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Monday,
01 September 2008,
01:50 GMT
Research
>
Forex - Technical research
FX Research Desk
Weekly market recap, week ahed
The euro depreciated vis-à-vis the U.S. dollar last week as the single currency tested bids around the $1.4570 level and was capped around the $1.4805 level. The pair lost about 90 pips last week. The FDIC warned some banks may fail and public funds may need to be borrowed. FOMC officials believed “core inflation would edge back down during 2009” at their 5 August meeting.
The IMF downgraded its EMU-15 GDP forecast for 2008 to 1.4% - 1.7%. Denmark’s central bank rescued the tenth largest bank in a failure.
• EUR
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Thursday,
28 August 2008,
06:22 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Daily market commentary
The euro moved higher vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.4775 level and was supported around the $1.4630 level. Different factors led to gains by the common currency. First, tropical storm Gustav is nearing the U.S. oil-rich gulf region and chased NYMEX crude oil futures for October delivery above the $119 handle, leading to U.S. dollar weakness. Second, the U.S. Federal Deposit Insurance Corporation reported more U.S. banks are at risk for failure than anytime since 2003 and the U.
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• CHF
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Wednesday,
27 August 2008,
01:45 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Daily market commentary
The euro moved sharply lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4570 level and was capped around the $1.4760 level. The common currency reached its lowest level since 14 February as traders continued to scale back their expectations concerning regarding eurozone interest rates, especially as EMU-15 economic data continue to weaken. Data released in the U.S. today saw July new home sales climb 2.4% to an annualized 515,000 rate, following yesterday’s existing home sales data.
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Tuesday,
26 August 2008,
12:44 GMT
Research
>
Forex - Fundamental research
FX Research Desk
Daily market commentary
The euro moved lower vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.4695 level and was capped around the $1.4805 level. Technically, today’s intraday high and low were around the 38.2% and 76.4% retracement of the move from $1.4630 to $1.4910, respectively. The common currency was on the defensive for a couple of reasons. First, U.S. July existing home sales were up 3.9% to an annualized 5.0 million rate, possible evidence the beleaguered U.S. housing sector may be reaching a bottom.
• EUR
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• CHF
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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
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