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8:22 AM
1:25 AM
12:34 AM
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2:45 PM
News
The euro fell to the lowest level against the dollar in more than seven months after European reports showed retail sales and business investment dropped and crude oil extended its decline.
The yen rose for a fifth day against the euro and increased to a two-year high versus the New Zealand dollar as signs of a global economic slowdown and stock market losses led investors to sell higher-yielding assets and pay back loans in Japan. The dollar remained higher versus the euro as U.S. factory orders rose more than forecast.
Sterling dropped as much as 1 percent to $1.7668, the lowest level since April 2006, as a Nationwide Building Society survey showed British consumer confidence stayed at a four-year low in August. The pound traded at 81.36 pence per euro, near a record low of 81.64 pence reached yesterday. The Bank of England will keep its target lending rate at 5 percent tomorrow, according to all 61 economists surveyed by Bloomberg News.
The yen rose for a fifth day against the euro and increased to a two-year high versus the New Zealand dollar as signs of a global economic slowdown and stock market losses led investors to sell higher-yielding assets and pay back loans in Japan. The dollar remained higher versus the euro as U.S. factory orders rose more than forecast.
Sterling dropped as much as 1 percent to $1.7668, the lowest level since April 2006, as a Nationwide Building Society survey showed British consumer confidence stayed at a four-year low in August. The pound traded at 81.36 pence per euro, near a record low of 81.64 pence reached yesterday. The Bank of England will keep its target lending rate at 5 percent tomorrow, according to all 61 economists surveyed by Bloomberg News.
11:51 AM
BOE Holds Interest Rate at 5 Percent
The pound dropped 0.3 percent to $1.8621 on the Bank of England's economic outlook, after touching $1.8512 on Aug. 15, the lowest level since July 2006.
BOE policy makers split three ways when they kept the target lending rate unchanged earlier this month, minutes of the Aug. 7 meeting showed today. Governor Mervyn King and six other members of the Monetary Policy Committee held the benchmark at 5 percent, while one official voted for a rate increase and another called for a cut to help sustain growth.
BOE policy makers split three ways when they kept the target lending rate unchanged earlier this month, minutes of the Aug. 7 meeting showed today. Governor Mervyn King and six other members of the Monetary Policy Committee held the benchmark at 5 percent, while one official voted for a rate increase and another called for a cut to help sustain growth.
8:09 AM
Euro Plunges
Euro Falls the Most in 8 Years on Reduced Bets for Higher Rate
Aug. 8 (Bloomberg) -- The euro fell the most in almost eight years against the dollar as traders pared bets the European Central Bank will raise interest rates as the economy slows.
The euro is poised for its biggest weekly loss since January 2005 after ECB President Jean-Claude Trichet yesterday said economic growth will be ``particularly weak'' through the third quarter. An index that tracks the dollar against the currencies of six U.S. trading partners touched the highest since February. Crude oil fell to a three-month low.
``This is the beginning of a new chapter for the dollar as Trichet and other central banks are paying more attention to the downside risk to growth,'' said Dustin Reid, a senior currency strategist at ABN Amro Bank NV in Chicago. ``The decline of oil prices is a significant driver behind this dollar rally because it enables other central banks to turn their eyes away from inflation and focus on growth.''
The euro declined 1.95 percent to $1.5032 at 10:23 a.m. in New York and reached $1.5005, the lowest level since Feb. 27, from $1.5325 yesterday. It dropped as much as 2.08 percent, the biggest one-day drop since Sept. 6, 2000. Against the yen, the European currency traded at 165.84, from 167.70. The dollar rose 0.5 percent to 109.97 yen after touching 110.08, the strongest since Jan. 10.
Moving Average
The euro's decline below $1.53 and the break of the 200-day moving average at $1.5226 ``marks a significant change in sentiment for the dollar,'' pointing to a further decline to $1.46, Kevin Edgeley, a London-based technical analyst at Goldman Sachs Group Inc., wrote in a report today.
The euro has declined 3.1 percent against the dollar in its fourth weekly decline, the worst losing streak since May 2007. Against the yen, the U.S. currency has advanced 2.1 percent, heading for its biggest weekly gain in almost two months.
``The most important aspect of the dramatic collapse in the euro dollar is the absence of confirmation from other markets,'' said David Woo, global head of currency strategy at Barclays Capital Inc. in London. ``None of the typical drivers of the euro-dollar in the past couple of years could have accounted for the magnitude of this move, which leads one to conclude that this is a technical driven move.''
The South African rand led losses among the most-traded currencies as the prices of gold and platinum dropped, reducing prospects for export earnings from the country's biggest exports. The greenback rose to a six-month high against the Australian dollar, and advanced to the highest since September against the New Zealand dollar on speculation the central banks will cut borrowing costs.
Russia's Ruble
The Russian ruble fell by the most in 2 1/2 years against a dollar-euro basket used by the government after Georgia's Interior Ministry said four Russian fighter-jets entered Georgian airspace and bombed the towns of Gori and Kareli, boosting the risk of war. The ruble dropped as much as 0.8 percent against the basket.
The pound fell below $1.93 for the first time since March 2007 as the Bank of England kept its main interest rate steady at 5 percent yesterday after inflation accelerated and the economy teetered on the brink of a recession. It has dropped 2.7 percent this week to $1.9210, its biggest weekly drop in three years.
The Dollar Index on the ICE futures exchange reached 75.713 today, the highest since Feb. 21.
`No Bias'
Trichet said yesterday he has ``no bias'' or ``pre- commitment'' toward future rate movements after the central bank left the main refinancing rate at 4.25 percent. He told reporters in Frankfurt that while inflation remains a threat, risks to economic growth are ``materializing.''
European retail sales dropped by the most in at least 13 years in June, the European Union said on Aug. 5. Consumer confidence slid in July by the most since the Sept. 11, 2001, terrorist attacks, the European Commission said July 30.
Traders pared bets the ECB will lift rates a second time this year after increasing its main rate by a quarter-point last month. The implied yield on the December interest rate futures, an indication of expectations, retreated 2 basis pointsto 4.94 percent today.
The New Zealand dollar slumped as much as 2.2 percent to 69.84 U.S. cents, the biggest loss in two months. Australia's dollar dropped 1.7 percent, falling for a fourth day, to 89.10 U.S. cents, from 90.66 cents yesterday. The Reserve Bank of Australia said it may lower borrowing costs, after keeping its benchmark interest rate at a 12-year high of 7.25 percent this week.
Oil, Metals, Crops
Crude oil, metal and crop prices fell as the dollar climbed, reducing the appeal of commodities as a currency hedge. Oil has declined to $118.15 a barrel since touching the record of 147.27 on July 11.
The euro-dollar exchange rate and oil have had a correlation of 0.9 in the past year, according to Bloomberg calculations. A reading of 1 would mean they moved in lockstep.
``Oil prices have turned out to be much more supportive of the dollar than I expected,'' said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan's largest currency broker. ``It does temporarily relieve some concern that the U.S. economy will weaken further. This is a plus for sentiment.''
Aug. 8 (Bloomberg) -- The euro fell the most in almost eight years against the dollar as traders pared bets the European Central Bank will raise interest rates as the economy slows.
The euro is poised for its biggest weekly loss since January 2005 after ECB President Jean-Claude Trichet yesterday said economic growth will be ``particularly weak'' through the third quarter. An index that tracks the dollar against the currencies of six U.S. trading partners touched the highest since February. Crude oil fell to a three-month low.
``This is the beginning of a new chapter for the dollar as Trichet and other central banks are paying more attention to the downside risk to growth,'' said Dustin Reid, a senior currency strategist at ABN Amro Bank NV in Chicago. ``The decline of oil prices is a significant driver behind this dollar rally because it enables other central banks to turn their eyes away from inflation and focus on growth.''
The euro declined 1.95 percent to $1.5032 at 10:23 a.m. in New York and reached $1.5005, the lowest level since Feb. 27, from $1.5325 yesterday. It dropped as much as 2.08 percent, the biggest one-day drop since Sept. 6, 2000. Against the yen, the European currency traded at 165.84, from 167.70. The dollar rose 0.5 percent to 109.97 yen after touching 110.08, the strongest since Jan. 10.
Moving Average
The euro's decline below $1.53 and the break of the 200-day moving average at $1.5226 ``marks a significant change in sentiment for the dollar,'' pointing to a further decline to $1.46, Kevin Edgeley, a London-based technical analyst at Goldman Sachs Group Inc., wrote in a report today.
The euro has declined 3.1 percent against the dollar in its fourth weekly decline, the worst losing streak since May 2007. Against the yen, the U.S. currency has advanced 2.1 percent, heading for its biggest weekly gain in almost two months.
``The most important aspect of the dramatic collapse in the euro dollar is the absence of confirmation from other markets,'' said David Woo, global head of currency strategy at Barclays Capital Inc. in London. ``None of the typical drivers of the euro-dollar in the past couple of years could have accounted for the magnitude of this move, which leads one to conclude that this is a technical driven move.''
The South African rand led losses among the most-traded currencies as the prices of gold and platinum dropped, reducing prospects for export earnings from the country's biggest exports. The greenback rose to a six-month high against the Australian dollar, and advanced to the highest since September against the New Zealand dollar on speculation the central banks will cut borrowing costs.
Russia's Ruble
The Russian ruble fell by the most in 2 1/2 years against a dollar-euro basket used by the government after Georgia's Interior Ministry said four Russian fighter-jets entered Georgian airspace and bombed the towns of Gori and Kareli, boosting the risk of war. The ruble dropped as much as 0.8 percent against the basket.
The pound fell below $1.93 for the first time since March 2007 as the Bank of England kept its main interest rate steady at 5 percent yesterday after inflation accelerated and the economy teetered on the brink of a recession. It has dropped 2.7 percent this week to $1.9210, its biggest weekly drop in three years.
