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Education  >  Fundamental Analysis
Tuesday,  14 July 2009,  01:28 GMT
AceTrader
AceTrader Research Team
Trendsetter Financial Markets Limited
Market Review by AceTrader.com
 Market Review - 13/07/2009 22:03      All times in GMT  
Dollar and yen drop as rally in U.S. stock markets encourages for high-yielding assets

http://www.acetraderfx.com

Dollar and yen declined versus a basket of currencies on Monday as U.S. corporate earnings were not as weak as initially feared sparked a strong rebound in U.S. and European stock markets. Stocks were enjoying their best rally since June 25 after an influential bank analyst, Meredith Whitney, upgraded Goldman Sachs to “buy” from “neutral”. She also stated that Bank of America Corp. and JPMorgan Chase & Co could do well in the second quarter. In addition, U.S. Treasury Secretary Timothy Geithner said on Monday that there was a good chance the U.S. and other leading economies could grow later this year rather than face a double-dip recession, a prediction backed up by positive data from Asia. DJI rallied 185.16 points or 2.27%, Nasdaq closed up 37.17 or 2.12% and S&P jumped 21.92 points or 2.49%.   
 
The single currency rose from an intra-day low of 1.3898 to as high as 1.4003 before easing in late New York trade as rally in stocks spurred speculation investors will increase holdings of higher-yielding assets. Furthermore, euro strengthened against the dollar was partly due to comments by European Central Bank President Jean-Claude Trichet who sounded a bit more upbeat about eurozone growth as he said that eurozone economy is expected to continue to decline in the second half of 2009 but at a slower pace than before. U.S. posted a smaller-than-expected budget deficits (-94.3B compared to consensus forecast of -97.0B), however, market's reaction to this data was somehow muted. 
 
Earlier in the day, the British pound tumbled to as low as 1.6033 against the greenback as British newspaper Sunday Times report of a huge 13 billion pound write-off in bad loans by British clearer Lloyds bank. However, cable was able to recover all the intra-day losses and rose to an intra-day high of 1.6240 in late New York trade. Cross buying on sterling versus euro also helped as eur/gbp dropped from a five-week high of 0.8699 to around 0.8610/15. Bank of England Deputy Governor Charles Bean said on Monday that Britain’s economy has probably hit bottom but the road to recovery will be a long haul and stated that it might take some time for the quantitative easing program to work and for banks for stat lending again.  
 
The Japanese yen weakened against high-yielding currencies on Monday on improved risk appetite after rising to a muti-month high of 91.73 in Europe. Euro, aussie and sterling rebounded strongly against the yen from 128.00 to 130.22, 70.78 to 72.85 and 147.19 to 150.99 respectively in late New York afternoon. The dollar also rose from a five-month low of 91.73 to 93.04. 
 
Data to be released Tuesday include U.K. BRC retail sales, CPI, RPI, German Zew index, eurozone industrial production, Zew index, U.S. PPI and retail sales. 
 

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
EUR/USD Daily Technical Outlook: February 20, 2013

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Wednesday,  28 September 2011,  07:26 GMT
Research  >  Forex - Technical research
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Monday,  12 September 2011,  01:14 GMT
Research  >  Forex - Technical research
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Friday,  09 September 2011,  00:50 GMT
Research  >  Forex - Technical research
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Market Review - 08/09/2011 21:55 GMT Euro tumbles on Trichet and Bernanke's comments http://www.acetraderfx.com The single currency continued its recent steep descent and tumbled on Thursday against all major currencies as ECB President Jean-Claude Trichet, whose 8-year term will end on October 31, said in ECB's monetary policy press conference that there is 'intensified downside risks' in European economy and inflation has remained elevated.
Thursday,  08 September 2011,  00:38 GMT
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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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
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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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