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Education  >  Fundamental Analysis
Friday,  10 July 2009,  00:53 GMT
AceTrader
AceTrader Research Team
Trendsetter Financial Markets Limited
Market Review by AceTrader.com
  Market Review - 09/07/2009 22:02      All times in GMT  
Dollar and yen fall across the board on long liquidation and improved risk appetite

http://www.acetraderfx.com

Dollar fell versus a basket of currencies and the Japanese yen gave up some of its recent gains on Thursday as risk appetite improved, with the number of Americans filing for initial jobless benefits fell, easing concerns over the U.S. economy and encouraged demand for higher-yielding assets. Chinese State Councillor Dai Bingguo on the second day the three-day G-8 summit unequivocally called for the world to diversify the reserve currency system in order to have relatively stable exchange rates but he did not name the dollar directly. In addition, Frech President Nicolas Sarkozy said that he hoped to talk about currencies (referring to the dollar) and international monetary system in the coming months.  
 
Earlier in the day, Japan Chief Cabinet Secretary Takeo Kawamura said that excessive currency moves were undesirable as they would hurt the stability of Japan’s economy and the financial markets. His comments were deemed as a form of verbal intervention, helping the dollar to rebound versus the yen from its multi-month low of 91.80 formed on Wednesday to as high as 93.6 before retreating in Europe. The Japanese yen weakened against high-yielding currencies on Thursday. Euro, aussie and sterling rose against the yen to 130.88, 73.36 and 152.35 respectively in New York afternoon. 
 
Euro rallied against the dollar on Thursday in part due to comments from European Central Bank Governing Council member Ewald Nowotny, who said Europe could return to growth rates of 2-3% after 2011, however, Nowotny also indicated that the downturn was not over yet as growth would be feeble with unemployment in the eurozone possibly rising to more than 10%. German Finance Minister Peer Steinbrueck said Germany's Central Bank could be used to buy up corporate bonds to help ease a squeeze on credit markets. In NY opening, the single currency rose to as high as 1.4008 after the release of lower-than-expected U.S. jobless claims data (565,000 compared to economists' forecast of 605,000) before retreating on profit taking. Euro found good buying interest on dips and extended its intra-day rally against the greenback to 1.4074 before easing later in the day.  
 
The British pound also rallied strongly from a one-month low made on Wednesday at 1.5983 against the dollar and euro partly due to the news that IMF upgraded the U.K.'s growth forecast for 2010 to 0.2% from -0.4%. In addition, Britain's goods trade deficit (non-EU) narrowed to 3.26 billion pounds in May fm 4.14 billion in April. Sterling rallied after the Bank of England surprised the markets by announcing no expansion of its 125 billion pound quantitative easing scheme for now, relieving concerns that an inflationary policy would be continued but it will review the operation at its August meeting. BoE left interest rates unchanged at a record low of 0.5% for a fourth month running. BoE stated that Britain’s economy is no longer in free fall, however, bank lending remains weak and a sustained recovery is far from assured. Cable extended its rise to as high as 1.6381 in New York afternoon before easing due to profit taking. 
 
Data to be released on Friday include Japan CGPI, German WPI, UK PPI, Canada unemployment rate, trade balance, U.S. trade balance and University of Michigan confidence survey. U.S. Treasury’s Geithner will testify at 14:00GMT.

Tags: USD/JPY   USD/CHF   EUR/USD   GBP/USD

GMT:
21:22
London:
21:22
Tokyo:
05:22
Sydney:
06:22
New York:
16:22 







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Wednesday,  20 February 2013,  03:42 GMT
Research  >  Forex - Technical research
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Monday,  12 September 2011,  01:14 GMT
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Friday,  09 September 2011,  00:50 GMT
Research  >  Forex - Technical research
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Research  >  Forex - Technical research
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Monday,  17 February 2014,  06:42 GMT
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February 17, 201 4 GMT 06:31 EUR/USD Today’s support: - 1.3677 and 1. 3663 (main), where correction is possible. Break would give 1.
Friday,  14 February 2014,  05:18 GMT
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February 14, 201 4 GMT 05:10 EUR/USD Today’s support: - 1.3633, 1.3618 and 1. 3590 (main), where correction is possible. Break would give 1.
Thursday,  13 February 2014,  05:37 GMT
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February 13, 201 4 GMT 05:18 EUR/USD Today’s support: - 1. 3590 (main), where correction is possible. Break would give 1. 3567 , where correction also may be.
Tuesday,  11 February 2014,  06:23 GMT
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Daily Forex and Dow Jones recommended levels
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February 11, 201 4 GMT 06:18 EUR/USD Today’s support: -  1. 3622 and 1. 3590 (main), where correction is possible.
Wednesday,  29 January 2014,  06:23 GMT
Research  >  Forex - Technical research
Forex and Dow Jones recommended levels
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January 29 , 201 4 GMT 06:17 EUR/USD Today’s support: - 1.3635 and 1.3614(main), where correction is possible. Break would give 1.

 


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