forex trading

Wednesday, May 23, 2007

Swiss Franc Higher Across The Board On Wednesday, Wednesday, May 23, 2007 3:49:00 AM

During the early hours on Wednesday in New York, the Swiss Franc traded higher against its major counterparts. However, on late Tuesday, the Swiss currency largely showed choppy trading against most of its majors, but it gained momentum versus the Yen. The Japanese March all industry activity index data which was released at 7:50 pm ET helped the Franc to trade further higher against the Yen.

The market now turns toward the Italian March retail sales data, followed by the Bank of England`s monetary policy meeting minutes for May and the Euro-Zone March industrial new orders data.

The Swiss Franc moved sideways versus the U.S. dollar in the evening deals on Tuesday. At about 7:55 pm ET, the pair declined slightly but it bounced back some of its losses within about an hour and then traded sideways again. However, in the very early deals on Wednesday, the Franc showed strength and fetched 1.2277 against the dollar as of 3:47 am Eastern Time.

At about 8:00 pm Eastern Time Tuesday, the Swiss Franc made a brief spike higher against the Euro. However, the Franc gave back some of its gains within about an hour and then entered a tight range. The pair extended the same trend until about 2:00 am ET Wednesday, but the Franc drifted higher thereafter. As of 3:47 am ET, the Franc traded at 1.6511 against the Euro.

During the late evening hours on Tuesday, the Franc trended higher versus the British currency. The Franc shed a few pips by about 8:30 pm ET and followed a sideways movement thereafter. However, at about 2:00 am ET Wednesday, the Franc started to trade higher and has been moving further higher lately. As of 3:47 am Eastern Time, the Franc was quoted at 2.4257 against the Cable.

Against the Yen, the Swiss Franc showed strength on late Tuesday in New York. The pair slipped slightly by about 10:50 pm ET and showed a choppy trend. The Franc continued the same trend in the very early deals on Wednesday, but by about 1:55 am ET it steadied higher again. As of 3:47 am Eastern Time, the Franc collected 99.15 against the Yen.

Euro Choppy Against Franc, Higher Against Rest Of Majors; Late New York Trading On Tuesday, Wednesday, May 23, 2007 2:06:44 AM

The European currency saw direction less trading against the Swiss franc, but it gained ground against the rest of majors during late trading in New York on Tuesday. Lately, in early Wednesday deals, the common currency has been moving sideways against its counterparts.

There is no impetus for bigger forex moves on Wednesday, with no data on tap from major economies during the European session. However, the Bank of England releases the minutes of its last monetary policy board meeting at 4:30 am ET, which is likely to be scrutinized by the market in a bid to glean clues about the future course of interest rates. Shortly thereafter, the euro-zone industrial new orders data for March is scheduled to be released, which is expected to show an improvement in the month.

US treasury secretary Paulson meets with his Chinese counterparts for the second day on Wednesday. Investors may focus on the outcome of meeting, as pressure from the U.S. to implement economic reforms can lead to a rift and cause a ripple in the currency market.

The euro moved sideways against the dollar in the evening trading on Tuesday in New York, but the pair edged up to 1.3461 amid the Japanese release at 7:50 pm. The gains were soon given back by the euro, but later, the pair spiked again. After hitting as high as 1.3463, the pair shed a few pips and as of 1:40 am ET on Wednesday, the euro was equal to 1.3459 dollars. Broadly speaking, the pair has been trending down from 27th April, and if moved further deeper, it is likely to test new long term support levels around 1.326.

The euro rallied against the Japanese unit in late trading on Tuesday in New York. Rising from 163.44 at 6:30 pm ET, the pair fetched as high as 163.76, before reversing its direction within about an hour. However, around a couple hours before midnight, the euro staged another spike, and the pair collected 163.84, shortly. Lately, the euro dropped a few pips, and the pair was quoted at 163.74 by about 1:40 am ET on Wednesday. The present trend is likely to lead the pair to a near term resistance level around 163.9, which is slightly below the 164.5 level, hit in October 1998.

The euro strengthened against the pound during late trading on Tuesday in New York. Gaining ground at about 5:10 pm ET, the pair moved from 0.6809 and fetched 0.6819 by about 10:50 pm ET. Within about an hour of that, the pair drifted a pip lower, and it has been moving range-bound below that level, lately. On Tuesday, the euro was t loss against the cable, which confirmed the downward journey started by the pair on 16th of this month. A likely near term level of support for the pair will be around 0.678 which was lastly hit on 10th May.

