forex trading

Thursday, June 21, 2007

British Pound Choppy On Thursday Afternoon, Thursday, June 21, 2007 2:31:26 PM

The pound was choppy against its major counterparts in trading on Thursday afternoon in New York. The currency moved as the UK reported on its car production for the three months prior to May.

In trading against the euro, the sterling saw little direction in action on Thursday. By the mid afternoon, the currency had moved between a low of 0.6725 and a high of 0.6712. Generally, the British currency is at a four month high.

Versus the American dollar, the British currency saw little movement on Thursday afternoon. The sterling bounced between a high of 1.9934 and a low of 1.9898 as action progressed. Overall, the British currency is at a two week high.

The British currency saw choppy movement against the yen in trading on Thursday. As action moved into the mid afternoon, the currency held between a high of 246.49 and a low of 245.99. On the whole, the British pound is at a multi-year high.

U.K total car production fell 3.9% annually during three months to May. Total car output grew 4.9% compared to previous three months.

Swiss Franc Retreats Against Major Currencies, Thursday, June 21, 2007 1:43:43 PM

The Swiss franc experienced weakness versus each of the major currencies Thursday in New York. Swiss currency investors mulled data showing that the nation`s trade surplus grew in May after contracting the previous month.

The Swiss franc ticked lower versus the greenback Thursday in New York. At 1:25 pm ET, the Swiss currency fetched a mark of 1.2408 against its American counterpart. This is compared to an intraday high of 1.2388 at 1:50 am and an intraday low of 1.2425 at 7:20 am. Greenback traders considered data showing the Philly Fed Index rose more-than-expected in June.

Versus the euro, the Swiss franc fell Thursday in New York. The Swiss currency experienced generally steady weakness during the early-to-mid-morning, reaching an intraday low of 1.6633 at 9:30 am ET. The franc rebounded slightly in the late morning and early afternoon to fetch a mark of 1.6625 against its European counterpart at 1:30 pm. This is compared to an intraday high of 1.6588 at 1:30 am. Trading took place amid the release of data showing that German construction orders rose 0.5% annually in April.

The Swiss franc weakened against the sterling Thursday in New York. The franc fell sharply during the early morning, hitting an intraday low of 2.4744 at 3:10 am ET. The Swiss currency leveled off for much of the rest of the morning into the early afternoon. At 1:33 pm, the franc traded at a mark of 2.4722 against its British counterpart. Traders considered data that showed demand for manufactured goods in the UK in June continued to be robust.

Against the yen, the Swiss franc edged lower Thursday in New York. The Swiss currency fell during the early and mid-morning hours, falling to an intraday trough of 99.48 at 6:30 am ET. The franc rebounded from some of its losses into the early afternoon, reaching a mark of 99.62 against its Japanese counterpart. Traders considered data showing Japan`s trade surplus was up for the seventh straight month, but at a much slower pace than analysts expected. Swiss trade surplus grew in the month of May, after contracting in the prior month, official data indicated Thursday. The Federal Administration of Customs reported that trade surplus stood at CHF1.26 billion in May, breaching the CHF1 billion-mark for the third time this year. Economists were looking for an excess of CHF1.10 billion. The latest report showed the April surplus at CHF643.4 million, while it was stated as CHF626.9 million last month.

Euro Choppy Overall On Thursday Afternoon, Thursday, June 21, 2007 2:23:00 PM

The euro was choppy in action against its major counterparts in trading on Thursday afternoon in New York. The currency moved with little economic news from the area.

The euro was mixed in trading against the dollar in trading on Thursday. The euro bounced between a high of 1.3403 and a low of 1.3375 by the mid afternoon. On the whole, the euro is at a weekly low against its American counterpart.

In trading against the pound, the euro saw little direction in action on Thursday. By the mid afternoon, the currency had moved between a high of 0.6725 and a low of 0.6712. Generally, the European currency is at a four month low.

Against the Japanese yen in trading on Thursday, the euro saw choppy action on Thursday. The euro bounced between a high of 165.73 and a low of 165.40 into the mid afternoon. Overall, the currency is at a multi-year high.

Euro Slips Across The Board Towards Late Asian Deals, Reverses To Franc Lately, Thursday, June 21, 2007 5:35:42 AM

The euro remained downwards against most other majors during late New York trading on Wednesday, continuing its previous session weakness. However, against the sterling, the common currency held steady in this time period.

In the early Asian deals, the European currency trended slightly higher versus most other major currencies, but this time too, moved sideways against the pound.

Towards the end of the Tokyo deals, the euro slipped across the board, but has bounced back to the Swiss currency, lately.

The recent fall of the single currency may correspond to the yen`s strengthening following the hawkish comments by Toshiro Muto, the deputy governor of the Bank of Japan.

