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South Korean Won Slids Deep 2008-04-18 11:07:00 The SouthKorean
won fell sharply against the U.S. dollar this week and reached its monthly low against the USD today despite the very weak dollar’s positions and the bullish trend in the Chinese yuan, which is the one of the dominating Asian currencies. The South Korean
government officials are responsible for the strong pledges to support the weakening of the national currency to narrow the current account deficit, which has reached dangerous levels recently. The Strategy and Finance Minister, Kang Man-soo, stated that the current account balance is one of the primary objective of the monetary policymaking. He stands as a strong supporter for the won’s depreciating. The won pushing from the government’s side is accompanied with an elevated demand for the U.S. dollar, as the compani
Dollar Decline May Slow but Will Continue 2008-04-21 10:00:00 The U.S. dollar decline versus the European currency has slowed down recently as the investors relied on the intervention by the G7 to overcome the global currency imbalance and strengthen the dollar. Although the finance ministers of the Group of Seven countries are concerned with the overapreciation of the euro against the U.S. dollar, the currency volatility is their primary concern. Elevated volatility is what brings the economies to the risk, according to their April 11 statement. One of the main reasons for the European Central Bank and similarly thinking officials not to act against the euro appreciation lies in the role that the strong currency plays in fight with the inflation. Consumer prices in Eurozone grow fast and if the euro starts to fall against dollar, many commodities an Read more:Dollar
, Decline
, Continue
Dollar Sinks, EUR/USD Reaches 1.6011 2008-04-22 12:15:00 Euro reached a new historical maximum against the U.S. dollar today after another European Central Bank official stated that the bank will be acting thoroughly in order to keep the consumer price inflation rate down. According to Christian Noyer, the ECB is not going to ease the monetary policy because of the strong inflation in Eurozone. And while some European countries vote for a weaker euro (to support national exporters), ECB is standing strongly against any actions that will accelerate the CPI, which is above the current central bank’s target rate. Many currency analysts expect euro to continue its bullish trend against the greenback as it’s now clear that the European interest rates are not going to be reduced in the near months. EUR/USD can reached 1.6500 in the next 3 Read more:Dollar
, Sinks
CAD Down before Central Bank Meeting 2008-04-22 12:11:00 The Canadian dollar was falling slightly yesterday and today against the other world currencies as the traders expected the interest rate decision of the Bank of Canada monetary policy meeting, which is scheduled for 22nd of April. The total drop of the Canadian dollar (or so called Loonie) against the U.S. dollar this year is at 1.6% after a 17% gain last year. The drop increased this week as the Bank of Canada is expected to lower the key interest rate from 3.5% to 3.0% on its meeting today. The current interest rate in U.S. is 2.25%. The market is expecting not only a 50 basis point cut in Canada, but also a statement that will support confidence in further cuts by the BoC. The last interest rate cut was performed on March 4 — it was reduced from 4.0% to 3.5% and the statement signale Read more:Central
British Pound Grows on April PPI Report 2008-05-12 10:00:00 The Great Britain pound rose today against the U.S. dollar and the euro, partially recovering its losses from the last week, as the record high PPI growth added confidence that the Bank of England will not lower interest rates next time. The prices for the British
long-term securities declined today, while their yields increased, showing a higher inflation pressure for the economy of the United Ki Read more:Pound
, April
Korean Won at Lowest since 2005 2008-05-12 09:53:00 The South Korean
won declined to its lowest level since November 2005, as the country’s central bank said that the weaker currency will be helping against the economic stagnation. The Bank of Korea decided to leave the interest rate unchanged at 5 percent points today as the inflation prevented using monetary policy easing to decrease the money cost and bust spending. This decision helped the Ko
AUD Stops Growth after RBA Statement 2008-05-12 09:50:00 The Australian dollar stopped growing on the Forex market today after the Reserve Bank of Australia mentioned economical growth moderation in its monetary policy statement. The RBA kept its 12-year high interest rates unchanged at 7.25 percent points today during the scheduled monetary policy meeting ruled by Glenn Stevens. The Aussie has reached its 24-year record high level against the U.S. doll Read more:Stops
, Growth
Bank of America Confident on INR Growth 2008-05-12 09:47:00 The Indian rupee is going to grow in the coming months as the central bank will probably rise the interest rate and will allow currency’s appreciation according to Bank of America