The Dollar Index on the ICE futures exchange reached 75.713 today, the highest since Feb. 21.
`No Bias'
Trichet said yesterday he has ``no bias'' or ``pre- commitment'' toward future rate movements after the central bank left the main refinancing rate at 4.25 percent. He told reporters in Frankfurt that while inflation remains a threat, risks to economic growth are ``materializing.''
European retail sales dropped by the most in at least 13 years in June, the European Union said on Aug. 5. Consumer confidence slid in July by the most since the Sept. 11, 2001, terrorist attacks, the European Commission said July 30.
Traders pared bets the ECB will lift rates a second time this year after increasing its main rate by a quarter-point last month. The implied yield on the December interest rate futures, an indication of expectations, retreated 2 basis pointsto 4.94 percent today.
The New Zealand dollar slumped as much as 2.2 percent to 69.84 U.S. cents, the biggest loss in two months. Australia's dollar dropped 1.7 percent, falling for a fourth day, to 89.10 U.S. cents, from 90.66 cents yesterday. The Reserve Bank of Australia said it may lower borrowing costs, after keeping its benchmark interest rate at a 12-year high of 7.25 percent this week.
Oil, Metals, Crops
Crude oil, metal and crop prices fell as the dollar climbed, reducing the appeal of commodities as a currency hedge. Oil has declined to $118.15 a barrel since touching the record of 147.27 on July 11.
The euro-dollar exchange rate and oil have had a correlation of 0.9 in the past year, according to Bloomberg calculations. A reading of 1 would mean they moved in lockstep.
``Oil prices have turned out to be much more supportive of the dollar than I expected,'' said Masanobu Ishikawa, general manager of foreign exchange at Tokyo Forex & Ueda Harlow Ltd., Japan's largest currency broker. ``It does temporarily relieve some concern that the U.S. economy will weaken further. This is a plus for sentiment.''
7:57 AM
Dollar Falls
Dollar Falls as GDP Trails Forecast, Jobless Claims Increase
July 31 (Bloomberg) -- The dollar fell for the first time in three days against the euro as reports showed the U.S. economy grew less than forecast in the second quarter and initial jobless claims rose last week to a five-year high.
FX Awaits US Jobs
by Korman Tam
7/31/2008 3:03:00 PM
The dollar is firmer against the majors by the New York afternoon following sharp swings in the morning to hover near similar levels from the previous session. The greenback sold off heavily across the board following a sharply higher than expected weekly jobless claims reading, which surged to 448k from 406k in the previous week due to "special factors", prompting the dollar to lose footing to the just beneath the 1.57-handle. However, the losses were short-lived as traders took to the sidelines ahead of Friday's key July labor report. The dollar also benefited from pullbacks in both spot gold and crude oil, which reversed their earlier session's gains.
The advanced reading for Q2 GDP was slightly less than forecast at 1.9%, marginally missing estimates of 2%, but improving from the previous reading of 1.0%. The employment cost index held steady at 0.7%, while the GDP deflator fell sharply to 1.1% from 2.7% in the previous quarter. Meanwhile, the July Chicago PMI unexpectedly improved above the 50-level to 50.8, versus 49.6 in June.
July 31 (Bloomberg) -- The dollar fell for the first time in three days against the euro as reports showed the U.S. economy grew less than forecast in the second quarter and initial jobless claims rose last week to a five-year high.
FX Awaits US Jobs
by Korman Tam
7/31/2008 3:03:00 PM
The dollar is firmer against the majors by the New York afternoon following sharp swings in the morning to hover near similar levels from the previous session. The greenback sold off heavily across the board following a sharply higher than expected weekly jobless claims reading, which surged to 448k from 406k in the previous week due to "special factors", prompting the dollar to lose footing to the just beneath the 1.57-handle. However, the losses were short-lived as traders took to the sidelines ahead of Friday's key July labor report. The dollar also benefited from pullbacks in both spot gold and crude oil, which reversed their earlier session's gains.
The advanced reading for Q2 GDP was slightly less than forecast at 1.9%, marginally missing estimates of 2%, but improving from the previous reading of 1.0%. The employment cost index held steady at 0.7%, while the GDP deflator fell sharply to 1.1% from 2.7% in the previous quarter. Meanwhile, the July Chicago PMI unexpectedly improved above the 50-level to 50.8, versus 49.6 in June.
11:38 AM
The Greenback
Greenback Relinquishes Gains on Oil
by Korman Tam
7/30/2008 3:20:00 PM
The dollar backed away from its gains versus the majors by afternoon New York trading, relinquishing a five-week high against the euro at 1.5523 to fall back near the 1.56-handle. The greenback initially received a boost from the better-than-expected ADP private sector payrolls report but later succumbed to a combination of profit taking ahead of key US economic reports starting tomorrow and a $4.58 rebound in oil to $126.71 per barrel.
The ADP private sector payrolls defied consensus estimates for a loss of 60k jobs in July, following a 79k loss a month earlier, instead increasing by 9k jobs. Traders quickly rewarded the dollar following another bout of upbeat economic data, reacting in similar fashion to yesterday's better-than-forecast consumer confidence survey. However, the euphoria was short-lived as oil extended its rally and markets shift focus to several potentially dollar negative reports in the remainder of the week.
The US reports scheduled for release tomorrow include the advanced reading for Q2 GDP, weekly jobless claims, July NY NAPM manufacturing and the July Chicago PMI. The advanced reading for GDP in Q2 is seen improving to 2.0% from 1.0% in the previous quarter. The Chicago PMI reading is seen remaining beneath the key 50-level for the 6th consecutive month, expected to decline to 49.0 from 49.6 and highlighting continued weakness in the US manufacturing sector. Although the report has been steadily improving since hitting a 7-year low in February at 44.5, it has remain mired in contraction territory for six months and is seen slipping lower from the previous month.
by Korman Tam
7/30/2008 3:20:00 PM
The dollar backed away from its gains versus the majors by afternoon New York trading, relinquishing a five-week high against the euro at 1.5523 to fall back near the 1.56-handle. The greenback initially received a boost from the better-than-expected ADP private sector payrolls report but later succumbed to a combination of profit taking ahead of key US economic reports starting tomorrow and a $4.58 rebound in oil to $126.71 per barrel.
The ADP private sector payrolls defied consensus estimates for a loss of 60k jobs in July, following a 79k loss a month earlier, instead increasing by 9k jobs. Traders quickly rewarded the dollar following another bout of upbeat economic data, reacting in similar fashion to yesterday's better-than-forecast consumer confidence survey. However, the euphoria was short-lived as oil extended its rally and markets shift focus to several potentially dollar negative reports in the remainder of the week.
The US reports scheduled for release tomorrow include the advanced reading for Q2 GDP, weekly jobless claims, July NY NAPM manufacturing and the July Chicago PMI. The advanced reading for GDP in Q2 is seen improving to 2.0% from 1.0% in the previous quarter. The Chicago PMI reading is seen remaining beneath the key 50-level for the 6th consecutive month, expected to decline to 49.0 from 49.6 and highlighting continued weakness in the US manufacturing sector. Although the report has been steadily improving since hitting a 7-year low in February at 44.5, it has remain mired in contraction territory for six months and is seen slipping lower from the previous month.
11:38 AM
The Dollar
Dollar Advances to One-Month High as U.S. Companies Add Jobs
July 30 (Bloomberg) -- The dollar rose to a one-month high versus the euro and the yen after a private report showed U.S. companies unexpectedly added jobs this month.
The greenback also gained as a decline in crude oil eased concern elevated fuel costs will erode consumer spending. New Zealand's dollar dropped against all of the other major currencies except the Australian dollar after Reserve Bank Governor Alan Bollard said slowing economic growth will curb inflation in the next two years.
``It's premature to say employment destruction has hit bottom, but today is a good sign,'' said Mike Moran, a senior currency strategist at Standard Chartered in New York. ``In conjunction with a pullback in oil prices recently, it certainly contributed to the dollar's recovery.''
The dollar increased 0.4 percent to $1.5524 per euro at 9:49 a.m. in New York, from $1.5588 yesterday. It touched $1.5522, the strongest level since June 24. It may advance to $1.5460, Moran said. The U.S. currency rose 0.2 percent to 108.30 yen, from 108.11. It touched 108.33, the highest since June 25. The euro fell 0.2 percent to 168.14 yen, from 168.53.
July 30 (Bloomberg) -- The dollar rose to a one-month high versus the euro and the yen after a private report showed U.S. companies unexpectedly added jobs this month.
The greenback also gained as a decline in crude oil eased concern elevated fuel costs will erode consumer spending. New Zealand's dollar dropped against all of the other major currencies except the Australian dollar after Reserve Bank Governor Alan Bollard said slowing economic growth will curb inflation in the next two years.
``It's premature to say employment destruction has hit bottom, but today is a good sign,'' said Mike Moran, a senior currency strategist at Standard Chartered in New York. ``In conjunction with a pullback in oil prices recently, it certainly contributed to the dollar's recovery.''
The dollar increased 0.4 percent to $1.5524 per euro at 9:49 a.m. in New York, from $1.5588 yesterday. It touched $1.5522, the strongest level since June 24. It may advance to $1.5460, Moran said. The U.S. currency rose 0.2 percent to 108.30 yen, from 108.11. It touched 108.33, the highest since June 25. The euro fell 0.2 percent to 168.14 yen, from 168.53.
12:13 PM
2:33 PM
12:41 PM
JPY Falls
JPY Falls on Downgrade, USD Edges Higher
by Korman Tam
The greenback was higher against the euro and yen, rising to 1.5669 and 107.90, respectively. The dollar continues to benefit from further declines in oil, which fell to $123.63 per barrel, and renewed confidence stemming from government measures to support Fannie Mae and Freddie Mac.
