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Wednesday,
19 September 2007,
23:03 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook at 1400 GMT (EDT + 0400)
The euro came off vis-a-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3935 level and was capped around the $1.3985 level. Today’s range was limited following yesterday’s significant move higher that saw the common currency establish a new lifetime high and come within fifteen pips of testing the psychologically-important US$ 1.4000 figure. The impetus for the pair’s gains yesterday was a larger-than-expected interest rate reduction by the Federal Open Market Committee that saw the federal funds target rate lowered by 50bps to 4.
• EUR
• JPY
• GBP
• CHF
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Tuesday,
18 September 2007,
22:15 GMT
Research
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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$ 1.3890 level and was supported around the $1.3825 level. Traders awaited the Federal Open Market Committee’s interest rate decision later in the North American session with most expecting a 25bps monetary expansion. A sizable minority, however, continue to call for a 50bps reduction in the federal funds target rate to provide the financial markets with some additional liquidity in the wake of the ongoing credit market shakeout.
• EUR
• JPY
• GBP
• CHF
• AUD, NZD
• CAD
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Monday,
17 September 2007,
23:07 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook at 1400 GMT (EDT + 0400)
The euro depreciated vis-a-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3850 level and was capped around the $1.3885 level. Today’s range was quite thin as traders were loath to establish new ranges ahead of tomorrow’s Federal Open Market Committee interest rate decision. Most traders expect the Fed will reduce the federal funds target rate by +25bps or +50bps on account of the recent turmoil in the financial markets that was precipitated by the subprime mortgage credit shakeout.
• EUR
• JPY
• GBP
• CHF
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Monday,
17 September 2007,
04:25 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 $1.3925 level and was supported around the $1.3765 level. The pair gained about 105 pips last week. Most traders believe the FOMC will reduce the federal funds target rate this week. Treasury boss Paulson said the subprime turmoil will last longer than the Asian and Russian crises of the 90s. Most traders see the Fed moving the federal funds target rate lower by 25bps or 50bps on Tuesday. Bernanke will discuss the subprime market before the House on 20 September.
• EUR
• JPY
• GBP
• CHF
• CAD
• AUD
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Saturday,
15 September 2007,
04:21 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook at 1400 GMT (EDT + 0400)
The euro depreciated vis-a-vis the U.S. dollar today as the single currency tested bids around the US$ 1.3845 level and was capped around the $1.3895 level. U.S. Treasury Secretary Paulson reported the U.S. economy may pay “some penalty” on account of the recent financial market turmoil. Many data were released in the U.S. today. First, the U.S. current account deficit narrowed in –US$ 190.8 billion between April and June from a revised –US$ 197.1 billion in Q1 and is now around 5.5% of GDP.
• EUR
• JPY
• GBP
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