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Tuesday,
30 September 2008,
03:20 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook
The euro fell sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4300 figure and was capped around the $1.4565 level. The U.S. dollar rocketed as U.S dollar liquidity sharply plummeted around the world on account of the ongoing financial crisis. The Federal Reserve sharply increased the size its 84-day Term Auction Facility and lifted its swap lines with Bank of Japan, the European Central Bank, Bank of Canada, Swiss National Bank, Reserve Bank of Australia, and Scandinavian central banks.
• EUR
• JPY
• GBP
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Monday,
29 September 2008,
04:50 GMT
Research
>
Forex - Technical research
FX Research Desk
Weekly market recap, week ahed
The euro appreciated vis-à-vis the U.S. dollar last week as the single currency tested offers around the $1.4865 level and was supported around the $1.4435 level. The pair gained about 150 pips last week. Bernanke and Paulson testified before Congress and called for the swift passage of their proposed US$ 700 financial markets bailout. G7 finance ministers and central bankers supported “heightened close cooperation.” The Fed established swap lines with the central banks of Australia, Denmark, Norway, and Sweden.
• EUR
• JPY
• GBP
• CHF
• CAD
• AUD
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Friday,
26 September 2008,
02:06 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook
The euro came off vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4585 level and was capped around the $1.4770 level. The markets are quite volatile as traders await the release of details regarding the US$ 700 billion bailout of troubled U.S. financial institutions. Congressional and governmental leaders continue to meet and there is an indication that the US$ 700 billion disbursement may be “phased” in stages to satisfy congressional Democrats. Some dealers are speculating a deal could be announced today while others don’t see a deal being reached before today or Monday.
• EUR
• JPY
• GBP
• CHF
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Wednesday,
24 September 2008,
22:08 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Fundamental Outlook
The euro moved lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4680 level and was capped around the $1.4825 level. Technically, today’s intraday low was right around the 38.2% retracement of the move from $1.2475 to $1.6040. Traders are awaiting details from testimony from Federal Reserve Chairman Bernanke and Treasury Secretary Paulson before the Senate Banking Commission. Many dealers are pessimistic about the U.S. government’s plan to transfer US$ 700 billion in toxic assets from banks’ balance sheets and believe it could require more than US$ 1 trillion to recapitalize the U.
• EUR
• JPY
• GBP
• CHF
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Monday,
22 September 2008,
13:15 GMT
Research
>
Forex - Technical research
FX Research Desk
Weekly market recap, week ahed
The euro appreciated vis-à-vis the U.S. dollar last week as the single currency tested offers around the $1.4540 level and was supported around the $1.4070 level. The pair gained about 250 pips last week. Lehman Brothers filed for bankruptcy; BoA purchased Merrill Lynch; and AIG was bailed out by the Fed. The Fed broadened its Primary Dealer Credit Facility and Term Securities Lending Facility. The FOMC kept rates unchanged and injected several hundred billion dollars in liquidity. The Fed expanded swaps with the ECB and SNB and added swap lines with BoJ, BoE, and BoC.
• EUR
• JPY
• GBP
• CHF
• CAD
• AUD
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