friday made the most significant shift in their currency stance in years, and that could help support the beleaguered dollar in the week ahead.U.S data news released on Friday had little impact in comparison to the G7 commentary as the Michigan Sentiment report fell 6.3 points to a 26-year low of 63.2 in April. Within this, inflation expectations continue to grow raising concerns over the Fed's current use of monetary policy to promote financial stability without concern over inflation.The euro was able to hold on to most of its gains from Thursday against the US dollar on speculation Group of Seven finance chiefs meeting in Washington are unlikely to agree on a plan to support the US dollar. The single currency continued to gain against the pound on speculation the Bank of...
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U.S. Retail Sales On Tap.
2008-04-14 14:10:00
Economic NewsUSD Last week we saw the return of significant volatility to the Forex market. Amidst fears of recession in the US, due to the housing and credit crisis as well as poor labor numbers, investors once again became weary of the dollar. The last part of March heading into April saw the greenback swing up and down after a host of key events and interest rate cuts dictated its movement. This past week saw top vs.officials voicing concerns about the recession as well as the deductionthat today's American consumer base is "very concerned". In response to worries, the dollar fell against most of its major currency rivals, seeing record lows versus the EUR. The $159.13 rate had some believing the dollar would see drastic losses, although as the week ended the pair closed at a little over 1.58.This weekend saw the Group of Seven (G-7) Finance Ministers and Central Bankers met in Washington D.C. Economic leaders from the United States, Japan, Germany, United Kingdom, France, Italy...
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Daily Analysis
2008-04-14 14:09:00
The dollar lost its value during yesterday?s intraday trading session as crude oil blasted through $110 to touch a high of $111.37 per barrel. In addition the dollar lost its ground on expectations that company earnings will show that the U.S economy is currently in a direr situation than what most people think. To date analysts are expecting an additional rate cut of at least 0.5% at the Feds next meeting. Current market expectations are that the additional rate cut will help the U.S economy crawl out of its bad situation.In addition, volatility in the markets along with two upcoming major market events, gave traders the incentive to prepare their portfolios for today?s results. Today the ECB and the BOE will be releasing their decisions regarding their interest rates. Recent economic data, including a 2.5 percent decline in house prices, are currently pointing to a rate cut in England, while more stable data from European countries are pointing to a ?No Change? status from the ECB...
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US Retail Sales to Provide for Direction post G-7 Weekend
2008-04-14 14:08:00
While dollar has received toll-free support from the G-7 finance ministers' comments, the theme of dollar weakness is still far from being laid to rest.MAJOR HEADLINES ? PREVIOUS SESSIONCanadian Mar. New Housing Price Index out at 0.3% vs 0.4% expected. Prior 0.6% US Apr. U. of Michigan Confidence out at 63.2 vs 69.0 expected. Prior 69.5 New Zealand Feb. Retail Sales out at -0.7% vs 0.0% expected. Prior 0.3% G-7 meeting in Washington DC comes to an endTHEMES TO WATCH ? UPCOMING SESSIONCanada Feb. New Motor Vehicle Sales (12:30) US Mar. Advance Retail Sales (12:30) US Mar. Retail Sales Less Autos (12:30)US Feb. Business Inventories (14:00)Market CommentsWith the G-7 concluding statement marking a drastic change in tone in pointing out FX market volatility as a key challenge and amounting nearly to a verbal intervention on the dollar weakness especially by Euro-Zone finance ministers, dollar has regained some of the losses from last few week. Whether any of those gains will be retain...
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G-7 Preview: Finance Chiefs To Address Global Financial Turmoil
2008-04-11 12:54:00
Group of Seven financial chiefs gather in Washington on Friday in a bid to stave off what the International Monetary Fund-IMF warned earlier this week was the worst financial crisis since the 1930s Great Depression.During their meeting, finance ministers and central bank governors from the richest nations will seek to firm up proposals for tightening scrutiny of global banking practices and to press the private sector to step up its efforts to settle financial markets.The meeting comes in the backdrop of an increasingly grim international economic outlook. Worries about a global slowdown as the U.S. subprime crisis continues to batter the world's biggest economy and send global financial markets into a tailspin.Global expansion is set to slow to 3.7 percent in 2008, half a point lower than the IMF's January estimate, and the U.S. economy is likely to be in a "mild recession" and will stagnate through much of 2009, the IMF said Wednesday in its semiannual World Economic Outlook rep...