strategist. This is not very popular scenario among the currency market analysts, but Bank of America and some other investment institutions think that the rupee will rise more than 9% by the year’s end and the India Read more:Growth
, Confident
Euro Rose on Support of ECB Rates 2008-05-12 09:43:00 The euro rose today during the early Forex trading session, as the European politicians changed their mind on the ECB interest rate policy and traders became more confident that Jean-Claude Trichet won’t reduce the rates this week. The ECB used its every recent statement to convince the market participantsthat the inflation is a bank’s primary concern and that it won’t go for lower rates to Read more:Support
, Rates
Euro Stronger on German GDP 2008-05-15 09:45:00 The United Europe’s currency gained a new strength on the Forex market today after the German
quarterly GDP data was released and the investors got more confidence in the ECB’s hawkish stance. According to a report that was released today at 6:00 GMT the Germany’s gross domestic product gained 1.5% in a quarter-to-quarter comparison in the first quarter of 2008 — a strongest growth for the
ForexGen Trading Today 2008-05-23 09:14:00 The USDJPY is testing critical support. A break below 102.50 would lead to an acceleration of the downtrend. Cable has soared as expected and the next level to watch is 1.9980/2.0025. The USDCAD could be about to turn higher (emphasis on could). Risk there is .9710. The EURUSD has advanced as expected this week and faced resistance just above 1.5800. The possibility remains that this ral Read more:Trading
, Today
Australian Dollar Crosses Face Resistance 2008-05-30 04:37:00 AUDCHF Daily Bars If 1.0823 holds, then the count in black is valid. That count indicates that the AUDCHF is in wave C of a large correction that will eventually come under .8882. However, with price so close to breaching 1.0823, we are presenting the alternate (in red); which suggests that the advance from .8882 is wave B of a triangle. AUDCAD Weekly Bars The rally from . Read more:Australian
, Dollar
, Crosses
, Resistance
Rupee Rose on Earning Conversion 2008-05-30 04:28:00 The Indian rupee rose today as the exporters had to convert their overseas earnings after the India’s currency has been losing significantly to the U.S. dollar in May. The rupee recovered from two days of losses this week as the oil continued to drop today, easing the concerns that the commodity importers will have to sell even more rupees for dollars. On the other hand, large exporters found 13 Read more:Rupee
, Earning
, Conversion
Euro Tumbles As A Break In Employment Overwhelms Strong Retail Figures 2008-05-30 04:26:00 US Dollar Rally Extended As Growth, Rate Forecasts LiftedConditions seem to be improving for the ailing US dollar. A strong showing from the economic docket, falling crude prices and a boost to interest rate expectations all helped to drive the greenback to its third consecutive rally today. Looking at the fundamental source of this dollar strength, the first quarter GDP revision took the lead. T Read more:Break
, Strong
, Retail
, Figures
Yen Rises as Carry Trade Suffers 2008-05-30 04:18:00 The Japanese currency rose today on Forex during the Asian trading session as the stocks market drop spurred carry trade sell-offs and the liquidation of the yen-based high-risk assets. The yen gained against Great Britain pound, U.S. and Australian dollars, while remaining relatively weak against the euro today. German Ifo report on business climate in the country was released today at 8:00 GMT s Read more:Carry
, Trade
, Carry Trade
CHFJPY Hedge to Cover Longs Through 380-pip Drawdown 2008-06-13 09:46:00 The Swiss Franc has been trending higher against the Yen since late November of 2000. With both CHF and JPY traditionally used as funding currencies for carry trades when paired with other currencies, their relationship among themselves has been primarily driven by the slightly higher yield offered by the SNB versus the BOJ. With both monetary authorities now firmly on hold, there is little reason Read more:Hedge
, Cover
ZAR Heads for Biggest Weekly Drop 2008-06-13 09:44:00 The South African rand headed for the biggest weekly loss against the U.S. dollar in the last three months as the traders were concerned that the high interest rates will prevent country’s economy to rise at a fast pace. After the central bank said that the inflation will probably keep above the bank’s target 3-6 percent rate for at least until 2010, the rand reached its lowest value against t Read more:Heads
, Weekly
Dollar Rallies Big; Euro Tests Major Support 2008-06-13 09:40:00 The EURUSD has held above 1.53 (to this point), but the critical level is 1.5283. A drop below there would shift focus to 1.51; which is a Fibonacci extension. The drop below 1.5364 negates the short term bullish bias. The preferred count that calls for strength for current levels is intact as long as price is above 1.5283. A drop below there indicates that a C wave is underway towards 1.5 Read more:Dollar
