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Appeal Of The Japanese CurrencyTitle:
Volatile movements and mixed sentiment amid a needed correction
Investors start a new week with prevailing anxiety, jitters and the Greek crisis, where markets’ sustainability is put under test once again with a pending vote from the Greek parliament on the austerity package.
A relief movement is seen in the market with some started to realize that the risk is too high for the Greek parliament to revoke the package and that they will realize there are no other alternatives than actually passing the package, which coupled with the EU’s pledge to stand behind the nation on the passed measures eased the fear slightly amid the lack of fundamentals from the area today.
The dollar on the other hand fluctuated heavily with the start of the week and now trending lower ahead of the income report which is expected to show a slowing consumer spending and to ...
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Dollar strengthening on fears
The green Benjamin saw its refuge appeal boosted up since that overall economic conditions of the world's leading economy has lost strength this past period as attested by the Fed and its Chairman whom actually believes that growth will only pick up within the country by the second half of this year due the ongoing deterioration of the labor market, the past temporary inclined inflation and disrupted Japanese supplies.
As a result the euro-dollar pair is plunging on several time charts as witnessed throughout the momentum indicators at different time scales with the Union currency now trading around 1.4571 recording a high of 1.4693 and a low of 1.4567.Trading range for today is among the major support 1.4235 and the major resistance 1.4545
As for the pound-dollar pair, is plummeting but ...
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Dollar Falls to Record Low vs Swiss Franc
The Swiss franc and the Japanese yen were the strongest performers yesterday as the Greek debt crisis continues to weigh on the euro. Weak US data has pushed market players into alternative safe-haven currencies rather than the US dollar.
Economic News
USD - Dollar Falls to Record Low vs Swiss franc
The dollar has begun to weaken again as traders are turning to substitutes for a safe-haven currency rather than the traditional US dollar. Weak US data has kept a negative tone in the market for dollars and yesterday was no exception. The US preliminary GDP report was released in turn with the weekly jobs report and both fell short of market forecasts. US Q1 GDP came in at 1.8% on expectations for an increase of 2.2% while new jobless claims rose 424K on forecasts of only 403K. The ...
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US Dollar Rally Shadows Euro Declines
The euro paired its sharp losses versus the US dollar yesterday but judging from the recent price action momentum has shifted against the 17-nation currency.
Economic News
USD - Dollar Gains on Euro Losses
Yesterday's gains in the US dollar were not so much a product of dollar strength but rather the result of anti-euro anything and the “risk-off” trade. Boosting appeal for the dollar was weaker than expected Chinese PMI numbers to start this week's trading on a negative tone. Following the report Asian equities quickly sank into the red as did the Aussie and New Zealand dollar.
The “risk-off” environment carried over from the previous week multiple sovereign debt rating downgrades. On Friday Greece's sovereign credit rating was cut multiple levels. Saturday saw Italy being moved to a ...
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Canadian Dollar Gains vs. Euro After S&P Cut Greece’s Rating
The Canadian dollar advanced against the euro after Standard and Poor’s downgraded Greece’s credit rating, fueling concern that the nation may face default or even leave the Eurozone. The Canadian currency also rose against the US dollar and the Japanese yen.
S&P reduced long-term credit rating of Greece to BB- from B and suggested that further reductions may follow. The credit agency explained the reasons for the downgrade:
The downgrade reflects our view of increasing sentiment among Greece’s key eurozone official creditors to extend the debt payment maturities of their €80 billion of bilateral loans pooled by the European Commission. As part of such an extension, we believe the eurozone creditor governments would likely seek “comparability of treatment” from commercial creditors ...
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Dollar gains vs yen, euro on strong jobs data
The dollar rose against the euro and yen on Friday after data showed U.S. employers added more jobs than expected last month, suggesting the economy may not be slowing as much as some had feared.
The dollar rose most against the yen, trading up 0.7 percent at 80.73 yen as the addition of an unexpectedly large 244,000 new jobs in April lifted U.S. bond yields, increasing the greenback's appeal over the Japanese currency.
The euro fell as low as $1.4455, retreating further from a recent 17-month high above $1.49, but rebounded to trade at $1.4518, down about 0.1 percent.
"We've had a string of very weak U.S. data, so we will have to assess whether that is coming to an end or whether this number is an aberration," said Steven Englander, head of G10 FX strategist at Citigroup.
The dollar ...
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Dollar Falls Farther Against Euro on Stock Market Rally
The US dollar is declining all other major currencies except the Great Britain pound as the consumer optimism rises better than expected and the US stock market rallies.
The greenback fell for the sixth day in a row against the single European currency today and posted a fifth negative daily result against the Japanese yen, while standing strong against the pound sterling for the third day. Ironically, the main trigger for the dollar losses today was the positive consumer confidence report from The Conference Board that showed a reading of 65.4 for April.
As a result, the US stock market rallied today, reducing appeal for the ”safe haven” dollar. Dow Jones Industrial Average index added 0.96 percent. While many currencies are positively correlated with their respective stock markets, the ...
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EUR/USD Anticipating Reversal?
As most investors eye Wednesday's monetary policy meeting by the US Federal Reserve, the possibility exists for the Fed to view the latest string of economic reports, particularly from the housing market, as a signal to release a hawkish assessment of the American economy. Consumer confidence has also risen lately and traders appear to be anticipating an uptick by the greenback against its Atlantic rival this week.
Economic News
USD - USD Hesitant Prior to Week's Fed Meeting
The US dollar has found itself in a position to rebound strongly in the days ahead if this week's policy meeting by the Federal Reserve produces a hawkish assessment. Most reports released at the end of last week had begun to call for a fast-paced injection of trading volume, deemed almost certainly to go towards ...
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US Existing Home Sales Only Significant News Today
With Europe still on holiday in observance of Easter, today's markets will be highly illiquid, making most currencies continue to trade within tight ranges until the opening of trading on Tuesday. Tomorrow's news should be much more affecting on the region's currency values, but as for today traders may want to look to the USD for market direction with its impactful housing report scheduled for 15:00 GMT.
Forex Market Trends
EUR/USD GBP/USD USD/JPY USD/CHF AUD/USD EUR/GBP
Daily Trend
Weekly Trend
Resistance 1.4645 1.6595 83.10 0.8950 1.0819 0.8905
1.4622 1.6573 82.80 0.8925 1.0789 0.8882
1.4591 1.6540 82.48 0.8887 1.0755 0.8851
Support 1.4530 1.6480 81.85 0.8826 1.0690 0.8779
1.4499 1.6448 81.53 0.8790 1.0658 0.8747
1.4472 1.6425 81.32 0.8771 1.0635 0.8725
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