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Tuesday,
20 November 2007,
06:15 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook
The euro appreciated vis-a-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4685 level and was supported around the $1.4620 level. Technically, today’s intraday low was right around the 50% retracement of the move from $1.4520 to $1.4725. Traders await the release of FOMC meeting minutes from the end of October tomorrow to help assess the likelihood the Fed may trim interest rates again next month. The Fed will also release new economic projections tomorrow that were announced last week by Chairman Bernanke, an attempt to boost transparency by releasing economic estimates four times per year instead of two.
• EUR
• JPY
• GBP
• CHF
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Monday,
19 November 2007,
08:52 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Weekly calendar
Monday, 19 November 2007
all times GMT
(last release in parentheses)
0001 UK November Rightmove house prices (2.7% m/m)
0001 UK November Rightmove house prices (10.4% y/y)
0115 Singapore Minneapolis Fed President Stern speaks
0530 Japan October nationwide department sales (-2.5% y/y)
0530 Japan October Tokyo-area department store sales (-2.1% y/y)
0915 Germany European Central Bank member Tumpel-Gugerell speaks
1000 Eurozone September construction output (0.
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Monday,
19 November 2007,
08:46 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Weekly market recap, week ahed, and schedule
The euro depreciated vis-a-vis the U.S. dollar last week as the single currency tested bids around the $1.4520 level and was capped around the $1.4725 level. The pair lost about 40 pips last week. Bernanke boosted Fed transparency by increasing the number of economic forecasts published by the Fed to four from two and will increase the time horizon to three years from two years. Also, the Fed will publish forecasts for headline and core inflation, inching closer to the adoption of a formal inflation target.
• EUR
• JPY
• GBP
• CHF
• CAD
• AUD
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Friday,
16 November 2007,
15:17 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook
The euro weakened vis-a-vis the U.S. dollar today as the single currency tested bids around the US $1.4605 level and was capped around the $1.4700 figure. The common currency consolidated some of yesterday’s gains Data released in the U.S. today saw October headline consumer price inflation rise 0.3% m/m and 3.5% y/y, unchanged from September’s +0.3% gain, while core prices were up +0.2% m/m and +2.2% y/y. These data suggest that the spike seen in yesterday’s October PPI data have not yet transmitted through to the consumer price chain, and may afford the FOMC some room to ease monetary policy next month and possibly again in January, especially if the recent spike in energy prices does not result in significant inflation gains.
• EUR
• JPY
• GBP
• CHF
• AUD, NZD
• CAD
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Wednesday,
14 November 2007,
01:48 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook
The euro moved higher vis-a-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4630 level and was supported around the $1.4520 level. Technically, today’s intraday high was right around the 50% retracement of the recent pullback from $1.4750 to $1.4520. The common currency shrugged off data that saw the German November ZEW expectations index fall to a fifteen-year low of -32.5 from -18.1 in October, much worse-than-expected. The decline in sentiment evidences concerns over the euro’s relative strength, elevated oil prices, and concerns over the U.
• EUR
• JPY
• GBP
• CHF
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