Daily Chart Art - March 18, 2010
Oh, those charts on the USDCHF, EURJPY and GBJPY are looking mighty fine! Better bring your A game if you wanna grab a date with those setups!
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Archive for the ‘GDP’ Category
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Weak euro complicates life for some firms
It used to be easy to sum up the way European business executives viewed exchange rates: a strong dollar was good; a strong euro was bad.
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If Richard is right the US smokes Europe!
Last month, we did notice that US consumer credit rose unexpectedly. It didn’t seem to get much press, as all eyes were focused on non-farm payroll.
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Dollar falls as Fed reiterates rate stance
The dollar fell to a five week low against the euro on Tuesday as the Federal Reserve maintained its tone on keeping interest rates close to zero for an extended period.
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FED Held Rates At 0.25%
Forex currency price chart of GBP and USD
US Rates Remain Low for an ‘Extended Period’
U.S. Dollar Trading (USD)
U.S. Dollar Trading (USD) was on the back foot as the FED held rates at 0.25% and included the statement ‘extended period’ for holding rate lows. The stock market reacted positively to the low rate environment and commodities rallied in anticipation of economic expansion. In US stocks, DJIA +45 points closing at 10685, S&P +8 points closing at 1159 and NASDAQ +15 points closing at 2378. Looking ahead, February PPI Core Output forecast at 0.1% vs. 0.3%.
European Euro
The Euro (EUR) was already well supported before the FOMC announcement with the S&P affirming its current rating on the back of EU Financial Ministers general agreement to support Greece. German ZEW fell to 44.5 vs. 43.7 forecast in March and this helped underpin the move above 1.3700. Overall the EUR/USD traded with a low of 1.3638 and a high of 1.3776 before closing at 1.3780. Looking ahead, Q4 Labor costs previously at 3.2% Q/Q. Also, BUBA President Weber Speaks.
Japanese Yen (JPY)
The Japanese Yen (JPY) was stronger on weak USD/JPY in Asia before staging a major reversal of fortune in the European session. GBP/JPY put on 2 Yen and EUR/JPY reclaimed the Y124 level as global stocks pushed to fresh highs. Overall the USDJPY traded with a low of 89.97 and a high of 90.76 before closing the day around 90.30 in the New York session. Looking ahead, BOJ Decision Today.
Pound Sterling (GBP)
The Sterling (GBP) tested 1.5000 but the level held and the market rallied hard for the rest of the day on massive short covering and weak USD. GBP/JPY buying was noted in Europe along with central bank bids at the lows. Overall the GBP/USD traded with a low of 1.4975 and a high of 1.5262 before closing the day at 1.5230 in the New York session. Looking ahead, February Claimant Count forecast at 8k vs. 23.5k previously.
Australian Dollar (AUD)
The Australian Dollar (AUD) tracked stocks and commodities higher to break above resistance at 0.9200 and trade at 2 month highs. March RBA minutes talked of gradual rate rises ahead but the market is still bullish on general strength of the Australian economy. AUD/NZD reversed from above 1.3000 to test 1.2900 as the NZD/USD surged. Overall the AUD/USD traded with a low of 0.9118 and a high of 0.9219 before closing the US session at 0.9200. Looking ahead, Assistant RBA Governor Debelle speaks.
Oil & Gold
Oil & Gold (XAU) broke above the recent downwards trend line to rally $20 on the weaker USD. Overall trading with a low of USD$1107 and high of USD$1129 before ending the New York session at USD$1127 an ounce. Rallied $2 a barrel on expectations of strong demand. Crude Oil was down $1.90 ending the New York session at $81.70.
Technical Analysis: FED Held Rates At 0.25%
Euro (EUR)
Euro – 1.3765 : Initial support at 1.3640 (Mar 15 low) followed by 1.3621 (Mar 11 low). Initial resistance is now located at 1.3796 (Mar 12 high) followed by 1.3839 (Feb 9 high).
Yen (JPY)
Yen – 90.35 : Initial support is located at 89.99 (Mar 16 low) followed by 89.63 (Mar 9 low). Initial resistance is now at 91.09 (Mar 12 high) followed by 91.29 (Feb 23 high).
Pound Sterling (GBP)
Pound – 1.5235 : Initial support at 1.4947 (Mar 11 low) followed by 1.4873 (Mar 10 low). Initial resistance is now at 1.5259 (Mar 16 high) followed by 1.5317 (Feb 26 low).
Australian Dollar (AUD)
Australian Dollar – 0.9190 : Initial support at 0.9096 (Mar 15 low) followed by the 0.9056 (Mar 4 low). Initial resistance is now at 0.9243 (Jan 20 high) followed by 0.9280 (Jan 18 high).
Gold (XAU)
Gold – 1127 : Initial support at 1098 (Mar 12 low) followed by 1094 (0.5 of 1044.85-1144.98). Initial resistance is now at 1144 (Mar 3 high) followed by 1161 (Jan 11 high).
Oil
Oil – 82.10 : Initial support at 80.00 (Intraday Support) followed by 78.00 (Intraday Support). Initial resistance is now at 83.20 (Intraday Resistance) followed by 85.00 (March High).
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Dollar falls as the Fed keeps rates at record lows
The dollar dropped Tuesday as investors found comfort in the Federal Reserve’s slightly upbeat assessment of the economy, while the central bank repeated its pledge to hold interest rates at record lows to help nurture the economic recovery.
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Dollar Drops as Fed Keeps Rates Near Zero for Extended Time
The dollar fell against most major currencies as Federal Reserve officials retained their pledge to keep the main interest rate near zero for an "extended period,” encouraging demand for riskier assets.
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The euro is definitely deserving of its nickname of the anti-dollar. The market never seems to favor both at the same time. So the question you must ask yourself as well is: Is time to sell the dollar? To do this I will look at USDCHF as it corre
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Crude Oil, Gold Look to US Fed Rate Decision for Direction
Crude oil, gold and silver may decline if the US Federal Reserve signals that policy makers are getting closer to raising benchmark interest rates at the upcoming FOMC monetary policy announcement.
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Fed Weighs How, When To Signal Higher Rates
Debate is heating up within the Federal Reserve over how and when to signal that the days of record-low interest rates are numbered.
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