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Dukascopy Morning Forex Overview : 28/02/2012
Fundamental Analysis
EUR
"We have taken some very important moves towards a stronger union, and then we see statements by people which undermine the steps that the EU made"
- Pavlos Yeroulanos, Cultural & Tourism Minister of Greece
Pavlos Yeroulanos, Cultural & Tourism Minister of Greece, said that the latest bailout agreement could be “destroyed” by statements which criticize Greek efforts to deal with debt crisis.
USD
"Given more favorable housing market conditions, the trend in contract activity implies we are on track for a more meaningful sales gain this year"
- Lawrence Yun, Chief Economist at National Association of Realtors
Month on month sales of previously owned houses rose more than expected in January, a sign the housing market is recovering.
GBP
"… the fundamentals facing ...
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Dukascopy Morning Forex Overview : 27/02/2012
Fundamental Analysis
EUR
"The German economy is in a soft patch that it is going to overcome"
- Gerd Hassel, an economist at BHF Bank
German economy contracted by 0.2 per cent in the last quarter of 2011 as exports fell, announced the Federal Statistics Office on Friday.
USD
"… consumers expect the pace of overall economic growth to continue to slowly restore lost jobs …"
- Richard Curtin, survey director at Thomson Reuters / University of Michigan
U.S. consumer confidence improved to a year high in February as consumers became more optimistic on the outlook of the country’s economy, estimated the Thomson Reuters / University of Michigan.
GBP
"We’re pretty certain to see a minor positive number in the first quarter and so are going to avoid a technical recession"
- Brian Hilliard, ...
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Euro rises on German data despite dour EU forecast
The euro leaped to its highest level against the dollar in 10 weeks and to its strongest since November versus the yen on Thursday as better-than-expected German data offset a dour economic forecast from the European Commission.
The single currency retreated from highs after the EU's executive said the euro zone economy is heading into its second recession in just three years and the wider European Union will stagnate, warning that the currency area has yet to break its vicious cycle of debt.
Optimistic news about Germany, however, ultimately had investors favoring the euro.
"We're clearly in a bit of a risk-on mode following the strong German data and that should remain the main driver of activity," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
...
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Euro buoyed by German data, but worries linger
(Reuters) - The euro rose to a 10-week high against the dollar and its strongest since November versus the yen on Thursday after better-than-expected German data eased concerns about a bleak euro zone economic outlook.
However, the conviction that Greece's latest bailout deal will not draw a line under it or the euro zone's debt crisis was expected to limit gains for the euro, meaning the currency may struggle to hold gains above $1.33.
German business sentiment rose for a fourth month running in February, raising hopes that Europe's largest economy is improving and will avoid recession despite the problems facing indebted euro zone countries.
But the single currency came off highs after the EU commission forecast the euro zone economy to contract by 0.3 percent in 2012.
The euro was ...
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Euro at 2-1/2 mth high vs dlr on strong German Ifo
(Reuters) - The euro rose to a 10-week high against the dollar and its strongest since November versus the yen on Thursday after better-than-expected German data eased concerns about a bleak euro zone economic outlook.
German business sentiment rose for the fourth month running in February, beating expectations and raising hopes that Europe's largest economy is improving and will avoid recession.
Euro gains were expected to be limited, however, due to conviction that Greece's latest bailout deal will not draw a line under it or the euro zone's debt crisis. That could mean the currency struggles to hold gains above $1.33.
Traders cited talk of Middle East accounts selling dollars, while the euro was buoyed by investors cutting bearish bets against a number of currencies. Sterling in ...
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European shares lifted by China policy move, Greece
(Reuters) - European shares were up on Monday afternoon after China cut the amount banks must hold in reserve, which should allow more lending to boost its economy, and on expectations Greece will get its second bailout.
By 1238 GMT, the pan-European FTSEurofirst 300 .FTEU3 index of top shares was up 0.7 percent at 1,090.39 points, hitting a near seven-month high. It is up 8.8 percent so far this year.
Mining stocks .SXPP, which are highly correlated to better economic growth, particularly in resource-hungry China, were the top movers, rising 2.1 percent after China's central bank effectively made available an estimated $55.6-$63.5 billion in additional cash for lending.
Eurasian Natural Resources (ENRC.L) and Vedanta Resources (VED.L), which have exposure in Asia, were the standout ...
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Technical analysis of the EUR/USD pair on February 20th, 2012
Commentary of the EUR/USD pair :
The pair EUR/USD has opened the week on a bullish gap above the resistance at 1.32.
The pair is still moving above the lower band of its bullish channel (black lines).
All indicators are bullish.
We now advise to trade the pair according to the key level at 1.31:
- Long above this level. The breakout of 1.32 will give a new buy signal.
- Short below this level. The breakout of 1.30 will give a new sell signal.
See the previous analysis of the EUR/USD pair of February 17th, 2012
EUR/USD Analysis
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Technical analysis of the USD/CHF pair on February 20th, 2012
Commentary of the USD/CHF pair :
The pair USD/CHF has continued its bearish movement last friday and opened the week on a bearish gap (not filled in).
All indicators are bearish.
We now advise to trade only short positions as far as 0.9208 is resistance.
The breakout of 0.9124 will give a new sell signal and open the way towards 0.9050.
In case of return above 0.9208, we will be neutral between this level and 0.9250.
The breakout of 0.9250 will give a buy signal.
See the previous analysis of the USD/CHF pair of February 17th, 2012
USD/CHF Analysis
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Technical analysis of the EUR/USD pair on February 17th, 2012
Commentary of the EUR/USD pair :
The pair EUR/USD found support yesterday on 1.30 to rebound strongly and validate a return above 1.31 (buy signal).
The pair is currently finding resistance on 1.3150 and is moving again above the lower band of its bullish channel (black lines).
Indicators are globaly bullish.
We now advise to trade the pair according to the key level at 1.31:
- Long above this level. The breakout of 1.32 will give a new buy signal.
- Short below this level. The breakout of 1.30 will give a new sell signal.
See the previous analysis of the EUR/USD pair of February 16th, 2012
EUR/USD Analysis
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