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Chinese March Trade Surplus Exceeds Expectations On Strong Exports
2008-04-11 12:53:00
The Chinese trade surplus surged more than expected in March on robust exports, official data showed Friday. However, the trade surplus for the first quarter shrank from the previous year.The Customs Administration revealed that the trade surplus surged to US$13.4 billion in March from US$8.56 billion in February. A year ago, the surplus totaled around US$6.8 billion. The trade balance exceeded the US$11.9 billion surplus expected by analysts for March. Exports grew at a much faster pace of 30.6% annually in March compared with a 6.5% increase in February. Meanwhile, import growth slowed in March to 24.6%. Exports increased to US$109 billion and imports totaled US$95.6 billion. In a note, Westpac Economics said "… as the starting point for imports is very strong, this widening was not appreciable with the surplus well short of the record US$27.1bn in October."Chinese crude imports jumped 25% in March to 17.3 million tons and increased 15% to 45.53 million tons in the first three mon...
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Futures Turn Lower After GE Disappoints; Consumer Sentiment Figures On Tap
2008-04-11 12:53:00
US stocks were facing an uphill battle Friday morning amid disappointing earnings results from bellwether General Electric (GE) and as the Group of Seven finance ministers perpared to kick off their meeting in Washington.As of 6:35 am ET, the S&P Futures were down 3 points, the Nasdaq Futures were flat points, and the Dow Futures were down 17 points.Futures turned lower in reaction to the release of quarterly results from General Electric (GE). The firm reported first quarter EPS of $0.44, missing expectations of a $0.51 per share profit.CEO Jeff Immelt said the primary shortfall was in financial services, which were challenged by the slowing economy and difficult capital markets.Stocks rose on Thursday despite some sluggish retail sales results. It was a hectic day that saw the Bank of England cut its key lending rate by a quarter percentage point to 5 percentage point.Asian stocks were mostly positive on Friday. The Hang Seng of Hong Kong picked up 480 points and Tokyo's Nikk...
More About: News , Consumer , Lower , Figures

Currency Majors Technical Analysis
2008-04-11 12:48:00
European SessionEUR/USD - Euro Dollar1,5764. EUR USD broke 1,5810 support. EUR USD is in a consolidation after the last bearish movement. EUR USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility decreases. Bollinger bands are tightened. ForexTrend 4H, daily (Mataf Trend Indicator) is in a bullish configuration. The consolidation should continue. The price should continue to move in 1,5720 / 1,5870 range. We won't take a position. The risk/reward ratio is too high to take a position.. Resistances1,5800 - 1,5870Supports1,5725 - 1,5690GBP/USD - British Pound Dollar1,9742. GBP USD is in a range between 1,9700 and 1,9850. GBP USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. ForexTrend 4H (Mataf Trend Indicator) is in a bearish configuration. The price should continue to move in Bollinger bands. We won't take a position. The risk/reward ratio is too high to take a position.. R...
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EURUSD daily outlook - Friday
2008-04-11 12:40:00
Although it managed to establish a new record high at 1.5913 on yesterday, the Euro failed to hold its gains and collapsed big-time all the way to 1.5725. Downside risk will become higher if the Euro slips below 1.5720 then into the 1.56 zone as there is key support now into the 1.5740-50 area formed by the channel's lower trendline T6 seen on the chart below. A break of the said support may bring the mid-term support around 1.5610 on focus. Despite of yesterday's fall from the 1.59 zone, we believe that the latest push back above 1.5900 suggests the market is poised for more upside and record highs. Now that a triple top is formed into the 1.59 zone, the first thing that comes into my mind is the triple top formed into the 1.49 area a few months ago and the 1 big figure rally which followed the breakout. Maybe the G7 event will provide some reasons to break higher or the opposite direction. While the lower 1.57 area remains intact, near term momentum will rebuild and bring the 1....