Hawkish Fed commentary has also propped the currency higher. The Fed's Plosser reiterated his view that current interest rates at 2% are pretty low and ultimately, rates have to go up. He said it was important to protect the Fed's credibility by reinforcing its commitment to low inflation through action. Plosser added that it would be too late if the Fed waited for inflation expectations to become unanchored.
Markets will look ahead to Thursday's economic reports consisting of weekly jobless claims and existing home sales. Weekly jobless claims are estimated to increase to 375k, up from 366k a week earlier. Existing home sales are seen slipping to 4.93 million in June units versus 4.99 million units a month earlier.
by Korman Tam
The greenback was higher against the euro and yen, rising to 1.5669 and 107.90, respectively. The dollar continues to benefit from further declines in oil, which fell to $123.63 per barrel, and renewed confidence stemming from government measures to support Fannie Mae and Freddie Mac.
Hawkish Fed commentary has also propped the currency higher. The Fed's Plosser reiterated his view that current interest rates at 2% are pretty low and ultimately, rates have to go up. He said it was important to protect the Fed's credibility by reinforcing its commitment to low inflation through action. Plosser added that it would be too late if the Fed waited for inflation expectations to become unanchored.
Markets will look ahead to Thursday's economic reports consisting of weekly jobless claims and existing home sales. Weekly jobless claims are estimated to increase to 375k, up from 366k a week earlier. Existing home sales are seen slipping to 4.93 million in June units versus 4.99 million units a month earlier.
7:50 AM
Paulson Support Interest Rate Raise
Dollar Advances as Paulson Stresses Support for U.S. Currency
July 22 (Bloomberg) -- The dollar rose the most against the euro in almost a week as Treasury Secretary Henry Paulson voiced support for the currency and the Federal Reserve Bank of Philadelphia president said interest rates should be raised.
July 22 (Bloomberg) -- The dollar rose the most against the euro in almost a week as Treasury Secretary Henry Paulson voiced support for the currency and the Federal Reserve Bank of Philadelphia president said interest rates should be raised.
2:54 PM
Yen Declines
Yen Declines as JPMorgan Earnings Fuel Demand for Higher Yields
July 17 (Bloomberg) -- The yen dropped against the dollar and the euro as better-than-expected earnings at JPMorgan Chase & Co. fueled investors' appetite for higher-yielding assets funded in Japan.
July 17 (Bloomberg) -- The yen dropped against the dollar and the euro as better-than-expected earnings at JPMorgan Chase & Co. fueled investors' appetite for higher-yielding assets funded in Japan.
8:40 AM
8:11 AM
Dollar Edges Higher
Dollar Edges Higher on Jawboning
by Korman Tam
The dollar edged up higher on Tuesday, rising to 1.5637 versus the euro and 107.51 against the yen as comments from Fed officials¡¯ added support for the greenback. Economic data released today included pending home sales and wholesale inventories. May pending home sales plunged sharply, down by 4.7% and reversing the 6.3% increase a month earlier. Meanwhile, wholesale inventories was marginally better than forecast at 0.8%, down from 1.3% from April.
Traders focused on Fed speak amid a quiet session for US economic reports. Fed Chairman Ben Bernanke propped up the dollar in the morning pledging to ¡°extend the duration of facilities for primary dealers beyond year-end, should current unusual and exigent circumstances continue to prevail in dealer funding markets¡±. Bernanke tempered heightened fears stemming from concerns over the solvency of Fannie Mae and Freddie Mac.
Hawkish comments from Richmond Fed President Jeffrey Lacker also benefited the dollar, saying the Fed must be prepared to raise rates even if unemployment remains high and growth is still weak. He also added that the Fed must act forcefully if inflation expectations erode and be vigilant of risks associated with persistent high inflation. Lacker said that downside risks to growth have diminished significantly since the start of the year while expectations for future inflation have become untethered. Interestingly, Lacker voted to leave policy unchanged at the Fed¡¯s June meeting with Plosser being the sole dissenter, voting for a rate hike in stead. Nonetheless, we expect the FOMC to leave rates unchanged until Q4 given the current economic outlook.
by Korman Tam
The dollar edged up higher on Tuesday, rising to 1.5637 versus the euro and 107.51 against the yen as comments from Fed officials¡¯ added support for the greenback. Economic data released today included pending home sales and wholesale inventories. May pending home sales plunged sharply, down by 4.7% and reversing the 6.3% increase a month earlier. Meanwhile, wholesale inventories was marginally better than forecast at 0.8%, down from 1.3% from April.
Traders focused on Fed speak amid a quiet session for US economic reports. Fed Chairman Ben Bernanke propped up the dollar in the morning pledging to ¡°extend the duration of facilities for primary dealers beyond year-end, should current unusual and exigent circumstances continue to prevail in dealer funding markets¡±. Bernanke tempered heightened fears stemming from concerns over the solvency of Fannie Mae and Freddie Mac.
Hawkish comments from Richmond Fed President Jeffrey Lacker also benefited the dollar, saying the Fed must be prepared to raise rates even if unemployment remains high and growth is still weak. He also added that the Fed must act forcefully if inflation expectations erode and be vigilant of risks associated with persistent high inflation. Lacker said that downside risks to growth have diminished significantly since the start of the year while expectations for future inflation have become untethered. Interestingly, Lacker voted to leave policy unchanged at the Fed¡¯s June meeting with Plosser being the sole dissenter, voting for a rate hike in stead. Nonetheless, we expect the FOMC to leave rates unchanged until Q4 given the current economic outlook.
11:33 AM
SHORT GBPJPY
GBPJPY
SHORT position at 211.60
STOP LOSS above 212.00 (- 40 pips).
THE TARGETS are 211.38 / 211.08
OP, SL & TP at your own risks
SHORT position at 211.60
STOP LOSS above 212.00 (- 40 pips).
THE TARGETS are 211.38 / 211.08
OP, SL & TP at your own risks
2:39 PM
8:07 AM
USDJPY : EURJPY
The Japanese currency is forecast to rise to 100 per dollar and 148 against the euro within a year, according to the median of analysts' estimates compiled by Bloomberg. The world's second-largest economy shrank at an annual 0.4 percent pace in the second quarter, a separate Bloomberg survey of 17 economists showed.
7:44 AM
News
June 27 (Bloomberg) -- The yen strengthened from a record low against the euro and rose versus the dollar as a decline in stock markets around the world reduced demand for higher- yielding assets funded by loans in Japan.
11:58 AM
Weak Dollar or Strong Euro
Dollar Falls to Two-Week Low on Reduced Bets Fed to Raise Rates
June 26 (Bloomberg) -- The dollar declined to the weakest level against the euro in more than two weeks as investors reduced speculation that the Federal Reserve will increase borrowing costs in August.
June 26 (Bloomberg) -- The dollar declined to the weakest level against the euro in more than two weeks as investors reduced speculation that the Federal Reserve will increase borrowing costs in August.
12:18 PM
GBPJPY Forex Trader
GBPJPY 26 JUN 2008
BUY TARGET : 213.32 / 213.54 / 213.88
SELL TARGET : 212.90 / 212.78 / 212.52
BUY TARGET : 213.32 / 213.54 / 213.88
SELL TARGET : 212.90 / 212.78 / 212.52
7:58 AM
Forex News : The Dollar
FOMC Unchanged, Increased Risks to Inflation
by Korman Tam
6/25/2008 2:30:00 PM
The Federal Reserve, as expected, held monetary policy unchanged at 2% when it announced its decision shortly after 2:00pm. However, the vote to leave rates unchanged was not by unanimous decision with Dallas Fed President Fisher voting in favor of a rate hike. Although the dollar initially jumped higher following the announcement, it quickly relinquished those gains as traders digested the accompanying statement.
Dollar Little Changed Versus Euro Before Fed Decision on Rates
June 25 (Bloomberg) -- The dollar was little changed against the euro before the Federal Reserve ends a two-day meeting at which policy makers are forecast to keep the target lending rate at the lowest level in more than three years.
The dollar pared its decline as crude oil prices fell on an unexpected increase in inventories, reducing the need to sell the U.S. currency as a hedge against inflation. Fed Chairman Ben S. Bernanke said on June 9 the central bank would ``strongly resist'' a leap in inflation expectations.
by Korman Tam
6/25/2008 2:30:00 PM
The Federal Reserve, as expected, held monetary policy unchanged at 2% when it announced its decision shortly after 2:00pm. However, the vote to leave rates unchanged was not by unanimous decision with Dallas Fed President Fisher voting in favor of a rate hike. Although the dollar initially jumped higher following the announcement, it quickly relinquished those gains as traders digested the accompanying statement.
Dollar Little Changed Versus Euro Before Fed Decision on Rates
June 25 (Bloomberg) -- The dollar was little changed against the euro before the Federal Reserve ends a two-day meeting at which policy makers are forecast to keep the target lending rate at the lowest level in more than three years.
The dollar pared its decline as crude oil prices fell on an unexpected increase in inventories, reducing the need to sell the U.S. currency as a hedge against inflation. Fed Chairman Ben S. Bernanke said on June 9 the central bank would ``strongly resist'' a leap in inflation expectations.
6:15 PM
12:47 PM
GBPJPY Free Signals From Forex Trader
GBPJPY
LONG position at 212.10
STOP LOSS below 211.60 (-50 pips).
THE TARGETS are 212.36/ 212.54
OP, SL & TP at your own risks
8:33 AM
Dollar Raises ; Buy Pound
Dollar Rises as Traders Sell Euro Versus Greenback to Buy Pound
June 19 (Bloomberg) -- The dollar rose against the euro for the first time in four days after an unexpected surge in U.K. retail sales led traders to sell the 15-nation currency versus the greenback and buy the pound.
British sterling appreciated versus the euro and the dollar after a government report showed U.K. retail sales increased in May the most since records began in 1986. The Swiss franc retreated after the central bank left its target lending rate at 2.75 percent, one of the lowest among industrialized countries.
