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While the markets have taken a breather in the frenzied USD-buying, with this afternoon’s July PPI and Housing Starts figures from the US expected to give further direction to USD-longs. MAJOR HEADLINES – PREVIOUS SESSION FR Bank of France Business Sentiment (Jul) out at 92 vs. 94 expected. EC Euro-Zone Trade Balance (Jun) out at -3.0B vs. 0.5B expected. CA Int’l Securities Transactions (Jun) out at C£7.247 vs. C$5.000 expected. US NAHB Housing Market Index (Aug) out at 16 as expected (all
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——————————————————— INTRA-DAY AUD/USD OUTLOOK : 0.8645 Updating time : 19 Aug 2008 07:03 GMT Lack of follow through selling below Asian sup at 0.8634 n present recovery fm 0.8625 suggest fur- ther choppy trading abv 0.8590/0.8610 is in store n risk is seen for gain to 0.8660/70 b4 prospect of another fall. Exit intra-day short n stand aside.
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Good morning from Hamburg and welcome to the Varengold Daily FX Report. New Zealand Q2 producer prices rose 5.6%, much more than the 2.6% increase expected by economists. This development is the fastest pace in more than 20 years. However we wish you a nice day and good luck in trading. Market review Platinum lost over 5%, falling to its lowest level since the beginning of August as weaker gold and oil prices spark another round of selling. The spot platinum price went down to a low of 1,310 an
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USD — America’s currency extended its rally from the prior week, buoyed mostly by the stalwart rise in the University of Michigan US Consumer Confidence Survey. The Index reflected improvement for the second consecutive month in August, rising to a 4-month high (61.7 vs. 61.2 prior). Looking at a breakdown of the report, the pull-back in oil prices since mid-July appears to have had a huge impact, as the most noticeable change in the Index was the drop in 1-year inflation expectations to 4.8%
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Quote: ‘A healthy environment is one in which we try to make sense of our limits, of the accidents that can always befall us, and the passage of time which inexorably changes us.’ Dr. Rowan Williams (1950-) The News: UK RICS July says 43% more surveyors reporting rental bids; instructions to let rise at record rate. The Numbers: British Summer Time, with expectations and previous figures in brackets. 01:30 AU Reserve Bank of Australia Minutes of monetary policy meeting; less restrictive policy
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Today’s comment Majors & Scandies By the Majors & Scandis Team The dollar fluctuated with commodity prices in a largely uninspiring session. The dollar index (DXY) and the trade-weighted dollar index (TWI USD) were more or less unchanged at the end of the day. Bank of Japan kept its target rate at 0.50% at this morning’s rate announcement as widely expected. The economic outlook was at the same time lowered its forecast for the economic outlook as growth is expected to be sluggish due
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Overview The USD had a slight pullback overnight, as traders looked to take a breath, and gave the Euro a chance to recover a little. Additionally, US stocks sold-off again, and crude looked firm early in the session. This pullback in the USD will prove only temporary, as traders remain on the ready to short Euro again above 1.48. Crude was firmer earlier on supply concerns, lifting the precious metals, but late in NY the black couldn’t hold onto gains, which then led to the metals
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EUR/USD Today’s price action for majors has been somewhat sideways. This could end up developing into a consolidation with a continuation or a correction. In my experience there is usually a sharp reaction when there is a certain price that is achieved after these strong moves/breakouts. This usually causes a daily candle to leave a shadow that is quite large; 100+pips at times. Since we haven’t seen this yet there is still downside pressure that could occur.
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BUY EURUSD @1.4745, SL @1.4730, TP @1.4755 Signal Time: August 18, 2008 10:46 GMT STATUS: -ON -
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