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Monday,
25 August 2008,
01:20 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 bids around the $1.4910 level and was supported around the $1.4630 level. The pair gained about 125 pips last week. Rumours abound that Fannie Mae and Freddie Mac may be nationalized and U.S. investment banking giant Lehman Brothers is facing severe problems. Korean Development Bank may try to acquire Lehman. Bernanke spoke about financial stability at the Fed’s annual Jackson Hole symposium.
ECB’s Wellink warned banks from relying too heavily on ECB funding.
• EUR
• JPY
• GBP
• CHF
• CAD
• AUD
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Friday,
22 August 2008,
05:02 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Daily market commentary
The euro moved sharply higher vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4890 level and was supported around the $1.4730 level. The common currency rallied on growing speculation the U.S. government will bail out U.S. mortgage banking giants Fannie Mae and Freddie Mac, leading to a significant decrease in shareholder equity. The U.S. dollar also suffered on news that U.S. investment banking giant Lehman Brothers is having difficulties selling up to 50% of its current value.
• EUR
• JPY
• GBP
• CHF
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Thursday,
07 August 2008,
02:05 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Daily market commentary
The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.5395 level and was capped around the $1.5515 level. The common currency extended recent losses and reached its lowest level since 16 June. As expected, the Federal Open Market Committee kept the federal funds rate unchanged at 2.00% yesterday and contrary to much speculation, the only dissenter seeking higher rates was Dallas Fed President Fisher. The FOMC reported “Economic activity expanded in the second quarter, partly reflecting growth in consumer spending and exports.
• EUR
• JPY
• GBP
• CHF
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Thursday,
31 July 2008,
21:36 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Daily market commentary
The euro reversed recent losses vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5700 figure and was supported around the $1.5570 level. The common currency gave back some intraday gains after the release of U.S. Q2 GDP data that saw the economy expand at an annualized 1.9% pace, up from the downwardly revised 0.9% pace in Q1. The Q2 pace of growth represented the fastest since Q3 2007. Q2 personal consumption expenditures were up 4.2%, up from Q1’s 3.6% pace, while the core PCE price index was up 2.
• EUR
• JPY
• GBP
• CHF
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Wednesday,
30 July 2008,
03:37 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Daily market commentary
The euro fell sharply vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.5570 level and was capped around the $1.5755 level. Technically, today’s intraday high was right around the 38.2% retracement of the move from $1.5305 to $1.6040. A recovery in U.S. equity prices following yesterday’s meltdown and a decline in NYMEX September crude oil futures for September delivery to the $120 handle saw the common currency yield more ground. Data released in the U.S.
• EUR
• JPY
• GBP
• CHF
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