June 19 (Bloomberg) -- The dollar rose against the euro for the first time in four days after an unexpected surge in U.K. retail sales led traders to sell the 15-nation currency versus the greenback and buy the pound.
British sterling appreciated versus the euro and the dollar after a government report showed U.K. retail sales increased in May the most since records began in 1986. The Swiss franc retreated after the central bank left its target lending rate at 2.75 percent, one of the lowest among industrialized countries.
8:25 AM
GBPJPY TODAY
GBPJPY
SHORT position at 213.00
STOP LOSS above 213.50 (- 50 pips).
THE TARGETS are 212.38 / 212.02 / 211.74
OP, SL & TP at your own risks
SHORT position at 213.00
STOP LOSS above 213.50 (- 50 pips).
THE TARGETS are 212.38 / 212.02 / 211.74
OP, SL & TP at your own risks
10:24 AM
USDJPY
Dollar Trades Near Strongest Versus Yen Since February on Rates
June 18 (Bloomberg) -- The dollar traded near a four-month high against the yen on bets the Federal Reserve will increase borrowing costs later this year while the Bank of Japan holds its target at the lowest level among major economies.
June 18 (Bloomberg) -- The dollar traded near a four-month high against the yen on bets the Federal Reserve will increase borrowing costs later this year while the Bank of Japan holds its target at the lowest level among major economies.
8:13 AM
Dollar Falls
Dollar Falls Versus Euro as Housing Starts Reach 17-Year Low
June 17 (Bloomberg) -- The dollar fell against the euro after a government report showed housing starts dropped in May to a 17-year low, raising speculation the Federal Reserve will delay increasing borrowing costs this year.
The pound weakened versus the euro and the dollar after Bank of England Governor Mervyn King said the path to bringing inflation within the central bank's target is ``uncertain.'' South Korea's won rose the most against the dollar in almost three months after the government said it will use a stronger currency to help slow inflation.
``The reduced expectations for the Fed rate hike certainly will come back to bite the dollar,'' said Todd Elmer, currency strategist at Citigroup Global Markets Inc. in New York. ``The economy won't recover dramatically anytime soon.''
The dollar decreased 0.1 percent to $1.5499 per euro at 9:32 a.m. in New York, from $1.5477 yesterday. The U.S. currency traded at 108.18 yen, compared with 108.22. The yen fell 0.1 percent to 167.65 per euro, from 167.49.
South Korea's won was the biggest gainer versus the U.S. currency, climbing 1.5 percent to 1,023.30 Policy makers will take ``solid'' measures, including favoring a stronger currency, to cool inflation, said Choi Jong Ku, head of the finance ministry's international finance bureau.
Sterling dropped 0.7 percent to $1.9494 and 0.8 percent to 79.46 pence per euro as King predicted will British inflation will exceed 4 percent this year. The rate accelerated to 3.3 percent in May, the highest since at least 1997, the Office for National Statistics said in a report.
Housing Starts
U.S. housing starts dropped to an annual rate of 975,000 in May, from a revised 1.008 million the previous month, the Commerce Department said today in Washington. The median forecast of 72 economists surveyed by Bloomberg News was for a decrease to 980,000 from a previously reported 1.032 million.
Industrial production in the U.S. unexpectedly fell in May. Production in factories, mines and utilities declined 0.2 percent last month after dropping 0.7 percent in April, the Fed reported today in Washington. Economists had forecast industrial production would rise 0.1 percent, according to the median of 68 estimates in a Bloomberg News survey.
The dollar weakened against the euro earlier after the Wall Street Journal and the Financial Times reported the U.S. central bank would probably leave borrowing costs unchanged beyond its June policy meeting.
Futures on the Chicago Board of Trade showed a 54 percent chance the Fed will increase the 2 percent target rate for overnight lending between banks by at least a quarter-percentage point at its August meeting, compared with 69 percent odds yesterday. There's a 16 percent chance policy makers will lift the rate to 3 percent by December.
German Confidence
The euro pared gains against the dollar after a report showed investor confidence in Germany fell to a more than 15- year low this month. The Mannheim-based ZEW Center for European Economic Research said its index of investor and analyst expectations fell to minus 52.4, from minus 41.4 in May. A negative reading means pessimists outnumber optimists.
European Central Bank President Jean-Claude Trichet said on June 5 policy makers may raise the 4 percent main refinancing rate next month to curb the fastest inflation in 16 years.
``The ZEW report could encourage euro selling,'' said Akio Shimizu, chief manager of foreign-exchange trading in Tokyo at Mitsubishi UFJ Trust & Banking Corp., a unit of Japan's second- largest lender. ``Signs of a weakening economy mean the ECB could reverse course and switch to a monetary easing bias later this year.'' The euro may fall to $1.5430 today, he said.
Producer Prices
Prices paid to U.S. producers rose more than forecast in May as higher fuel and food costs heightened the threat of inflation. The 1.4 percent jump was the biggest gain since November and followed a 0.2 percent increase in April, the Labor Department said today in Washington. So-called core producer prices that exclude fuel and food increased 0.2 percent, matching economists' projections.
The Fed needs to prevent the public's expectation that inflation will accelerate from spurring demands for higher wages, William Poole, former St. Louis Fed President, said today in an interview on Bloomberg Television.
``You want to keep wages behaving,'' he said. Once the public's anticipation of rising prices begins to stoke demands for higher wages, ``the jig is up'' and inflation becomes harder to eradicate.
The public's outlook for annual inflation over five years stood at 3.4 percent in June, up from 2.9 percent the same month last year, according to the Reuters/University of Michigan Survey.
Poole also spoke out against Fed intervention with the value of the dollar. ``The Fed does not have the power to put a floor under the dollar,'' he said. ``I think the Fed should stay clear.''
June 17 (Bloomberg) -- The dollar fell against the euro after a government report showed housing starts dropped in May to a 17-year low, raising speculation the Federal Reserve will delay increasing borrowing costs this year.
The pound weakened versus the euro and the dollar after Bank of England Governor Mervyn King said the path to bringing inflation within the central bank's target is ``uncertain.'' South Korea's won rose the most against the dollar in almost three months after the government said it will use a stronger currency to help slow inflation.
``The reduced expectations for the Fed rate hike certainly will come back to bite the dollar,'' said Todd Elmer, currency strategist at Citigroup Global Markets Inc. in New York. ``The economy won't recover dramatically anytime soon.''
The dollar decreased 0.1 percent to $1.5499 per euro at 9:32 a.m. in New York, from $1.5477 yesterday. The U.S. currency traded at 108.18 yen, compared with 108.22. The yen fell 0.1 percent to 167.65 per euro, from 167.49.
South Korea's won was the biggest gainer versus the U.S. currency, climbing 1.5 percent to 1,023.30 Policy makers will take ``solid'' measures, including favoring a stronger currency, to cool inflation, said Choi Jong Ku, head of the finance ministry's international finance bureau.
Sterling dropped 0.7 percent to $1.9494 and 0.8 percent to 79.46 pence per euro as King predicted will British inflation will exceed 4 percent this year. The rate accelerated to 3.3 percent in May, the highest since at least 1997, the Office for National Statistics said in a report.
Housing Starts
U.S. housing starts dropped to an annual rate of 975,000 in May, from a revised 1.008 million the previous month, the Commerce Department said today in Washington. The median forecast of 72 economists surveyed by Bloomberg News was for a decrease to 980,000 from a previously reported 1.032 million.
Industrial production in the U.S. unexpectedly fell in May. Production in factories, mines and utilities declined 0.2 percent last month after dropping 0.7 percent in April, the Fed reported today in Washington. Economists had forecast industrial production would rise 0.1 percent, according to the median of 68 estimates in a Bloomberg News survey.
The dollar weakened against the euro earlier after the Wall Street Journal and the Financial Times reported the U.S. central bank would probably leave borrowing costs unchanged beyond its June policy meeting.
Futures on the Chicago Board of Trade showed a 54 percent chance the Fed will increase the 2 percent target rate for overnight lending between banks by at least a quarter-percentage point at its August meeting, compared with 69 percent odds yesterday. There's a 16 percent chance policy makers will lift the rate to 3 percent by December.
German Confidence
The euro pared gains against the dollar after a report showed investor confidence in Germany fell to a more than 15- year low this month. The Mannheim-based ZEW Center for European Economic Research said its index of investor and analyst expectations fell to minus 52.4, from minus 41.4 in May. A negative reading means pessimists outnumber optimists.
European Central Bank President Jean-Claude Trichet said on June 5 policy makers may raise the 4 percent main refinancing rate next month to curb the fastest inflation in 16 years.
``The ZEW report could encourage euro selling,'' said Akio Shimizu, chief manager of foreign-exchange trading in Tokyo at Mitsubishi UFJ Trust & Banking Corp., a unit of Japan's second- largest lender. ``Signs of a weakening economy mean the ECB could reverse course and switch to a monetary easing bias later this year.'' The euro may fall to $1.5430 today, he said.
Producer Prices
Prices paid to U.S. producers rose more than forecast in May as higher fuel and food costs heightened the threat of inflation. The 1.4 percent jump was the biggest gain since November and followed a 0.2 percent increase in April, the Labor Department said today in Washington. So-called core producer prices that exclude fuel and food increased 0.2 percent, matching economists' projections.
The Fed needs to prevent the public's expectation that inflation will accelerate from spurring demands for higher wages, William Poole, former St. Louis Fed President, said today in an interview on Bloomberg Television.
``You want to keep wages behaving,'' he said. Once the public's anticipation of rising prices begins to stoke demands for higher wages, ``the jig is up'' and inflation becomes harder to eradicate.
The public's outlook for annual inflation over five years stood at 3.4 percent in June, up from 2.9 percent the same month last year, according to the Reuters/University of Michigan Survey.