Muto said Thursday in a conference that the BoJ is committed to adjusting the interest rates in tune with the developments in the economy and the prices. He also indicated that Japan`s projected gross domestic product growth of around 2% may raise inflation expectations in the near future, while both upward and downward risks remain in the economies.

Trading took place in early European session on Thursday amid a lack of key economic data from major euro area economies. Apart from the Swiss trade balance data for May, there were a few domestic reports from Italy, but the news have failed to cause visible price effects in the euro-pairs.

Investors are now waiting for Friday`s German IFO business climate indicator for June. The index is widely expected to move down to 108.4 from its previous month reading of 108.6.

The euro trended higher against the dollar in early Asian deals on Thursday and the pair fetched as high as 1.3403 by about 2:55 am ET. The common currency then staged a fall versus the greenback, but from a session`s low of 1.3371, the pair has moved up to 1.338, lately. Largely, the pair has been on a downtrend since yesterday and if it continues, 1.332 can likely be a level of support in the near term.

The European currency trended higher against the Japanese yen during the Tokyo deals on Thursday. The pair gained momentum, likely supported by a Japanese economic release, which showed that Japan`s merchandise trade surplus grew at a slower pace in May than expected by analysts. Moving from 165.32, the pair leveled its previous session close of 165.67 towards the end of the Tokyo deals, but the euro weakened thereafter, likely pushed by the hawkish remarks by BoJ deputy governor Muto. As of now, the pair is trading near 165.4.

Against the British currency, the euro moved sideways during late New York trading Wednesday and in the early Thursday deals in Tokyo. The pair moved between 0.6719 and 0.6725 in this period, but thereafter, the pair fell sharply. By equaling as low as 0.6710 of a pound, the euro has hit a new multi-month low against that currency. If the pair weakens further, 0.668 can likely be a level of support in the long term.

Closing Wednesday`s New York deals at 1.6589, the euro held steady against the franc in the early Thursday deals in Tokyo. However, at about 8:40 pm ET, the pair gained ground and rallied to 1.6617 by about 3:00 am ET. The Swiss economic data is likely to have strengthened the common currency in the early European deals, and, as of now, the pair has been seeing uncertainty in direction. If the pair continues upwards, 1.6635 can likely be a level of resistance in the near term.

Swiss Franc Touches 5-Month Low Versus U.K.`s Cable, Drops Slightly Against Other Majors, Thursday, June 21, 2007 4:38:48 AM

During the European session on Thursday, the Swiss Franc dropped heavily versus the U.K.`s Cable and touched a five month low. But the Franc showed slight weakness against the rest of majors. The Swiss trade balance for the month of May which was released at 2:15 am ET caused very little price action in the major Swiss Franc pairs.

Swiss trade surplus amounted to CHF1.3 billion in May from CHF0.6 billion which was recorded last month. Economists expected a trade surplus of CHF1.10 billion. In real terms, exports grew 9.1% on year. Exports totaled CHF16.99 billion. Imports increased 9.7% to CHF15.74 billion.

The traders are now looking for the Swiss ZEW survey and the British CBI industrial trends survey - both for the month of June.

The Swiss Franc trended lower versus the dollar in the early Asian deals on Thursday. At about 8:55 pm ET Wednesday, the Franc gained a few pips and then moved sideways which was limited between 1.2388 to 1.2398. The pair extended the same trend until the Franc fell sharply at 3:05 am ET Thursday. The downtrend pushed the Franc to fetch a low of 1.2424 within a few minutes and then strengthened slightly. As of 4:37 am Eastern Time, the pair was quoted at 1.2410.

During the early Asian deals on Thursday, the Swiss currency moved sideways against its European counterpart. The Franc started to weaken at 9:35 pm ET Wednesday, but it followed a sideways movement after about a couple of hours. The Franc lost ground again at about 2:35 am ET Thursday and hit a low of 1.6623 within half an hour. Lately the Franc has been reversing the recent losses and collected 1.6611 as of 4:37 am Eastern Time.

The Swiss Franc showed choppy trading versus the U.K.`s Cable during the Asian deals on Thursday. However, the Franc moved out of the range at 2:40 am ET Thursday and fell sharply. After touching a 5-month low of 2.4750 by about 3:20 am ET, the Franc gained some pips. As of 4:37 Eastern Time, the pair was worth 2.4728.

Against the Yen, the Swiss Franc ticked down on Wednesday evening in New York. However, the pair made some advances at 7:00 pm ET, but it entered a loose range during the Asian deals on Thursday. In the European session of the day, the Franc lost ground again and hit as low as 99.57 by about 3:20 am ET. Thereafter, the pair traded slightly higher and fetched 99.64 as of 4:37 am ET.

