Forex Forums |

Go Back   Forex Lasers Forum > FOREX TRADING > Forex Discussion

Daily FX Market Outlook by AceTrader-8-10-2010

Forex Discussion

LinkBack Thread Tools Search this Thread
Old 08-10-2010, 00:56
Level 1 Lasers Member
Join Date: Sep 2010
Posts: 9
Default Daily FX Market Outlook by AceTrader-8-10-2010

Market Review - 07/10/2010 22:09 GMT

Euro erases its gain against dollar on profit-taking

The single currency pared its gain from a fresh 8-month high against dollar on Thursday, as investors booked profits on their recent longs and awaited the release of U.S. jobs data on Friday. U.S. currency tanked to a fresh 15-year low of 82.11 against the Japanese yen b4 rebounding on dlr's rebound elsewhere.

The single currency ratcheted higher in Asia and rose sharply above Wednesday's high of 1.3949 in European morning. Despite euro's gain to a fresh 8-month high of 1.4030 after the release of U.S. initial jobless claims (which fell to 445.0K, the lowest level in three months,versus the expectation of 455K), the pair retreated from there on profit-taking in NY morning and tumbled to 1.3857 ahead of Friday's U.S. jobs data.

Earlier in Europe, ECB announced to keep its key rates at 1% as expected. Later, ECB President Trichet said at the news conference that the exchange rate should reflect economic fundamentals and said 'excess volatility and disorderly movements in exchange rates have adverse effects for economic and financial stability'.

The greenback continued to edged lower from 83.05 against the Japanese yen in Asia and dropped to 82.24 in European morning. Despite dollar's recovery to 82.57 on short-covering, the pair then fell briefly to a fresh 15-year low of 82.11 in NY morning before recovering.

The British pound edged higher in Asia and jumped to 1.5962 just ahead of the release of U.K. August industrial and manufacturing production data (manufacturing output came in at 0.3% versus the forecast of 0.2%, rising for the sixth consecutive month). BOE kept its key rates unchanged at 0.5% as well as leaving asset purchase program at 200 billion pounds. Cable rose above 1.6000 level to 1.6019 in NY morning n then retreated sharply on profit-taking and tumbled to an intra-day low of 1.5827 in NY afternoon.

Economic data to be released on Friday include:

Japan current account, Trade balance (jpy), Economic watch DI, Swiss Jobless rate, Germany Export, Import, Trade balance (euro), U.K. PPI core, PPI input, PPI output, Canada Unemployment rate, Jobs-change, Housing starts, U.S. Avg. hourly earnings, Non-farm payrolls, Unemployment rate, Wholesale inventories.
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are Off
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

Similar Threads
Thread Thread Starter Forum Replies Last Post
The fundamental difference in the stock market and the forex market jamiebrwn Forex Discussion 3 11-08-2014 08:14
Daily Market update by UWC effexx Trading Journals 156 01-03-2012 11:40
Daily FX Market Outlook by AceTrader-11-10-2010 acetraderfx Forex Discussion 1 26-12-2011 07:59
AUD/USD Daily Market Outlook by AceTrader acetraderfx Forex Discussion 8 26-12-2011 07:53
Trading Competition From Forex-metal, from 22nd November 2010 to 24th December 2010 Camilla Software / Signals / Services 0 04-11-2010 01:48

All times are GMT. The time now is 01:30.

Powered by vBulletin® Version 3.8.10
Copyright ©2000 - 2021, vBulletin Solutions, Inc.