Poole also spoke out against Fed intervention with the value of the dollar. ``The Fed does not have the power to put a floor under the dollar,'' he said. ``I think the Fed should stay clear.''
2:08 AM
The Dollar
USD Supported by Rate Hike Expectations
by Korman Tam
6/16/2008 2:30:00 PM
The greenback maintained its buoyant tone against the majors at the start of the week, rallying to a fresh 3 ½-month high versus the yen at 108.56 and 1.5348 against the euro. Despite US Treasury Secretary Hank Paulson continuing to talk up the dollar at the meeting, there was no official mention of currencies in the communiqué from the G8 Finance Ministers meeting. Further, there was also no discussion of possible coordinated intervention to prop up the dollar. The primary issue of concern at the meeting was tackling sharp rises in global inflation, particularly rapid increases in the prices for commodities and oil. Nonetheless, the dollar managed to shrug off the lack of mention at the meeting and continues to hold onto its gains.
Economic data released earlier in the session saw the June NY Fed manufacturing survey contract by more than anticipated at minus 8.68, versus expectations for an improvement to minus 2 from minus 3.23 in May. Meanwhile, the April TICS data revealed net capital inflows increasing to $60.6 billion, a sharp reversal from net sales of $48.2 billion in the previous month. The NAHB housing market index fell to 18 in June, down slightly from a reading of 19 in May.
The coming week will see several key economic reports from the US including May PPI, Q1 current account balance, May housing starts, industrial production, capacity utilization, June Philadelphia Fed manufacturing survey, and May leading economic indicators. Inflation is seen creeping higher with PPI expected to edge up to 0.8% in May from .2% a month earlier, while the excluding food and energy PPI is expected to ease to 0.2% from 0.4%. Housing starts are expected to remain weak, at 980k in May and down from 1.03million units from April.
by Korman Tam
6/16/2008 2:30:00 PM
The greenback maintained its buoyant tone against the majors at the start of the week, rallying to a fresh 3 ½-month high versus the yen at 108.56 and 1.5348 against the euro. Despite US Treasury Secretary Hank Paulson continuing to talk up the dollar at the meeting, there was no official mention of currencies in the communiqué from the G8 Finance Ministers meeting. Further, there was also no discussion of possible coordinated intervention to prop up the dollar. The primary issue of concern at the meeting was tackling sharp rises in global inflation, particularly rapid increases in the prices for commodities and oil. Nonetheless, the dollar managed to shrug off the lack of mention at the meeting and continues to hold onto its gains.
Economic data released earlier in the session saw the June NY Fed manufacturing survey contract by more than anticipated at minus 8.68, versus expectations for an improvement to minus 2 from minus 3.23 in May. Meanwhile, the April TICS data revealed net capital inflows increasing to $60.6 billion, a sharp reversal from net sales of $48.2 billion in the previous month. The NAHB housing market index fell to 18 in June, down slightly from a reading of 19 in May.
The coming week will see several key economic reports from the US including May PPI, Q1 current account balance, May housing starts, industrial production, capacity utilization, June Philadelphia Fed manufacturing survey, and May leading economic indicators. Inflation is seen creeping higher with PPI expected to edge up to 0.8% in May from .2% a month earlier, while the excluding food and energy PPI is expected to ease to 0.2% from 0.4%. Housing starts are expected to remain weak, at 980k in May and down from 1.03million units from April.
11:15 AM
GBPJPY
GBPJPY
SHORT position at 212.18
STOP LOSS above 212.68 (- 50 pips).
THE TARGETS are 211.88 / 211.40
OP, SL & TP at your own risks
SHORT position at 212.18
STOP LOSS above 212.68 (- 50 pips).
THE TARGETS are 211.88 / 211.40
OP, SL & TP at your own risks
4:25 PM
UPDATED SIGNALS : GBPJPY
GBPJPY
LONG position at 211.50
STOP LOSS below 210.50 (-100 pips).
THE TARGETS are 212.10/ 212.38 / 212.74
LONG position at 211.50
STOP LOSS below 210.50 (-100 pips).
THE TARGETS are 212.10/ 212.38 / 212.74
1:20 PM
GBPJPY
GBPJPY
LONG position at 211.08
STOP LOSS below 210.58 (-50 pips).
THE TARGETS are 211.28/ 211.58
OP, SL & TP at your own risks
LONG position at 211.08
STOP LOSS below 210.58 (-50 pips).
THE TARGETS are 211.28/ 211.58
OP, SL & TP at your own risks
12:28 AM
GBPJPY TARGET : 214.00
GBP JPY is in a consolidation after the last bullish movement. There is an horizontal range between 209.60 and 210.20. Support and resistance are given by Bollinger bands. The volatility is low. Bollinger bands are flat. The consolidation should continue. The price should continue to move in Bollinger bands. If the resistance is broken then the target will be 214.00.
Lookout for a break of resistance to take a long position.
GBPJPY
LONG position at 210.20
STOP LOSS below 209.20 (-100 pips)
THE TARGETS are 210.60/ 210.88/ 211.22
OP, SL & TP at your own risks
2:03 PM
GBPUSD:UK Claimant Count Change and Average Earnings +Bonus.
UK Claimant Count Change and Average Earnings +Bonus.
It seems that the Claimant Count Change might be more in focus.
BUY
If it comes out at 3K or lower, I would buy GBP/USD for 40 pips.
SELL
If it comes out at 13K or higher, I would sell GBP/USD for 40 pips.
It seems that the Claimant Count Change might be more in focus.
BUY
If it comes out at 3K or lower, I would buy GBP/USD for 40 pips.
SELL
If it comes out at 13K or higher, I would sell GBP/USD for 40 pips.
12:33 PM
Dollar Rallies on Bernanke
Dollar Rallies on Bernanke
by Korman Tam
6/10/2008 2:50:00 PM
Jawboning in recent sessions has propped the greenback sharply higher across the board, with the currency hovering near 107.40 against the yen and 1.5450 versus the euro. The verbal intervention of late consisted of commentary from Fed officials and US Treasury Secretary Paulson, which strongly benefited the dollar in tempering expectations for a continued policy of benign neglect in the currency's steep declines.
With the G8 Finance Ministers meeting looming, traders will focus closely on any comments hinting at the possibility of concerted intervention by the global central banks. Although intervention remains highly improbable, US Treasury Secretary Paulson yesterday kept that option open if necessary. Paulson addressed the issue of China's currency today, saying although he believes China needs to allow its currency to strengthen more rapidly, it was not ready for a market determined currency. He also said the dollar should not be the scapegoat for record level oil prices. Meanwhile, US Under Secretary of International Affairs McCormick said no formal discussion of currencies is expected at the G8 meeting this upcoming weekend, but it will likely be mentioned at the meeting. He said that currencies have played a "minor role" in the recent spike in oil prices. McCormick expects it to take some time to work through housing market and capital markets issues, but sees growth to accelerate in the US before year-end.
Fed Chairman Bernanke, in a speech given late Monday evening, all but confirmed that the FOMC will leave policy unchanged barring any unexpected shocks to the financial system with the dangers to a "substantial downturn" in the economy having subsided somewhat and burgeoning upside risks to inflation. Bernanke said "the FOMC will strongly resist an erosion of longer-term inflation expectations, as an unanchoring of those expectations would be destabilizing for growth as well as inflation". Dallas Fed President Fisher echoed a similar tone today, saying the downside risks facing the US are not as severe as initially feared but will need time to recover. Fisher said the Fed is cognizant of the negative currency feedback loop and that a weaker dollar can lead to further inflationary pressures, which weaken the dollar further. He said that recent survey signals on inflation expectations have not been positive and will not tolerate fuelling inflationary expectations.
by Korman Tam
6/10/2008 2:50:00 PM
Jawboning in recent sessions has propped the greenback sharply higher across the board, with the currency hovering near 107.40 against the yen and 1.5450 versus the euro. The verbal intervention of late consisted of commentary from Fed officials and US Treasury Secretary Paulson, which strongly benefited the dollar in tempering expectations for a continued policy of benign neglect in the currency's steep declines.
With the G8 Finance Ministers meeting looming, traders will focus closely on any comments hinting at the possibility of concerted intervention by the global central banks. Although intervention remains highly improbable, US Treasury Secretary Paulson yesterday kept that option open if necessary. Paulson addressed the issue of China's currency today, saying although he believes China needs to allow its currency to strengthen more rapidly, it was not ready for a market determined currency. He also said the dollar should not be the scapegoat for record level oil prices. Meanwhile, US Under Secretary of International Affairs McCormick said no formal discussion of currencies is expected at the G8 meeting this upcoming weekend, but it will likely be mentioned at the meeting. He said that currencies have played a "minor role" in the recent spike in oil prices. McCormick expects it to take some time to work through housing market and capital markets issues, but sees growth to accelerate in the US before year-end.
Fed Chairman Bernanke, in a speech given late Monday evening, all but confirmed that the FOMC will leave policy unchanged barring any unexpected shocks to the financial system with the dangers to a "substantial downturn" in the economy having subsided somewhat and burgeoning upside risks to inflation. Bernanke said "the FOMC will strongly resist an erosion of longer-term inflation expectations, as an unanchoring of those expectations would be destabilizing for growth as well as inflation". Dallas Fed President Fisher echoed a similar tone today, saying the downside risks facing the US are not as severe as initially feared but will need time to recover. Fisher said the Fed is cognizant of the negative currency feedback loop and that a weaker dollar can lead to further inflationary pressures, which weaken the dollar further. He said that recent survey signals on inflation expectations have not been positive and will not tolerate fuelling inflationary expectations.
2:37 PM
GBPJPY
GBPJPY
SHORT position at 210.10
STOP LOSS above 211.10 (-100 pips).
THE TARGETS are 209.80 / 209.48 / 209.12
OP, SL & TP at your own risks
SHORT position at 210.10
STOP LOSS above 211.10 (-100 pips).
