Daily FX Report
Good morning from wonderful Hamburg and welcome to Varengold Bank's Daily FX Report. Yesterday more than 200,000 people packed into a park in central Berlin to hear a speech given by the US Democratic presidential candidate on a very nice sunny day. We hope you had an efficient trading week and wish you all the best for the last session of this week.
Markets review
The USD steadied against the JPY this morning after falling the previous day because of disappointing news on the US housing sector and steep losses on Wall Street. From late US trading the USD/JPY changed slightly to 107.32. US jobless claims have jumped and the pace of existing home sales has tumbled to a 10 year low, showed on Thursday, underscoring the view that the world's largest economy is still struggling. EUR/USD was also steadied at 1.5685 as soft economic data from the Euro zone on Thursday cooled expectations for higher interest rates and capped gains in the currency.
The CAD lost about 0.3 % against USD on Thursday. With a sharp drop in equities adding to negative atmosphere USD/CAD closed at 1.0133 on Thursday.
AUD/USD was slightly down about 0.3 % at 0.9560 on concerns about the impact of the credit crisis on the nation's top lender.
Technical analysis
USD/AUD
The USD/AUD traded in a sideways range between 0.95 and 0.965 since middle of June until the middle of July. Since short excursion over the resistance line at 0.965 the market recovered the last days and established a short term down trend. If this trend will go on and the market breaks through its support at 0.95 it could comes up with shorter trend potential.
USD/CAD
In USD/CAD a wide trading range of 3 cents between 1.03 and par was established. After its rebound at 1.03 the market came down to its support at 1.00. After some tries to break through this level the market rebounded at par and could come back into the sideway trend.
Pivot Points - Daily FX Support and Resistance Levels
Daily Calendar & Key FX Events
Varengold Bank
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