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Archive for June, 2009

Jun-30-2009

Technical Analysis Daily: GBP/USD

Pound/Dollar attempted to rise on Tuesday, reaching a peak at 1.6740, but further bullish movement was limited and the Cable dropped sharply to the 1.6431 bottom, closing the day at 1.6459. On the 1 hour chart is seen that the key resistance 1.6740 was unconvincingly tested and now quotes are…

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Jun-30-2009

Foreign Exchange Market Commentary

EUR/USD closed lower on Tuesday as it consolidates some of its recent gains. The low-range close sets the stage for a steady to lower opening on Wednesday. Stochastics and the RSI remain bullish signalling that sideways to higher prices is possible near-term. Closes above the reaction high crossing are needed…

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Jun-30-2009

Confidence Hits Stocks, Buoys USD

Safe-haven moves dictated movements in the foreign exchange market, with the dollar strengthening against most of its counterparts and pushing the euro back toward the 1.40-figure. The US equity market slumped on economic reports released earlier in the session, with the Dow Jones and S&P 500 losing over 1%.

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Jun-30-2009

Hungarian Forint Climbs on Tax Cuts

Hungarian ForintThe Hungarian forint, which suffered severe losses as its country plunged in one of the deepest recessions among the European Union member nations, reached a six-month high after the Hungarian tax system will change in order to stimulate the country’s agonizing economy.(…)
Read the rest of Hungarian Forint Climbs on Tax Cuts (169 words)

Posted on Forex News.

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Jun-30-2009

ECB Preview: It Could be a Non-Event

We are reasonably sure that the ECB will keep the refinancing rate unchanged at 1% at its meeting on Thursday. The flash inflation for June released today showed that inflation is now in negative territory at -0.1%. Inflation is likely to fall further in July and then return to positive…

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Jun-30-2009

FX Thoughts for the Day

Dollar-Swiss has traded in a very narrow range 1.0780-1.0828 during the day and is looking to come down towards the lower end of the medium term range at 1.0640. We are holding a Short in this anticipation. For now, the Resistance near 1.0870 is likely to be honoured over the…

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Jun-29-2009

Technical Analysis Daily: GBP/USD

Pound/Dollar also increased yesterday. The Cable reached the bottom 1.6430, from where it started climbing. On the 1 hour chart there is a minor bullish channel, indicating upward pressure with possible test of the key resistance 1.6750, followed by 1.6880. Holding under this zone would give prospects for neutral and…

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Jun-29-2009

The Daily Forecaster: GBPUSD

Losses didn’t manage to follow-through yesterday and this has pushed price higher towards the 1.6631-62 highs. Indeed, a test of the 1.6662-80 area does look likely. However, I am aware of the hourly bearish divergences and I really don’t think we’ll get a powerful follow-through today. Thus, only a break…

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Jun-29-2009

New York Session Recap

The NY session saw some classic directionless trading on the back of the upcoming holiday in the United States. Equities were better bid and broadly eked out a 0.9% gain despite a flat performance for the better part of the session. The bullish tone to risk assets saw the USD…

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Jun-29-2009

Forex Fundamental Outlook

Australasian dealers sold the common currency but European and North American dealers lifted the pair higher on improving eurozone economic data that saw June overall economic sentiment rise sharply to 73.3 from 70.2 in May. This represented the third consecutive monthly increase. German Chancellor Merkel reported the German economy “might…

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