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Major Currencies
2008-04-11 12:39:00
EUROThe European currency yesterday rallied towards the major resistance level at 1.5920s in the first session, but then managed a key reversal move to drop with high levels of volume until the levels of 1.5720. Therefore, today we expect the euro to move down if it passes the major support at 1.5700s. The trading range for today might be between the key resistance level at 1.5940 and the key support level at 1.5570. The general trend is up as far as 1. 4260 remains intact targets now at 1.6080 and 1.6360Support1.5720 1.5700 1.5680 1.5660 1.5640 Resistance1.5750 1.5775 1.5800 1.5825 1.5845 RecommendationWe expect selling euro below 1.5760 with a target at 1.5660, stop loss above 1.5800. GBP The British pound yesterday moved in the upside direction in the first session to hit the key resistance level at 1.9840s, but since it couldn't maintain its momentum, the pound fell in a massive bearish pattern reaching the levels of 1.9700s. Today we expect the pound to continue in the downsi...
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BoE cuts rates, ECB remain hawkish. G7 Meeting over weekend.
2008-04-11 12:36:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) grinded higher on Thursday tracking equity markets and as expected rate announcements coming out of Europe. Commodity prices fell as investors returned to risk averse assets overnight. The US trade deficit for February widened more than forecasted to US$62.3 billion (5.7%), whilst initial jobless claims fell by a more than expected 53k to 357k. The Fed?s chairman, Ben Bernanke, spoke about financial stability in the U.S yesterday, making claims they will be proactive in finding a solution to the U.S financial instability. Despite the poor data coming from the U.S and claims from the International Monetary Fund (IMF) that the U.S is headed for a recession, U.S share markets gained with the Dow Jones closing 54 points up (0.4%), while the NASDAQ rallied 29 points (1.3%) following strong growth in technology stocks. Oil prices fell by US76c (0.7%) a barrel to US$110.11 following claims from a Saudi Arabian exporter that oil supplies wer...
More About: Weekend , Rates , Cuts , Meeting

New EUR/USD records after ECB signals
2008-04-11 12:32:00
EUR/USD (1.5777)European & US sessions forecast levels: 1.5725/1.5915Trend Sessions: European: Neutral/UpwardUS: Neutral/UpwardMarket Focus: 8:30 AM Export Prices ex-ag., Import Prices ex-oil, 10:00 Michigan Sentiment-Prel., 2:00 AM German WPI, 6:00 AM Composite Leading Indicators.Daily Strategy: The dollar again set new record against the euro after massive dollar sells. The European Central Bank not signal changes in the interest rates politic. The dollar was trading at 1.5913 against the euro in US session. After the profit taken from the new record gain the dollar is on the way to test again new records today. For today we recommend opening long positions. The dollar will test 1.60 in the coming days
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Daily Forex Overview
2008-04-11 12:31:00
Previous session overviewOn Thursday, the dollar rebounded from a historical low versus the euro after traders booked profits when their forecasts for a hawkish European Central Bank policy were met.ECB President Jean Claude Trichet showed no inclination to cut interest rates Thursday at a press briefing following the bank's unanimous decision to keep interest rates steady. That leaves the dollar less attractive than the euro, with a lower yield on account of the Federal Reserve's rate cuts.But the euro was facing some technical resistance at the $1.59 level and people are getting very skeptical when they reach that level. The euro pared gains against the dollar, and fell from a record high, after European Central Bank President Jean-Claude Trichet speech. EURUSD traded at a high of 1.5914 and a low of 1.5725 before closing at 1.5742 in New York. Sterling neared record lows versus the euro and trimmed gains versus the dollar after the Bank of England cut rates by 25 basi...
