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Monday,
24 September 2007,
22:33 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook at 1400 GMT (EDT + 0400)
The euro extended recent gains vis-a-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4130 level and was supported around the $1.4085 level. The pair established a new lifetime high before consolidating some intraday gains. The move higher in the common currency was partially fueled by expectations the Federal Open Market Committee will reduce interest rates at least another 25bps before the end of the year. Traders await remarks from Federal Reserve Chairman Bernanke later in the North American session to see if he offers any additional clues about the Fed’s current thinking that were not detailed in the FOMC’s policy statement last week or in his subsequent Congressional testimony.
• EUR
• JPY
• GBP
• CHF
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Monday,
24 September 2007,
01:30 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Weekly Calendar
Sunday, 23 September 2007
all times GMT
0130 Australia Reserve Bank of Australia Financial Stability Review
Monday, 24 September 2007
0830 UK August public sector net cash requirement (-?13.1 billion)
0830 UK August public sector net borrowing (-?6.5 billion)
0900 Eurozone July industrial new orders (4.4% m/m)
0900 Eurozone July industrial new orders (13.8% y/y)
1300 US Dallas Fed President Fisher speaks
1630 US Federal Reserve official Evans speaks
1700 US Federal Reserve Chairman Bernanke speaks
2350 Japan August Bank of Japan Policy Board meeting minutes
2350 Japan August corporate service price index (1.
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Monday,
24 September 2007,
01:23 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Weekly market recap, week ahed, and schedule
The euro appreciated vis-a-vis the U.S. dollar last week as the single currency tested offers around the $1.4120 level and was supported around the $1.3825 level. The pair gained about 210 pips last week. The common currency eclipsed the psychologically-important US$ 1.40 figure for the first time ever. The FOMC reduced the federal funds target rate by a surprise 50bps to 4.75% and lowered the discount rate by 50bps. The Fed cited the effect of “tightening credit conditions” on the housing market and economic growth.
• EUR
• JPY
• GBP
• CHF
• CAD
• AUD
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Friday,
21 September 2007,
23:16 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook at 1400 GMT (EDT + 0400)
The euro extended recent gains vis-a-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4120 level and was supported around the $1.4040 level. The common currency’s intraday high represented a fresh lifetime high for the pair. There was a dearth of economic data released in the U.S. today. Data released in the U.S. yesterday saw the Philadelphia Federal Reserve’s September manufacturing survey improve to 10.9. Fed Chairman Bernanke told Congress the current credit market crisis has created “significant market stress” and reiterated regulators would take steps to limit the effects from the mortgage crisis.
• EUR
• JPY
• GBP
• CHF
• AUD, NZD
• CAD
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Thursday,
20 September 2007,
22:02 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook at 1400 GMT (EDT + 0400)
The euro appreciated vis-a-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4070 level and was supported around the $1.3955. The common currency rocketed to a new lifetime high above the psychologically-important $1.4000 figure on speculation that Saudi Arabia is ending its ending the peg between the rial and the U.S. dollar. Notably, the Saudi Arabian Monetary Agency did not reduce interest rates this week when the Federal Reserve took the federal funds target rate lower by 50bps.
• EUR
• JPY
• GBP
• CHF
• AUD, NZD
• CAD
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