, Rallies
, Major
, Support
Forex Daily Newsletter 2008-08-17 20:46:00 Forex - Dollar demand waned on Tuesday after US trade deficit unexpectedly shrank in JuneThe Dollar slipped against the Euro on Tuesday, breaking a five-session rally as investors locked in profits ahead of key economic data later in the week. EurUsd has already dropped 4.11% this month with help from a sell-off in Oil prices and growing fears economies elsewhere may slow at a faster pace than in Read more:Forex
, Daily
Interest And Economic Outlook 2008-08-17 20:08:00 Dollar posted it biggest one-day gain against majors on changing interest and economic outlook News and Events: The Dollar rallied on Friday, posting its biggest one-day gain versus the Euro in 7-1/2 years as the Market changed outlook on interest rate amid signs the US slowdown was Read more:Interest
, Economic
, Outlook
Forex Market Overview 2008-08-17 20:07:00 Forex MarketOverview
12 August 2008 The Usd saw broad based gains in the Asian session, as commodities continued to come under pressure. The EurUsd fell to a 6 month low to 1.4816, while the UsdJpy trended upwards to 110.23. Crude oil rebounded off lows, but is currently trading safely around $115.00bll, providing momentum to the Usd rally. Wall Street saw a firm finish, but Asian regional equiti Read more:Forex
Forex Market Overview 2008-08-15 20:01:00 Forex MarketOverview
15 August 2008 The Usd was slightly stronger in the Asian session, as commodities, specifically precious metals, weakened. The Gold fell below $800oz for the first time this year and silver followed right behind down a whopping -11.00%. The EurUsd slipped from 1.4803 to 1.4754, while UsdJpy trended higher from 109.57 to 110.34. The GbpUsd continued to come under selling press Read more:Forex
Weakness In Oil Prices | ForexGen Newsletter 2008-08-15 16:49:00 Renewed weakness in oil prices and a break of 1.4850News and Events: The Dollar rallied to an almost six-month high against the Euro on Thursday amid growing concern over euro zone economic weakness and accelerating inflation in the United States.Traders sold the Euro after reports showed contraction in the Euro zone's economy in the second quarte Read more:Prices
, Oil Prices
Currencies Risk Manager 2008-08-13 20:48:00 Currencies Risk Manager 13-08-2008 EurUsd Market dropped to 1.4816 low on Tuesday following Friday break below 1.5304 former strong support from 13th June. Further weakness below 1.5000 will put the focus on 1.4779 26th February low. Strong support holds 1.4685 22nd January low. On the upside, only a return over 1.5500 will release actual pressure and put ke Read more:Currencies
Dollar Demand 2008-08-13 20:03:00 Dollar Demand Waned On Tuesday After US Trade Deficit Unexpectedly Shrank In June News and Events: The Dollar slipped against the Euro on Tuesday, breaking a five-session rally as investors locked in profits ahead of key economic data later in the week.EurUsd has already dropped 4.11 Read more:Dollar
Economic Slowdown In Europe 2008-08-12 20:06:00 Signs of economic slowdown in Europe
, Asia and Australia reduced outlooks for higher interest rates and boosted demand for Dollar News and Events: The Dollar rallied to a five-and-a-half month high against the Euro on Monday, boosted by another drop in Crude Oil prices and speculatio Read more:Economic
, Slowdown
Forex Market Overview 2008-08-11 20:10:00 Forex MarketOverview
11 August 2008The Usd was broadly stronger in Asian session, as market prepare for a heavy week of economic indicators. Perhaps the most interesting aspect of last week aggressive Usd rally was the lack of strong confirmation from other financial markets, specifically rate and oil. The EurUsd strength clearly outpaced the gains in crude prices, while across practically all ma Read more:Forex
Dollar Rose Broadly Against Majors 2008-08-08 20:11:00 Dollar rose broadly against majors on surprising data and lower expectations for ECB rate increase News and Events: The Dollar rose broadly and hit a 5-1/2-month high against a basket of currencies on Thursday, bolstered by a surprise rise in June Home sales and diminished expectatio Read more:Dollar
US Financial Turmoil 2008-08-07 05:35:00 US financial turmoil is worsening but FX market await data later this week News and Events: The Dollar eased on Monday, amid concern losses at US financial companies will continue to weigh on the slowing economy, after Merrill Lynch said Lehman Brothers may post a loss in the Q3 and Read more:Financial
, Turmoil
Forex Market Overview 2008-08-07 04:35:00 Forex MarketOverview
07 August 2008 The Usd was vaguely weaker during the Asian Session, as participants seem to be content with their positions ahead of the critical BoE & ECB rate announcement today. The EurUsd traded higher to 1.5451 from 1.5401, while the UsdJpy traded up to 109.90 (7-month highs), on rumors of option barriers t Read more:Forex
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