MARKET SUMMARY –14FEB06 (05:00GMT) The Dollar weakened modestly against the major currencies overnight with traders choosing to square positions ahead of the Federal Reserve chairman’s testimony later in the week. There was little in the way of economic developments overnight, other than some upbeat comments by Cleveland Fed President Pianalto…. read more
Daily
The following is a summary of the previous day’s foreign exchange market movements in the major currencies and the commodities markets. It is meant as an informative guide to the reasons underlying currency and commodity movements seen in the previous day’s foreign exchange trading. Together with a market snapshot at close of the New York session, indicators/events released during the session are outlined compared with their expected level of influence before release. This fundamental analysis summary also highlights upcoming data/events which may influence currency movements upon their release.
You will also find a technical analysis snapshot at time of release, highlighting support and resistances of each of the major currencies and gold. Coupled together with the reasons behind these important levels, traders can expect some support or resistance when these levels are reached.
Australian FOREX Daily Outlook 13/02/2006
February 13, 2006MARKET SUMMARY –13FEB06 (05:00GMT) The Dollar fell against the major currencies following news of a widening trade deficit, only to claw back losses and extend gains by the end of the New York session. The US trade deficit widened to US$65.68 billion in December, up from US$64.69 billion in November…. read more
Australian FOREX Daily Outlook 10/02/2006
February 10, 2006MARKET SUMMARY –10FEB06 (05:00GMT) The Dollar was predominantly range bound in lackluster trading overnight. On the data front US jobless claims rose 4,000 to 277,000, providing more evidence of a tight labour market. The other key event was Chicago Fed President Moscow who spoke overnight, and reiterated the prevailing FOMC… read more
Australian FOREX Daily Outlook 09/02/2006
February 9, 2006MARKET SUMMARY –09FEB06 (05:00GMT) The Dollar was stronger against the major currencies overnight, buoyed by former Federal Reserve chairman Alan Greenspan’s upbeat assessment on the US economy. Greenspan spoke at a private event sponsored by Lehman Brothers and his comments contained little more than what was in the previous FOMC… read more
Australian FOREX Daily Outlook 08/02/2006
February 8, 2006MARKET SUMMARY –08FEB06 (05:00GMT) The Dollar was relatively stable against the major currencies with the exception of the Japanese yen, where it weakened quite significantly. Given there were no data release in the States traders and investors focused on commodity prices which plunged in response to heavy profit taking by… read more
Australian FOREX Daily Outlook 07/02/2006
February 7, 2006MARKET SUMMARY –07FEB06 (05:00GMT) The Dollar continued to strengthen against the major currencies overnight in the absence of any major economic data releases. The key event in the States was the swearing in of Ben Bernanke as US Federal Reserve chairman. Bernanke made no mention of the current state of… read more
Australian FOREX Daily Outlook 06/02/2006
February 6, 2006MARKET SUMMARY –06FEB06 (05:00GMT) The Dollar rose against the major currencies on Friday night, on fears that the tightening US job market may prompt further rate hikes from the Fed. US non-farm payrolls posted at 193k in January, below the expectation of 250k. Looking behind the headline figure reveals a… read more
Australian FOREX Daily Outlook 03/02/2006
February 3, 2006MARKET SUMMARY –03FEB06 (05:00GMT) The Dollar finished only slightly lower versus the major currencies overnight, with the exception of the Japanese yen. However, heightened sensitivity to risk events was evident in the currency markets overnight when EUR/USD spiked to a high of 1.2108 on the back of renewed terrorism fears…. read more
Australian FOREX Daily Outlook 02/02/2006
February 2, 2006MARKET SUMMARY –02FEB06 (05:00GMT) The Dollar was stronger against the major currencies overnight as the bond market continued to adjust gradually the likelihood of a March hike. On the data front, mortgage applications showed a further slowing in the purchase index, consistent with ongoing weakening in the housing market, a… read more
Australian FOREX Daily Outlook 01/02/2006
February 1, 2006MARKET SUMMARY –01FEB06 (05:00GMT) The Dollar weakened against the major currencies overnight prior to the FOMC rate announcement, and was only able to recoup some of its losses after the Fed rate decision. At Dr Greenspan’s final FOMC meeting, the Fed hiked the fed funds rate by 25 basis points… read more