THE TARGETS are 209.80 / 209.48 / 209.12
OP, SL & TP at your own risks
10:04 AM
6:22 PM
NON FARM PAYROLL
U.S. Non-Farm Payroll.
USDJPY
Expected : (-60K ).
Buy : If ( -10K or > ), for 50 pips.
Sell : If ( -100K or > ), for 50 pips.
USDJPY
Expected : (-60K ).
Buy : If ( -10K or > ), for 50 pips.
Sell : If ( -100K or > ), for 50 pips.
7:34 AM
BOE Interests Rate Statement
U.K. Pound Falls Versus Euro as BOE Holds Key Rate at 5 Percent
June 5 (Bloomberg) -- The pound fell against the euro after accelerating inflation prevented the Bank of England from cutting interest rates to support the economy.
The Monetary Policy Committee, led by Governor Mervyn King, held its main rate at 5 percent today as forecast in a Bloomberg News survey, even after the country's biggest mortgage lender said house prices dropped the most in 15 years in May. It extended losses versus the euro as European Central Bank President Jean-Claude Trichet suggested borrowing costs may be lifted next month to quell price growth.
``Sterling has gone to hell in a handbag,'' David Bloom, London-based global head of currency strategy at HSBC Plc, Europe's biggest bank by market value, said in a Bloomberg Television interview. ``Sell it against anything that you have. Sell it across the board. Sterling is going down.''
The pound dropped to 79.54 pence per euro, the lowest level since May 28, and was at 79.47 pence by 3:25 p.m. in London, from 78.94 yesterday. It was also at $1.9552, from $1.9556 yesterday, after slipping to as low as $1.9462.
The U.K. central bank's rate-setting committee didn't publish a statement after today's decision, which was predicted by all 60 economists surveyed by Bloomberg. Policy makers voted 8 to 1 to keep rates on hold at last month's meeting as record-high oil prices and spiraling food costs stoked inflation. Consumer- price growth held above the bank's 2 percent target for the seven months through April, government data show.
Trichet on Rates
The ECB also kept its refinancing rate at 4 percent today, as predicted in a separate Bloomberg survey.
Still, Trichet said in Frankfurt today the region's main rate may be increased next month as risks to price stability in the region ``have increased further.''
U.K. policy makers last cut borrowing costs in April to try and prevent a slowdown in the real-estate market and a credit squeeze from harming the wider economy.
Gilts followed German bunds lower after Trichet's remarks. The yield on the U.K.'s two-year note, most sensitive to the interest-rate outlook, rose 13 basis points to 5.03 percent. The price of the 4.75 percent security due June 2010 fell 0.24, or 2.4 pounds per 1,000-pound ($1,949) face amount, to 99.47. The 10-year gilt yield climbed 8 basis points to 5.04 percent. Yields move inversely to bond prices.
``Gilts are following U.S. Treasuries and German bunds lower,'' said Peter Schaffrik, a fixed-income strategist at Dresdner Kleinwort in London. ``We believe the U.K. economy will slow down enough to bring down price pressures and interest rates. But at the moment inflation remains a key issue.''
`Forced to Cut'
U.K. government debt may reverse its declines on speculation a waning economy will force the central bank to lower borrowing costs later in the year. Economists in a Bloomberg survey predict the central bank will cut its benchmark rate to 4.50 percent by the end of this year.
``We still have a preference for shorter-dated gilts,'' said David Scammell, a money manager in London at Schroders Investment Management Ltd. which has about $19.5 billion in assets. ``We think the Bank of England will be forced to cut rates'' in 2008, he said.
HBOS Plc said today the cost of an average home slipped 3.8 percent from a year earlier, the most since April 1993. Shares in Bradford & Bingley Plc, the U.K.'s biggest home-loan provider to landlords, fell the most since the bank went public in 2000 on June 2 after it reported rising loan arrears.
Inflation `Worries'
``Everything is coming together at the wrong time for the pound,'' said Geoffrey Yu, a Zurich-based currency strategist at UBS AG, Switzerland's largest lender, who forecasts the currency will drop to $1.88 and 80 pence per euro by the end of June. ``The mortgage market is highly exposed and there are worries about inflation. The U.K. bank may have to stay on hold until the end of the year.''
The pound has fallen against 14 of the 16 most-traded currencies since Dec. 6, when the Bank of England started lowering its main rate, from a 6 1/2-year high of 5.75 percent. It has dropped 10 percent versus the euro and 4 percent against the dollar in that time.
The ECB has held its main rate at a more than six-year high of 4 percent since June, while the Federal Reserve has lowered its target rate for overnight loans between banks seven times since September, to 2 percent.
``Inflation rates have risen significantly since the autumn of last year owing mainly to strong increases in energy and food prices,'' said Trichet at a press conference to explain today's decision.
Expectations for inflation in Europe's second-biggest economy today rose to the highest in 8 1/2 years, according to the spread between the 10-year gilt and its index-linked counterpart. The so-called breakeven rate, a gauge of bond traders' views on whether price-growth will quicken or slow, climbed to 3.75 percent, from 3.48 percent before the Bank of England's last interest-rate announcement on May 8.
June 5 (Bloomberg) -- The pound fell against the euro after accelerating inflation prevented the Bank of England from cutting interest rates to support the economy.
The Monetary Policy Committee, led by Governor Mervyn King, held its main rate at 5 percent today as forecast in a Bloomberg News survey, even after the country's biggest mortgage lender said house prices dropped the most in 15 years in May. It extended losses versus the euro as European Central Bank President Jean-Claude Trichet suggested borrowing costs may be lifted next month to quell price growth.
``Sterling has gone to hell in a handbag,'' David Bloom, London-based global head of currency strategy at HSBC Plc, Europe's biggest bank by market value, said in a Bloomberg Television interview. ``Sell it against anything that you have. Sell it across the board. Sterling is going down.''
The pound dropped to 79.54 pence per euro, the lowest level since May 28, and was at 79.47 pence by 3:25 p.m. in London, from 78.94 yesterday. It was also at $1.9552, from $1.9556 yesterday, after slipping to as low as $1.9462.
The U.K. central bank's rate-setting committee didn't publish a statement after today's decision, which was predicted by all 60 economists surveyed by Bloomberg. Policy makers voted 8 to 1 to keep rates on hold at last month's meeting as record-high oil prices and spiraling food costs stoked inflation. Consumer- price growth held above the bank's 2 percent target for the seven months through April, government data show.
Trichet on Rates
The ECB also kept its refinancing rate at 4 percent today, as predicted in a separate Bloomberg survey.
Still, Trichet said in Frankfurt today the region's main rate may be increased next month as risks to price stability in the region ``have increased further.''
U.K. policy makers last cut borrowing costs in April to try and prevent a slowdown in the real-estate market and a credit squeeze from harming the wider economy.
Gilts followed German bunds lower after Trichet's remarks. The yield on the U.K.'s two-year note, most sensitive to the interest-rate outlook, rose 13 basis points to 5.03 percent. The price of the 4.75 percent security due June 2010 fell 0.24, or 2.4 pounds per 1,000-pound ($1,949) face amount, to 99.47. The 10-year gilt yield climbed 8 basis points to 5.04 percent. Yields move inversely to bond prices.
``Gilts are following U.S. Treasuries and German bunds lower,'' said Peter Schaffrik, a fixed-income strategist at Dresdner Kleinwort in London. ``We believe the U.K. economy will slow down enough to bring down price pressures and interest rates. But at the moment inflation remains a key issue.''
`Forced to Cut'
U.K. government debt may reverse its declines on speculation a waning economy will force the central bank to lower borrowing costs later in the year. Economists in a Bloomberg survey predict the central bank will cut its benchmark rate to 4.50 percent by the end of this year.
``We still have a preference for shorter-dated gilts,'' said David Scammell, a money manager in London at Schroders Investment Management Ltd. which has about $19.5 billion in assets. ``We think the Bank of England will be forced to cut rates'' in 2008, he said.
HBOS Plc said today the cost of an average home slipped 3.8 percent from a year earlier, the most since April 1993. Shares in Bradford & Bingley Plc, the U.K.'s biggest home-loan provider to landlords, fell the most since the bank went public in 2000 on June 2 after it reported rising loan arrears.
Inflation `Worries'
``Everything is coming together at the wrong time for the pound,'' said Geoffrey Yu, a Zurich-based currency strategist at UBS AG, Switzerland's largest lender, who forecasts the currency will drop to $1.88 and 80 pence per euro by the end of June. ``The mortgage market is highly exposed and there are worries about inflation. The U.K. bank may have to stay on hold until the end of the year.''
The pound has fallen against 14 of the 16 most-traded currencies since Dec. 6, when the Bank of England started lowering its main rate, from a 6 1/2-year high of 5.75 percent. It has dropped 10 percent versus the euro and 4 percent against the dollar in that time.
The ECB has held its main rate at a more than six-year high of 4 percent since June, while the Federal Reserve has lowered its target rate for overnight loans between banks seven times since September, to 2 percent.
``Inflation rates have risen significantly since the autumn of last year owing mainly to strong increases in energy and food prices,'' said Trichet at a press conference to explain today's decision.
Expectations for inflation in Europe's second-biggest economy today rose to the highest in 8 1/2 years, according to the spread between the 10-year gilt and its index-linked counterpart. The so-called breakeven rate, a gauge of bond traders' views on whether price-growth will quicken or slow, climbed to 3.75 percent, from 3.48 percent before the Bank of England's last interest-rate announcement on May 8.
10:40 PM
5:21 PM
4:20 PM
4:15 PM
SELL GBPUSD
GBPUSD
SHORT position at 1.9510
STOP LOSS above 1.9560 (-50 pips).
THE TARGETS are 1.9450/ 1.9400
OP, SL & TP at your own risks
SHORT position at 1.9510
STOP LOSS above 1.9560 (-50 pips).
