Daily FX Report
Good morning from Hamburg. Today could become an exiting trading day due to the release of a lot of economic data from the U.S. as well as the Euro-Zone and the UK. Anyways, we wish you a wonderful, nice and successful trading day.
Markets review
The USD climbed versus 14 of its 16 major counterparts before reports today, may show that an index of U.S. leading indicators increased for a 10th month and manufacturing in the Philadelphia area expanded. The U.S. currency was supported after minutes of the Fed's January 26th-27th meeting showed that some officials pushed to start selling assets in the 'near future' to reduce the central bank's balance sheet. The USD gained for a second day versus the EUR and the GBP. The USD reached a high at 1.3558 versus the EUR, which is close to its record low from February 12th at 1.3532. The USD gained against the GBP to its high at 1.5641, back from its yesterdays low at 1.5816.
The EUR fell versus the JPY on concern that funding pressures could bring European banks to borrow more money. The ECB's data showed that lending facility of the central bank extended 3.49 billion € on February 16th, 3.83 billion € on February 15th, 3.88 billion € on February 12th and 4.10 billion € on February 11th. The EUR/JPY fell to a low of 123.33 after opening at 124.17 while the EUR/CAD has reached a low at 1.4207, which is the lowest level since the end of 2007.
Technical analysis
GBP/CHF
Since the middle of January, the GBP/CHF has been moving along the Fibonacci projection levels. After falling to the 38.2% level, the market has started a bullish phase inside a trend channel. At the moment, the market trades below the 76.4% level around 1.6926. If the market doesn't break out of the channel, it might get boosted towards the resistance level around 1.7000
EUR/PLN
As you can see, the weekly pivot points seem to be a significant indicator for the price movement in the EUR/PLN pair. The market pulled back during the last two weeks after it touched one of the pivot support levels. Currently, the pair is trading around the first pivot support line around 3.9700. If the market doesn't cross the support, it may pull up towards the middle pivot level around 4.0443
Pivot Points - Daily FX Support and Resistance Levels
Daily Calendar & Key FX Events
Varengold Bank
IMPORTANT NOTIFICATION TO BE READ IN CONJUNCTION WITH THE CONTENTS OF THIS DOCUMENT
This document is issued and approved by Varengold WPH Bank AG. The document is only intended for market counterparties and intermediate customers who are expected to make their own investment decisions without undue reliance on the information set out within the document. It may not be reproduced or further distributed, in whole or in part, for any purpose. Due to international laws/regulations not all financial instruments/services may be available to all clients. You should have informed yourself about and observe any such restrictions when considering a potential investment decision. This electronic communication and its contents are intended for the recipient only and may contain confidential, non public and/or privileged information. If you have received this electronic communication in error, please advise the sender immediately, and delete it from your system (if permitted by law). Varengold does not warrant the accuracy, completeness or correctness of any information herein or the appropriateness of any transaction. Nothing herein shall be construed as a recommendation or solicitation to purchase or sell any financial product. This communication is for informational urposes only. Any market or other views expressed herein are those of the sender only as of the date indicated and not of Varengold. Varengold reserves the right to consider any order sent electronically as not received unless it is confirmed verbally or through other means.
|