The European currency saw choppy trading versus the Swiss franc during late New York trading on Tuesday. Initial gains by the common currency resulted in the pair fetching as much as 1.6551, but it fell sharply, shortly. However, gaining ground within about an hour, the pair reached a tight range that limited between 1.6538 and 1.6548 and as been holding the same range, lately. Largely, the pair was at loss on Tuesday, which showed that the euro has started correction its gains in the previous week. For a pair weakening further, the likely near term level of support will be around 1.641.

Tuesday, May 22, 2007

Dollar Mixed Against Other Majors, Tuesday, May 22, 2007 3:57:34 PM

The dollar generally saw mixed trading on Tuesday in New York. The greenback gained to a multi-month high on the yen, but declined against the pound. Trading was uncertain with the euro. Meanwhile, the Japanese government downgraded its view on the US economy, the largest market for Japanese exports. The latest report said the pace of growth in the US economy is decelerating due to decline in housing sector activity. The prior month`s report stated that the world`s largest economy is expanding moderately.

The dollar was choppy against the euro on Tuesday in New York. The greenback touched a five-week high of 1.3438 shortly after 6 am Eastern Time. The morning`s trading took place amid the release of data showing that the German ZEW Indicator of Economic Sentiment beat expectations to continue its upward trend in May. Trading was level until about 10 a.m. ET when the dollar fell back. It got as low as 1.3470 at 10:15 a.m. ET. It climbed back late in the morning before leveling off in afternoon trading. The pair was at 1.3450 at 3:45 p.m. ET.

The greenback climbed against the yen on Tuesday in New York and touched a three-month high. The dollar dipped during the early morning, amid the release of the minutes of the last Bank of Japan policy meeting. The dollar was slightly below its overnight levels, but then soared at around 11 a.m. It stabilized in the afternoon and touched as high as 121.58 at 3:45 p.m. ET. This is its best level since late February.

Meanwhile, the dollar slipped in trading versus the British pound Tuesday in New York. The greenback slipped throughout the morning against its British counterpart. Trading on Tuesday came ahead of Wednesday`s release of the minutes from the last BoE monetary policy meeting, which left interest rates unchanged. The dollar hit a four-day low of 1.9768 at 11:45 a.m. ET. It rebounded slightly and then stabilized in the afternoon.

Gold Prices See Slight Drop, Tuesday, May 22, 2007 11:01:14 AM

Gold prices were down slightly in Tuesday morning`s U.S> trading. Gold for June was at $662.10, down $1.70. After rising early in the morning, gold got as low as $661.50 before rebounding slightly.

Gold has trended up in the last few days. It had reached a six-week low last week.

Meanwhile. silver fell 4 cents to $13.09, copper was down 5.55 cents to $3.3475, platinum dipped 80 cents to $373.50 and platinum declined $17.70 to $1,302.

Dollar Weakens In Late Morning, Tuesday, May 22, 2007 10:37:52 AM

The dollar weakened in Tuesday`s late morning in New York. The greenback was uncertain in trading with the euro and yen, while it lost ground against the pound. Meanwhile, the Japanese government downgraded its view on the US economy, the largest market for Japanese exports. The latest report said the pace of growth in the US economy is decelerating due to decline in housing sector activity. The prior month`s report stated that the world`s largest economy is expanding moderately.

The dollar fell away from a five-week high against the euro on Tuesday morning in New York. The greenback touched a daily low of 1.3473 at 2:30 am Eastern Time, and reached its recent resistance level of 1.3438 shortly after 6 am Eastern Time. The morning`s trading took place amid the release of data showing that the German ZEW Indicator of Economic Sentiment beat expectations to continue its upward trend in May. Trading was level until about 10 a.m. ET when the dollar fell back. It got as low as 1.3470 at 10:15 a.m. ET.

The greenback also saw choppy trading against the yen on Tuesday morning in New York. The dollar dipped during the early morning, amid the release of the minutes of the last Bank of Japan policy meeting. The dollar was slightly below its overnight levels into the late morning.

Meanwhile, the dollar slipped in trading versus the British pound Tuesday morning in New York. The greenback slipped throughout the morning against its British counterpart. Trading on Tuesday came ahead of Wednesday`s release of the minutes from the last BoE monetary policy meeting, which left interest rates unchanged. The dollar slipped again a little after 10 a.m. ET and was at a four-day low of 1.9752 at 10:30 a.m. ET.