THE TARGETS are 1.9450/ 1.9400
OP, SL & TP at your own risks
12:06 PM
11:35 AM
GBPJPY TODAY
GBPJPY is in consolidation. Move in a range between 205.00 - 206.86. It is being supported at 205.00. If the support is broken the target will be 203.00
10:29 PM
2:06 PM
GBPJPY . GBPUSD . USDJPY
GBP JPY is in a range between 204.15 and 206.25.
GBP USD is in a range between 1.9730 and 1.9850.
USD JPY is in a consolidation phase.The price should find a resistance below 104.30.
GBP USD is in a range between 1.9730 and 1.9850.
USD JPY is in a consolidation phase.The price should find a resistance below 104.30.
9:47 PM
GBPUSD & GBPJPY
GBP USD broke 1.9800 support. GBP USD is in a range between 1.9735 and 1.9850. The volatility is high. Bollinger bands are deviated. Oscillators are neutral. The price should find a support above 1.9730. If the support is broken then the target will be 1.9600.
GBP JPY is in a range between 204.15 and 205.80. The price should move around 204.15 – 206.50 .
GBP JPY is in a range between 204.15 and 205.80. The price should move around 204.15 – 206.50 .
7:17 PM
GBPJPY
GBPJPY
LONG position at 205.20
STOP LOSS below 204.20 (-100 pips).
THE TARGETS are 205.68 / 206.04
OP, SL & TP at your own risks
LONG position at 205.20
STOP LOSS below 204.20 (-100 pips).
THE TARGETS are 205.68 / 206.04
OP, SL & TP at your own risks
3:02 PM
2:13 PM
GBPUSD
GBPUSD
LONG position at 1.9820
STOP LOSS below 1.9750 (-70 pips).
THE TARGETS are 1.9900 / 2.000
OP, SL & TP at your own risks
LONG position at 1.9820
STOP LOSS below 1.9750 (-70 pips).
THE TARGETS are 1.9900 / 2.000
OP, SL & TP at your own risks
12:08 AM
2:51 PM
GBPJPY . GBPUSD . USDJPY
GBP JPY is in a consolidation after the last bullish movement. The volatility decreases. Bollinger bands are tightened indicating a bullish pressure on GBP JPY. The consolidation should continue. The price should find a resistance below 206.60. If the resistance is broken then the target will be 208.50.
GBP USD is in an uptrend. The price should find a resistance below 1.9830. The consolidation should continue. If the resistance is broken then the target will be 1.9930.
USD JPY is in a consolidation after the last bullish movement. USD JPY moves without trend. The consolidation should continue.
GBP USD is in an uptrend. The price should find a resistance below 1.9830. The consolidation should continue. If the resistance is broken then the target will be 1.9930.
USD JPY is in a consolidation after the last bullish movement. USD JPY moves without trend. The consolidation should continue.
10:44 PM
GBPJPY
GBPJPY
SHORT position at 205.90
STOP LOSS above 206.90 (-100 pips).
THE TARGETS are 205.55 / 205.96 / 204.64
OP, SL & TP at your own risks
SHORT position at 205.90
STOP LOSS above 206.90 (-100 pips).
THE TARGETS are 205.55 / 205.96 / 204.64
OP, SL & TP at your own risks
9:36 AM
4:46 AM
GBPJPY
GBPJPY
LONG position at 202.80
STOP LOSS below 201.80 (-100 pips).
THE TARGETS are 203.40 / 203.88 / 204.36
OP, SL & TP at your own risks
2:25 PM
GBPUSD
GBP USD broke 1.9500 resistance. The volatility is high. The price should continue to move in 1.9500 – 1.9630 range.
Long Term Target: 2.0400 (July)
Long Term Target: 2.0400 (July)
1:08 PM
STANDARD SUPPORT & RESISTANCE
SUP/RES S3 S2 S1 P R1 R2 R3
EUR/USD 1.5421 1.5437 1.5450 1.5466 1.5479 1.5495 1.5508
USD/JPY 104.71 104.83 105.05 105.17 105.39 105.51 105.73
GBP/USD 1.9396 1.9415 1.9433 1.9452 1.9470 1.9489 1.9507
USD/CHF 1.0518 1.0527 1.0537 1.0546 1.0556 1.0565 1.0575
USD/CAD 1.0001 1.0012 1.0029 1.0040 1.0057 1.0068 1.0085
AUD/USD 0.9266 0.9286 0.9303 0.9323 0.9340 0.9360 0.9377
NZD/USD 0.7473 0.7512 0.7537 0.7576 0.7601 0.7640 0.7665
EUR/JPY 162.24 162.35 162.56 162.67 162.88 162.99 163.20
EUR/GBP 0.7929 0.7936 0.7941 0.7948 0.7953 0.7960 0.7965
EUR/CHF 1.6280 1.6293 1.6302 1.6315 1.6324 1.6337 1.6346
EUR/CAD 1.5474 1.5491 1.5511 1.5528 1.5548 1.5565 1.5585
EUR/AUD 1.6499 1.6528 1.6556 1.6585 1.6613 1.6642 1.6670
GBP/CHF 2.0465 2.0485 2.0502 2.0522 2.0539 2.0559 2.0576
GBP/JPY 203.83 204.05 204.39 204.61 204.95 205.17 205.51
AUD/JPY 97.49 97.64 97.87 98.02 98.25 98.40 98.63
NZD/JPY 78.64 79.00 79.30 79.66 79.96 80.32 80.62
EUR/USD 1.5421 1.5437 1.5450 1.5466 1.5479 1.5495 1.5508
USD/JPY 104.71 104.83 105.05 105.17 105.39 105.51 105.73
GBP/USD 1.9396 1.9415 1.9433 1.9452 1.9470 1.9489 1.9507
USD/CHF 1.0518 1.0527 1.0537 1.0546 1.0556 1.0565 1.0575
USD/CAD 1.0001 1.0012 1.0029 1.0040 1.0057 1.0068 1.0085
AUD/USD 0.9266 0.9286 0.9303 0.9323 0.9340 0.9360 0.9377
NZD/USD 0.7473 0.7512 0.7537 0.7576 0.7601 0.7640 0.7665
EUR/JPY 162.24 162.35 162.56 162.67 162.88 162.99 163.20
EUR/GBP 0.7929 0.7936 0.7941 0.7948 0.7953 0.7960 0.7965
EUR/CHF 1.6280 1.6293 1.6302 1.6315 1.6324 1.6337 1.6346
EUR/CAD 1.5474 1.5491 1.5511 1.5528 1.5548 1.5565 1.5585
EUR/AUD 1.6499 1.6528 1.6556 1.6585 1.6613 1.6642 1.6670
GBP/CHF 2.0465 2.0485 2.0502 2.0522 2.0539 2.0559 2.0576
GBP/JPY 203.83 204.05 204.39 204.61 204.95 205.17 205.51
AUD/JPY 97.49 97.64 97.87 98.02 98.25 98.40 98.63
NZD/JPY 78.64 79.00 79.30 79.66 79.96 80.32 80.62
1:00 PM
GBPJPY . GBPUSD
S3 S2 S1 P R1 R2 R3
GBP/JPY 203.06 203.23 203.42 203.59 203.78 203.95 204.14
GBP/USD 1.9431 1.9437 1.9445 1.9451 1.9459 1.9465 1.9473
GBP/JPY 203.06 203.23 203.42 203.59 203.78 203.95 204.14
GBP/USD 1.9431 1.9437 1.9445 1.9451 1.9459 1.9465 1.9473
10:59 AM
CPI
At 4:30 a.m. we will have UK CPI headline y/y. This is going to be highly anticipated number. Because we just had the PPI indicator, there will be a lot of speculations that the CPI is going to come out higher. I am going to trade the headline number which is more in focus right now. It is expected to come out at 2.6%. If it comes out at 2.9% or higher, I would buy GBP/USD and expect 40 pips move; if it comes out at 2.4% or lower (or 2.5% if there are no conflicts), I would sell GBP/USD and expect 40 pips move as well.
Because people are expecting higher CPI, if it comes out higher by 0.1 or 0.2, it may spike up but it might be a short living trade. Probably there are a lot of people already holding long positions on GBP/USD so they might be taking profits as soon as the number is released. Therefore, be very careful with a long trade at the time of release. Also, you might consider entering a long trade around 2.00 a.m. and get out before the news. Don't put a lot of money on such speculative trade, and make your own judge on it.
In addition to GBP/USD, try to trade some other pairs such as GBP/JPY, EUR/GBP (reverse triggers) or GBP/CHF. On the other hand, if we get 2.4% (or 2.5% with no conflicts from the other numbers), that should be a great selling opportunity on the GBP/USD because that would be totally opposite to what people are expecting right now.
Because people are expecting higher CPI, if it comes out higher by 0.1 or 0.2, it may spike up but it might be a short living trade. Probably there are a lot of people already holding long positions on GBP/USD so they might be taking profits as soon as the number is released. Therefore, be very careful with a long trade at the time of release. Also, you might consider entering a long trade around 2.00 a.m. and get out before the news. Don't put a lot of money on such speculative trade, and make your own judge on it.
In addition to GBP/USD, try to trade some other pairs such as GBP/JPY, EUR/GBP (reverse triggers) or GBP/CHF. On the other hand, if we get 2.4% (or 2.5% with no conflicts from the other numbers), that should be a great selling opportunity on the GBP/USD because that would be totally opposite to what people are expecting right now.
12:08 PM
GBPUSD
GBPUSD
SHORT position at 1.9465
STOP LOSS below 1.9495 (-50 pips).
THE TARGETS are 1.9414
OP, SL & TP at your own risks
SHORT position at 1.9465
STOP LOSS below 1.9495 (-50 pips).
THE TARGETS are 1.9414
OP, SL & TP at your own risks
2:44 PM
GBPJPY
GBPJPY
SHORT position at 202.40
STOP LOSS above 203.40 (-100 pips).