Yen Down Across The Board In Early Tokyo Trading Thursday, Thursday, June 21, 2007 3:50:41 AM

The Japanese currency weakened against its major counterparts during early Thursday deals in Tokyo following its upward trends, held in late New York trading on Wednesday.

The deals in Tokyo were likely influenced by the Japanese trade balance data for May. The merchandise trade surplus recorded growth for the seventh month in a row, but at a slower pace than expected by analysts.

Also, the U.S. currency, strengthened following the rise in its bond yields, is likely to have added to the losses in the yen-pairs.

Lately, towards the end of the Tokyo deals, the yen staged a fall against the dollar, but it moved against the euro and the franc. In the meantime, the pound has held its upward trend against the Japanese currency.

The gains posted by the yen against the U.S. dollar in late New York trading on Wednesday made the pair equal as high as 123.41 against its previous session close of 123.61. Thereafter, the pair weakened and is now trading near its recent multi-year low of 123.7.

Against the British pound, the yen traded higher in late New York trading on Wednesday and the pair moved to 245.83 from its previous session close of 246.39. The Asian Thursday deals witnessed the yen giving up against its British counterpart and of late, the pair has been trading near 246.3. As of now, immediate upside and downside targets for the pair are seen around 245.8 and 246.6.

The Japanese yen moved up against the Swiss franc during late New York trading on Wednesday, but after hitting as high as 99.65 by about 7:00 pm ET, the pair moved downwards. During much of Tokyo Thursday deals, the pair remained uncertain about direction but has staged a brief spike, lately. As of 3:20 am ET, the pair was worth 99.5, and if it moves further higher, 98.8 can be a key level of resistance in the near term.

After showing strength in late New York trading, the yen weakened against the euro in its early Asian Thursday deals. Moving from 165.32, the pair fetched as low as 165.72 towards the end of the Tokyo deals. However, lately, the Japanese unit has staged a brief spike against the common currency and the pair is now trading near 165.5. If the yen strengthens further, 165.3 can likely be a level of resistance in the near term.

Greenback Mixed Against Southeast Asian Currencies On Thursday, Thursday, June 21, 2007 2:41:51 AM

The US currency showed a mixed performance against its Southeast Asian counterparts on Thursday. While the Greenback was down versus the Hong Kong dollar, it held steady with the Thai Baht. But the Greenback largely showed choppy trading against the Singapore dollar and the Malaysian Ringgit.

To the other major Asian currencies like the Indonesian Rupiah and the Philippine peso, the Greenback traded in a loose range. On the other hand, the Greenback showed some strength versus the Indian Rupee, but it dropped against the South Korean Won.

The US currency traded higher versus the Singapore dollar as the Asian deals started on Thursday. However, at about 8:45 pm ET, the pair gave back most of its gains and showed a choppy trend.

During the Asian deals on Thursday, the Greenback declined against its Hong Kong counterpart. The pair gained slightly at 11:00 pm ET Wednesday, but it edged down soon after. Lately the Greenback has been moving further lower.

After collecting as much as 32.5550 at 8:50 am ET on last Friday, the Greenback held steady versus the Thai Baht. However, during the afternoon deals, the pair dropped slightly and touched 32.4450 by about 2:20 pm ET. Thereafter, the Greenback held steady at the same point and has been extending the same trend currently.

Against the Malaysian Ringgit, the US dollar gained sharply in the early Asian deals on Thursday and fetched a three day high of 3.4540 at 8:15 pm ET Wednesday. Soon after, the pair lost some pips and moved sideways. Of late the dollar has been continuing the same trend.

In the early Asian deals on Thursday, the Greenback ticked up slightly versus the Indonesian Rupiah, but the pair gave back the gains completely at 10:05 pm ET Wednesday. The Greenback then entered a loose range and it was limited between 0.8888 to 0.9092.

After showing a slight uptrend during the early Asian deals on Thursday, the dollar lost ground against its Philippine counterpart. Off 45.93 at 9:40 pm ET, the pair strengthened slightly but it showed a choppy trend within a few minutes.

The US dollar ticked down slightly versus the Indian Rupee during the early Asian deals on Thursday. However, at about 11:25 pm ET, the pair bounced back completely and steadied further higher. The dollar thus gained from 40.58 to 40.81. The dollar then slipped slightly and it is currently trading at 40.75-40.76.

Against the South Korean Won, the dollar advanced slightly in the early Asian deals on Thursday. But the pair fell sharply at 9:30 pm ET Wednesday and touched the session`s low of 924.05 within an hour. The dollar then reversed some of its losses and moved sideways.

Thursday, June 21, 2007

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