Aussie Choppy Versus Canadian Dollar, Gains Ground Against Other Majors Early Tuesday, Tuesday, May 22, 2007 5:43:46 AM

The Australian currency showed choppy trading versus the Canadian dollar during the early hours on Tuesday in New York, but it gained ground against the rest of majors. The German and the Euro-Zone ZEW survey for the month of May as well as the Euro-Zone March trade balance data which were released at 5:00 am ET weakened the Aussie slightly versus the Euro.

The Australian dollar trended lower versus the U.S. currency on late Monday. After hitting a low of 0.8199 at 9:55 pm ET, the pair moved sideways but by about 1:25 am ET Tuesday it bounced back most of its losses. The Aussie collected as much as 0.8233 by about 3:55 am ET. Lately the pair is moving slightly lower and as of 5:42 am Eastern Time, an Aussie was worth 0.8214 against the Greenback.

During the afternoon deals on Monday, the European currency ticked down against its Australian counterpart. At about 3:05 pm ET, the euro advanced slightly and then moved sideways. The pair extended the same trend during the late hours. However, in the very early deals on Tuesday, the euro made a steep fall and touched an early morning low of 1.6355 at 3:50 am ET. Soon after, ahead of the release of the European economic data, the pair strengthened slightly and steadied further higher amid the release. As of 5:42 am Eastern Time, a Euro fetched 1.6379 against the Aussie.

Against the Australian dollar, the British Pound showed strength on late Monday in New York. The Pound slid briefly by about 10:00 pm ET and entered a tight range thereafter. At about 1:15 am ET Tuesday, the Pound started to weaken and hit a low of 2.3965 after about a couple of hours. The pair then traded slightly higher and as of 5:42 am Eastern Time, a Pound traded at 2.4006 against the Aussie.

The Australian currency lost ground versus the Canadian dollar in the late hours on Monday. However, the pair gained a few pips by about 10:00 pm ET but it showed a choppy trend within about an hour. The Aussie extended the same trend until the pair made another brief spike higher at 2:35 am ET Tuesday. However, the gains were given back within a few minutes and showed a choppy trend again. As of 5:42 am Eastern Time, an Aussie was quoted at 0.8912 against the Loonie.

Pound Moved Up Against Dollar, Without Direction Versus Rest Of Majors Early Tuesday In New York, Tuesday, May 22, 2007 5:08:56 AM

The British pound showed strength against the US dollar but saw directionless trading versus the rest of majors during early deals on Tuesday in New York. The cable traded mixed in recent hours as no fundamentals have been slated for release from the UK on Tuesday. Investors now turn toward the minutes of recent monetary policy board meeting, which will be released by the Bank of England on Wednesday.

The market is now looking forward to the ZEW German economic sentiment for the month of May, which is expected at 5:00 am ET on Tuesday.

However, in the wake of recent interest rate moves by the Peoples` Bank of China, meeting of the US treasury secretary Paulson with the Chinese officials, which is happening later this morning in Washington, will be viewed more cautiously by traders.

The British currency strengthened against the US dollar in the early hours on Tuesday in New York. Rising from 1.9704, the pair fetched as high as 1.9734 by about 2:55 am before changing its direction. The cable dropped only a few pips, and the pair has been moving sideways, lately. As of 4:50 am ET, the pair was quoted at 1.9733. The pair has been trading near 7-week lows, lately.

The pound saw directionless trading versus the euro during the very early deals on Tuesday in New York. The pair had its session`s high around 0.6835 at about 2:40 am, but later it weakened to 0.6823. Of late, the pair is moving sideways. The pair is now slightly off a 2-month high hit on 15th May, and a likely near term level of support will be around 0.678.

Amid Japanese releases around 1:00 am ET on Tuesday, the British currency gained marginally against the yen, but has weakened, afterwards. Falling from 239.6, the pair hit as low as 239.10 by about 3:30 am ET. However, thereafter, the sterling reversed its losses, and the pair was quoted at 239.68 at 4:50 am ET. The pair has been testing resistance levels slightly below 240 from around the beginning of the month, and if it moved upwards, the next likely level of resistance will be around 241.5, which was lastly collected on 23rd of January.

The British currency moved in a loose range against the Swiss franc early Tuesday in New York. The pair hit its session`s low near 2.4244 by about 2:40 am, but moved up to 2.4282 by around 3:15 am. Later, the pair slipped, but has been moving sideways, of late. At 4:50 am ET, the pound equaled 2.4271 francs, and the pair is now approaching a near term resistance around 2.43, lately.

Wednesday, May 23, 2007

Tuesday, May 22, 2007

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