THE TARGETS are 201.60 / 201.00
OP, SL & TP at your own risks
SHORT position at 202.40
STOP LOSS above 203.40 (-100 pips).
THE TARGETS are 201.60 / 201.00
OP, SL & TP at your own risks
10:14 AM
The Dollar
The greenback continues to give back last week's gains, falling just shy of the 1.56-level and 104 against the yen. The dollar remains under pressure amid soaring oil prices, with crude oil surging to another record above $122 per barrel and fresh calls oil to reach $150 to $200 barrel over the next two years.
Markets will turn to US economic data on Wednesday, which consist of Q1 labor costs, preliminary Q1 productivity and pending home sales.
12:35 PM
12:47 PM
USDJPY TODAY
Monday, May 05th, 2008 (10:00 a.m. New York Time) USA
At 10:00 a.m. we are going to have U.S. ISM Non-Manufacturing. It is expected to come out at 49.1, and the expectation is coming down from 49.5. This indicator is getting hotter and hotter since they changed the method how they calculate the number so now this indicator more accurately predicts the future GDP. Therefore, it is a leading indicator for GDP and therefore it predicts what the Fed is going to do. I am going to use 1.0 trigger here. Last month 0.8 deviation moved USD/JPY by 44 pips, and in the previous month we had 67 pips move on 2.0 deviation. I believe we can get 40 to 50 pips move on 1.0 deviation on USD/JPY. If it comes out at 50 or higher, it would be a buy signal on USD/JPY, and I would look for 40 to 50 pips move in the first hour of the report. If it comes out at 48.1 or lower, I would sell USD/JPY and look for 40 to 50 pips as well.
At 10:00 a.m. we are going to have U.S. ISM Non-Manufacturing. It is expected to come out at 49.1, and the expectation is coming down from 49.5. This indicator is getting hotter and hotter since they changed the method how they calculate the number so now this indicator more accurately predicts the future GDP. Therefore, it is a leading indicator for GDP and therefore it predicts what the Fed is going to do. I am going to use 1.0 trigger here. Last month 0.8 deviation moved USD/JPY by 44 pips, and in the previous month we had 67 pips move on 2.0 deviation. I believe we can get 40 to 50 pips move on 1.0 deviation on USD/JPY. If it comes out at 50 or higher, it would be a buy signal on USD/JPY, and I would look for 40 to 50 pips move in the first hour of the report. If it comes out at 48.1 or lower, I would sell USD/JPY and look for 40 to 50 pips as well.
7:09 PM
GBPJPY
GBPJPY
SHORT position at 204.70
STOP LOSS above 205.70 (-100 pips).
THE TARGETS are 204.00 / 203.50
7:43 PM
GBPJPY . GBPUSD
GBP JPY is in an uptrend supported by 1H exponential moving averages. GBP JPY is in a consolidation after the last bullish movement. The volatility is low. Bollinger bands are flat. ForexTrend 4H is in a bullish configuration. The price should find a resistance below 208.60. The consolidation should continue. If the resistance is broken then the target will be 212.00.
GBP USD is in a consolidation after the last bullish movement. GBP USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. Bollinger bands are flat. ForexTrend 1H is in a bullish configuration. The price should continue to move in 1.9680 / 2.0000 range.
8:44 AM
THE FOREX MARKET THIS WEEK
The week ahead offers a barrage of economic news for currency traders to digest, with the key highlights coming from the
In addition to the highly anticipated US jobs report on Friday, the calendar also consists of April consumer confidence, US Q1 advanced GDP, PCE, Chicago PMI, March consumption, personal income, durable goods orders, and factory orders. The April unemployment rate is expected to hold steady at 5.2%, while non-farm payrolls are not expected to improve, posting another 80k loss of jobs. The Q1 advanced reading for GDP is seen slowing to 0.2% from 0.6% previously, the PCE index is expected to ease to 3.7% from 3.9% in the previous quarter.
The greenback rallied to its highest levels in two-weeks against the yen at 104.79 and euro at 1.5590. While it remains to be seen whether the recent dollar rebound will be sustainable, Eurozone officials have become more outspoken about their unease over the euro＊s strength. ECB President Trichet said ※there have been at times sharp fluctuations between major currencies§ and expressed concern about the ※possible implications on economic and financial stability.
8:09 PM
GBPUSD & GBPJPY
GBP USD is in a consolidation after the last bearish movement. The price should find a support above 1.9770. If the support is broken then the target will be 1.9600.
10:02 AM
GBPJPY
GBPJPY
SHORT position at 204.00
STOP LOSS above 205.00 (-100 pips).
THE TARGETS are 203.60 / 203.24
OP, SL & TP at your own risks
9:35 PM
GBPJPY . GBPUSD
GBP JPY broke 205.00 resistance. The uptrend should continue to gather momentum. The target is expected at 210.00.
GBP USD is in an uptrend. The price should find a support above 1.9880. The uptrend should continue to gather momentum. The target is expected at 2.0100.
11:43 AM
GBPJPY
GBPJPY
SHORT position at 200.70
STOP LOSS above 201.70 (-100 pips).
THE TARGETS are 200.38 / 200.18 / 199.86
OP, SL & TP at your own risks
12:41 AM
GBPJPY
Wed. 16th. April.2008
GBPJPY
The price should find a support above 198.50. If the support is broken then the target will be 196.00
GBP USD
The downtrend should continue. The target is 1.9400
1:57 PM
GBPJPY
The price should continue to move in 199.45 – 200.50 range. If the support is broken then the target will be 198.00
6:34 PM
GBPJPY . GBPUSD
GBP USD is in a range between 1.9650 and 1.9850. The volatility is low and is in a bearish configuration. The price should find a support above 1.9650. If the support is broken then the target will be 1.9400.
GBP JPY is in a consolidation. The volatility decreases. Bollinger bands are tightened and indicates a bearish pressure. The price should find a support above 198.50. If the support is broken then the target will be 197.00.
4:07 PM
GBPJPY
GBPJPY
LONG position at 201.40
STOP LOSS below 200.40 (-100 pips).
THE TARGETS are : 201.86 / 202.54
OP, SL & TP at your own risks
8:29 PM
GBPJPY
GBPJPY
LONG position at 201.40
STOP LOSS below 202.40 (-100 pips).
THE TARGETS are : 201.86 / 202.54
OP, SL & TP at your own risks
3:00 PM
GBPJPY . GBPUSD
GBP JPY is in a consolidation after the last bullish movement. GBP JPY is in a range between 202.30 and 205.05. The volatility is low. Bollinger bands are flat. The price should continue to move in 202.30 / 205.00 range.
GBPJPY
LONG position at 202.30
STOP LOSS below 201.30 (-100 pips).
THE TARGETS are 203.88 / 203.36 / 204.16 / 204.80
OP, SL & TP at your own risks
GBP USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is low. Bollinger bands are flat. Oscillators are neutral. The price should find a support above 1.9845. If the support is broken then the target will be 1.9740.
6:23 PM
GBPJPY
GBPJPY
LONG position at 203.94
STOP LOSS below 202.94 (-100 pips).
THE TARGETS are : 204.24 / 204.68
OP, SL & TP at your own risks
2:04 PM
GBPJPY. GBPUSD
GBP USD moves without trend and swings around exponential moving averages (EMA 50 and 100). The volatility is high. Bollinger bands are deviated. 1H indicate a bearish pressure on GBP USD. The downtrend should continue to gather momentum. The target is expected at 1,9750 (140 pips).
GBP JPY is in a consolidation after the last bullish movement. The volatility is high. Bollinger bands are flat. Oscillators are neutral. The price should find a resistance below 205,00. The consolidation should continue.
9:35 AM
GBPJPY
GBPJPY
SHORT position at 203.78
STOP LOSS above 204.78 (-100 pips).
THE TARGETS are 203.00 / 202.68 / 202.28
OP, SL & TP at your own risks.
12:16 PM
11:22 PM
GBPJPY
GBPJPY
SHORT position at 204.00
STOP LOSS above 205.00 (-100 pips).
THE TARGETS are 203.56 / 203.20
OP, SL & TP at your own risks
3:42 PM
GBPJPY
GBPJPY
LONG position at 203.50
STOP LOSS below 202.00 (-150 pips).
THE TARGETS are 204.33 / 204.64 / 205.18
SHORT position at 202.76
STOP LOSS above 203.76 (-100 pips).
THE TARGETS are 202.46 / 201.76
OP, SL & TP at your own risks
7:00 PM
GBPJPY
GBPJPY
SHORT position at 201.90
STOP LOSS above 202.90 (-100 pips).
THE TARGETS are 201.46 / 201.16 / 200.70
SHORT position at 201.10
STOP LOSS above 202.10 (-100 pips).
THE TARGETS are 200.86 / 200.50 / 200.20
OP, SL & TP at your own risks.
2:19 AM
GBPJPY
GBPJPY . WED. 2 APRIL
GBPJPY
SHORT position at 200.80
STOP LOSS above 201.80 (-100 pips).
THE TARGETS are 200.30 / 199.80 / 199.24
SHORT position at 199.72
STOP LOSS above 200.72 (-100 pips).
THE TARGETS are 199.40 / 198.80 / 198.40 / 197.92
OP, SL & TP at your own risks.
10:33 PM
GBPJPY
GBPJPY
SHORT position at 200.30
STOP LOSS above 201.30 (-100 pips).
THE TARGETS are 199.80 / 199.24
SHORT position at 199.46
STOP LOSS above 200.46 (-100 pips).
THE TARGETS are 198.80 / 198.40 / 197.92
OP, SL & TP at your own risks.
7:21 PM
GBPJPY
GBPJPY
SHORT position at 199.00
STOP LOSS above 200.00 (-100 pips).
THE TARGETS are 198.80 / 198.40 / 197.12
OP, SL & TP at your own risks.
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