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A Slight Recovery
2008-04-07 16:39:00
Recession talks, terrible unemployment data and a gloomy economic outlook didn?t dampen the bullish mood last week, as traders looked passed the bad news, sending equity indices up across the globe. The major U.S indices closed the week with gains of approximately 4%, while the U.S Dollar index closed up by 0.5%, showing that the dollar has still got some fight left in it, against its counterparts.The major market mover of the week was unemployment data, which showed that the number of people employed in all non-agricultural business sectors, contracted by a whopping 80,000 while the unemployment rate jumped from a previous 4.8% to 5.1%, posting the worst reading in roughly five years. Volatility picked up immediately after the results were published, as investor were trying to figure out how the data will affect current trends, especially as the unemployment result breached the 5% benchmark level, a level which policy makers try to keep the economy under. As mentioned above, despit...
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The Assault on Free Markets
2008-04-07 16:39:00
Those blindsided by the recent financial meltdown are now loudly blaming the free market for its failure to police its own excesses, and are calling for greater regulation to prevent future disasters. But for those who clearly observed the problems developing (in high definition slow motion) the blame can be directed squarely at the policies of the Greenspan/Bernanke Federal Reserve. As has been the case countless times in history, the free market will now pay the price for government incompetence. In Senate hearings this week, all parties involved completely ignored the Fed?s own culpability in igniting the speculative fever. It?s as if a senior prom had turned into a wild bacchanalia, and angry parents now question why the chaperones failed to notice the disrobing or why the DJ played provocative music, all the while ignoring the bearded gentleman pouring grain alcohol into the punch bowl.A perfect illustration of the Fed?s failure to take responsibility can be found in Bernank...
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Non-Farm Payrolls Pushes Dollar Down, Increasing Likelihood of Rate Cut
2008-04-07 16:38:00
CURRENCY TRADING SUMMARYU.S. Dollar Trading (USD) was weaker on Friday as a result of a worse than expected Non-Farm Payrolls data release indicating employment fell by 80,000 in March, some 30,000 less than what was forecast. February?s figures were also revised to show a loss of 76,000 jobs rather than the 63,000 it originally reported, further indicating the world?s largest economy may be slipping into recession. Further to this news, the unemployment rate rose 0.3% to 5.1% its highest level in almost 3 years fuelling thoughts the Fed may cut rates yet again as early as the end of this month. The US share market had a mixed reaction to the weak economic data with the NASDAQ rising 7.68 points (0.3%) and the Dow Jones falling -16.61 points (-0.1%). Oil prices gained US$2.40 a barrel to US$106.23. Looking ahead, consumer credit data is to be released with forecasts expected to be 5.5, a drop from February?s figure of 6.9.The Euro (EURO) remained strong against the major currencies ...
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Consumer Credit
2008-04-07 16:37:00
Previous: 6.9 Billion Dollar Forecast: 5.5 Billion DollarDefinition A debt that someone incurs for the purpose of purchasing a good or service; a mortgage for purchasing a house is technically not consumer credit. However, the 52 inch television you put on your credit card is a great example.Consumer debt is consumer credit which is outstanding. In macroeconomic terms, it is the debt which is used to fund consumption rather than investment.General EffectConsumer Credit has a slightly effect on the foreign currencies market as long as increasing this indicator means more liquidity available with consumers which allows them to spend more and more leading to high demand on goods and services; then that might expose raising factories and companies production capacity. At the end such index pushes the economic growth ahead with strengthening the local currency.About Consumer credit figurer impact at stock exchange is also supposed to be slight, regarding any improvement on goods and serv...
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Speculation that Fed will limit interest rate cuts leads Dollar to rise
2008-04-07 16:36:00
After really bad news came from the US on Friday, concerning an increase in unemployment, Dollar registered a slightly decrease on weekendAfter really bad news came from the US on Friday, concerning an increase in unemployment, Dollar registered a slightly decrease on weekend. However, due to a high inflation, the speculation that Fed will limit interest rate cuts, Dollar rose today. In fact, Dollar registered the higher growth in almost a week against the Euro and the Yen. The currency traded at 1.5663 against the Euro and at 102.56 against the Yen at 8:00am. ?The minutes could be supportive of the dollar, given the Fed signaled uncertainty over the inflation outlook, suggesting that the Fed is reluctant to cut rates further? wrote Ashley Davies, a currency strategist in Singapore at UBS AG.As the American crisis is spreading to other economies and Fed is concerned about the excessive inflation registered in the country, over 7%, Dollar strengths. The recent cuts on the US interest...
