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Dukascopy Morning Forex Overview : 30/06/2011
Previous session overview
The euro rose above USD1.4500 to a three-week high in Asia Thursday after the Greek parliament's passage Wednesday of new austerity measures appeared to make a near-term default unlikely.
Buying by overseas investors led the common currency higher, with stop-loss buying orders around USD1.4450 accelerating the gains. The euro touched USD1.4519, its highest since June 10.
Expectations for the European Central Bank to raise interest rates at a meeting next Thursday are also helping the euro, dealers said. Assuming Greece passes legislation later in the global day to implement the austerity bills, the euro could trend higher in the coming sessions, they said.
At 0450 GMT, the euro was at USD1.4513, up from USD1.4428 late Wednesday in New York. The common ...
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Euro steady, follow-up buying limited before Greek votes
(Reuters) - The euro struggled to extend gains in Asia on Wednesday as investors hesitated to buy it further on the Greek parliament's expected acceptance of an austerity package, while the market was wary about the long-term outlook for the euro zone's debt problems.
Sentiment toward the euro was lifted by comments by European Central Bank President Jean-Claude Trichet, which markets interpreted as signaling a July interest rate hike, also helping shore up the common currency.
Still, investors were careful about taking additional buying positions as the euro shied away from $1.4400 hit the previous day, a level near its 55-day moving average of around
$1.4401.
"We're trying to figure out what to do next. The themes now are votes in Greece and a rate hike in Europe, but from the way it ...
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Dukascopy Morning Forex Overview : 29/06/2011
Previous session overview
The euro was steady against the dollar Wednesday in Asia as investors awaited the outcome of a key Greek vote on austerity package due later in the day.
Greece's parliament is expected to start voting around 1100 GMT on a EUR28 billion (USD40 billion) program of spending cuts and tax increases the country has promised to its international creditors.
Gains in most Asian stock markets also helped maintain market risk-sentiment, providing some support for the higher-yielding euro, dealers said.
The euro was at USD1.4367 from USD1.4371 late Tuesday in New York. The euro was also at JPY116.50 from JPY116.56. The dollar was at JPY81.07 from JPY81.12 weighed by some month-end yen-buying from Japan exporters. The U.K. pound was at USD1.6003 from USD1.5997. The ...
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Greece Parliament to Vote on Austerity Budget Today
With the Greece parliament voting on its newly proposed austerity budget today, most traders will be fixated on the outcomes in order to adjust their investment portfolios accordingly.
Economic News
USD - USD Trading Higher as Greece Austerity Vote Approaches
The US dollar experienced broad bullishness yesterday as traders began to seek shelter in expectations of heightened risk aversion surrounding today's vote in the Greek parliament over its austerity budget. The EUR/USD was seen moving towards 1.4305 yesterday evening, however, before settling below this mark at day's close and moving bearishly upon the opening of the early Asian sessions.
Yesterday's bearish consumer confidence data out of the American economy has so far helped to lift the value of safe-haven assets as investors ...
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Euro edges higher, but mood fragile
(Reuters) - The euro inched higher on Tuesday, but stalled just below chart resistance, as investors waited to see if Greece's parliament will approve austerity steps that are a precondition for international aid that the country needs to avoid a default.
The euro briefly rose to an intraday high near $1.4330 in early Asian trading, with stop-loss buying near $1.4310 helping add to its gains.
But it later lost steam, stalling short of resistance clustered near the $1.4350 to $1.4360 area, with market players citing talk of euro offers near $1.4320 to $1.4330.
The euro was trading up 0.14 percent at $1.4305, adding to gains made the previous day, when it enjoyed a short squeeze from a low of $1.4102.
One resistance level lies near $1.4362, the 76.4 percent retracement of the euro's drop ...
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GBP Breaking Out of Long-Term Bullish Channel
Regional investors are expecting a technical downturn for the pound this week after several reports showed the currency breaking out of a long-term bullish channel. Lying behind the turning point is several months' worth of bearish manufacturing reports and a concern that inflation may become flattened out through the summer with analysts calling for a sluggish second quarter.
Economic News
USD - USD Dips as Investors Await CB Consumer Confidence Data
The US dollar was seen in decline in trading yesterday as traders began to seek risk after a solid US stock market open. The EUR/USD was seen moving towards 1.4275 yesterday before settling mildly below this mark at day's close. The GBP/USD was also in a bullish channel, with a high of 1.6002 touched prior to getting tested by technical ...
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Euro on defensive as Greece worries persist
(Reuters) - The euro struggled near a record low against the Swiss franc on Monday and fell versus the dollar, staying under pressure ahead of this week's decision by the Greek parliament on whether to back austerity reforms demanded by international lenders.
Greece's deputy prime minister warned on Sunday that rebel lawmakers may block some of the reforms, but added that parliament will probably back an overall austerity package to avert national bankruptcy.
Investors have been selling euro and buying back the dollar to minimize risk as the market grows increasingly concerned about the financial system in Europe after shares of two top Italian banks plunged amid concerns about their capital positions.
"The euro is exposed to more selling pressure as the market is starting to factor-in ...
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Fed stance lifts dollar, sterling turns ugly
(Reuters) - The dollar extended its gains from the previous day on Thursday as sovereign Asian players bought it back after the Federal Reserve confirmed it was ceasing its $600 billion bond-buying program at the end of June and gave no hint of further economic stimulus.
Sterling slumped to three-month lows against the greenback after the Bank of England raised the prospect of offering more stimulus, in contrast to the Fed.
The dollar index .DXY, which tracks the U.S. currency's moves against six major currencies, hovered above the Ichimoku cloud and investors said it could approach resistance at its 100-day moving average at 75.63 in coming weeks.
"But it all hinges on interest rates. Investors are buying back the dollar for now, and there even may be some who are going long, but ...
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Dukascopy Morning Forex Overview: 16/06/2011
Previous session overview
Deepening worries about Greece's debt crisis and the possibility of contagion to other euro-zone countries sent the euro to a three-week low against the dollar in Asia Thursday.
After a relatively quiet session in Asia, a report in a Dutch newspaper that European Central Bank Governing Council member Nout Wellink favors boosting a temporary sovereign bailout fund for euro-zone countries caught traders off guard and triggered stop-loss selling, sending the euro down sharply.
Wellink said the European Financial Stability Facility should be increased to EUR1.5 trillion, according to a report in Het Financieele Dagblad. Such an increase would be needed to secure private sector support for a second Greek aid package, Wellink told the paper.
At 0535 GMT, the ...
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