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The Dollar received some disappointing data
2008-04-07 16:35:00
The Dollar received some disappointing data on Friday as Employment data continued to show that the U.S economy has still not crept out of its dire situation. Non-farm Payrolls contracted by an additional 80,000, while unemployment jumped up to 5.1%, showing that companies were still forced to fire employees during the month of March. To date, the markets are pricing in an additional 0.5% rate cut, which investors are hoping will help to jump start the economy. In addition, the Canadian economy also showed some discouraging figures as they reported that their Unemployment level had jumped up to 6%, while their Non-farm Payrolls showed that 14.6k new jobs were added to the market. The glooming atmosphere continues to characterize all major markets as Germany?s manufacturing ministry stated that their manufacturing orders had contracted by 0.5%, due to weaker foreign demand. Despite the bad news the major U.S indices managed to close the week up with gains while commodities also close...
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Daily Forex Overview
2008-04-07 16:34:00
Previous session overviewOn Friday, the dollar declined versus its major rivals after U.S. payrolls dropped for the third straight month and the unemployment rate surged to 5.1%.Earlier last week, markets seemed to think Fed easing would cut back and that the recession is behind the U.S., following testimony by Chairman Ben Bernanke.Markets shrug off weaker-than-expected U.S. payrolls from Friday with lower risk aversion, offshore asset buying by Japan institutions at start of fiscal year all negative for JPY; USDJPY up at 102.45, EURJPY at 160.53, AUDJPY at 94.35; EURUSD softer at 1.5670.The euro climbed as high as 1.5773 after the weak US jobs report, but has since settled around the 1.57-level. Euro zone reports released saw Germany's industrial orders, which posted a 0.5% drop in February improving from the 1.5% decline previously but missing calls for an increase of 0.9%.The euro appreciated against the U.S. dollar as the single currency tested offers around USD 1.5770 level ...
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Dollar dropped lower after weaker than expected US jobs data
2008-04-07 16:33:00
Euro and Yen posted gains against the Dollar after the government said US employers cut 80k jobs in March, more than expected and the biggest monthly fall in five years. However, traders said the data did not come as a big surprise to a market that has long expected the Federal Reserve to cut interest rates again late this month. Analysts said some traders were looking to trim bets in favor of the Euro ahead of a European Central Bank meeting on Thursday. The ECB is expected to hold interest rates at 4%, but a string of recent weak Euro zone data has traders waiting to see if President Jean-Claude Trichet softens his stance on inflation, which could signal a rate cut later this year. Steady euro zone rates at a time when the Fed has slashed US benchmark rates from 5.25% to 2.25% in recent months have boosted the Euro's appeal over the Dollar. The deteriorating employment situation in the United States also remains a concern, particularly a jobless rate that the government's data o...
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Daily Analysis - Evening session - GMT
2008-04-07 16:32:00
Overnight Asia/Europe? USD higher overnight? No real news driving trade? Two-way action with stops helping to firm USDToday?s Economic Reports? None of note in the USLooking Ahead? 9:00 AM CDT Pending Home Sales forecast -0.5%? 1:00 PM CDT FOMC minutesSummaryThe USD is a bit firmer to start New York this morning after making lows in Asia in quiet two-way trade. The Greenback was in no rush to get anywhere overnight as market-moving news was nowhere to be seen and traders focused on technical levels for the most part. Across the board the USD is high this morning with the main action coming in USD/JPY overnight. Traders note that large Japanese names were on the bid for the rate when early selling pushed the rate into a low print at 101.30; bids lifted the rate past the opening range and into stops at the 102.00 and 102.20/30 area for a high print at 102.64 before momentum faded. Additional buying helped extend the range to 102.86 in Europe where the rate rotated around the 102.50/60...
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