forex trading

Thursday, June 21, 2007

Dollar Higher Across The Board Early Thursday In Asia, Thursday, June 21, 2007 2:38:54 AM

The U.S dollar strengthened across the board during early Tokyo trading on Thursday. The greenback gained ground against its counterparts when the yen suffered broad weakness amid economic news from Japan.

The Japanese merchandise trade balance data for May was released at 7:50 pm ET on Wednesday, which showed that the trade surplus recorded growth for the seventh month in a row, but at a pace slower than expected by analysts.

The U.S currency was down against the major currencies during the early Wednesday deals in New York, but the pairs started rebounding as souring bond-yields have resurfaced the concerns of a rate hike by the Federal Open Market Committee in the near future.

Investors are now looking forward to the speech, delivered shortly by Thoshihiko Fukui, the governor of the Bank of Japan. There is hardly any key economic indicator expected in the European session Thursday, but a few domestic reports from the U.S including the June month Philadelphia Fed index are likely to drive the deals in the North American session.

The US currency strengthened against the euro during late New York trading on Wednesday and continued higher lately in the early Asian deals on Thursday. Reversing its recent losses, the pair moved upwards on Wednesday, likely pushed by the renewed concerns of a rate hike by the Fed in the near future. Moving from Wednesday`s New York session close of 1.3401, the pair has lately fetched as high as 1.3382. This may be compared to Wednesday`s low of 1.3434 hit in the European session. As of now, the pair is moving sideways as the markets waiting for news from Thursday`s European deals, and immediate levels of resistance and support are seen around 1.332 and 1.343.

Against the Japanese yen, the dollar slipped briefly in the late New York hours on Wednesday, but the trend was reversed in the Tokyo session on Thursday. The greenback lately strengthened against the yen amid the release of the Japanese May trade balance data. The trade surplus has recorded growth for the seventh month in a row but at a pace slower than anticipated by economists. Gaining ground in the early Wednesday deals, the pair moved to 123.63 from 123.09, and the recent upward momentum, gained after a dip to 123.42, has lifted the dollar to 123.68 against the yen, lately.

The US dollar traded higher against the British pound during the early Asian deals on Thursday. This partly reversed the buck`s losses, suffered amid the release of the BoE minutes, in the early Wednesday deals. News that the BoE voted 5-4 to keep the rates on hold last time signaled a rate hike in the near future, and eventually, the pound was rallying across the board. From the previous New York session high of 1.9945, the pair has lately strengthened to 1.9906 and is now seeing uncertainty in direction ahead of the European news to come. As of now, the near term support and resistance levels are seen around 1.994 and 1.989, respectively.

The U.S. currency strengthened against the Swiss franc during the early Asian deals on Thursday. Following a steep fall in the European deals, the pair was gaining ground in Wednesday`s New York session. Moving up from 1.2353, the pair held steady during late trading in New York, but the buck continued upwards in the early Japanese Thursday. Of late, the pair has been holding steady around 1.239, with a likely upward target around 1.243 in the near term.

Wednesday, June 20, 2007

Sterling Strengthens Against Major Counterparts, Wednesday, June 20, 2007 2:17:22 PM

The sterling advanced against each of its major counterparts Wednesday in New York. The pound extended a multi-year high against the yen while climbing to a three-and-a-half month high against the euro. Meanwhile, the pound also climbed to a two-week high against the dollar. Traders mulled the minutes from the most recent Bank of England meeting, which showed that its members were split on keeping the key interest rate unchanged.

The sterling climbed to a two-week high against the dollar on Wednesday in New York. The sterling gained sharply at around 5 am ET. The British currency advanced to an intraday high of 1.9945 at 1:50 pm. This is compared to an intraday low of 1.9869 at 12:10 am. Greenback traders looked ahead to Thursday`s release of the Philadelphia Fed Index.

The pound reached its highest mark since early March against the euro on Wednesday in New York. The British currency rose sharply at around 4 am ET and continued to edge higher for the rest of the morning and early afternoon. At 2 pm, the sterling was at an intraday high of 0.6727. This is compared to an intraday low of 0.6756 at midnight. Traders mulled data showing that German producer prices rose higher-than-expected in May.

The sterling extended its multi-year high on the Japanese yen on Wednesday in New York. The pound gained sharply at around 4 am ET and continued to rise in the late morning. At 2:09 pm, the sterling fetched a mark of 246.55 against its Japanese counterpart. This is compared to an intraday low of 244.70 at 3:20 am. The sterling originally reached its 15-year high against the yen last week. The Bank of England`s nine-member strong Monetary Policy Committee stood divided while deciding to hold the key interest rate earlier in the month, the minutes of the session, released Wednesday, indicated. The minutes showed that five policy makers voted in favor of the proposition to hold the official bank rate at a six-year high of 5.5% in June, while four members voted against, seeking a quarter-point hike. The June rate-setting session was held on June 6 and 7.

Euro Mixed Against Major Counterparts, Wednesday, June 20, 2007 1:59:48 PM

The euro experienced mixed results against its major counterparts Wednesday in New York. The European currency continued to hover near a record high set recently against the yen. However, the euro moved lower against the dollar and sterling. Traders mulled data showing that German producer prices rose higher-than-expected in May.

The euro edged lower versus the greenback Wednesday in New York. After the morning was dominated by largely uncertain trading, the European currency began to slide at 12:20 pm ET. At 1:45 pm, the euro fetched a mark of 1.3418 against its American counterpart. This is compared to an intraday high of 1.3435 at 8:50 am and an intraday low of 1.3413 at 3:20 am. Greenback traders looked ahead to Thursday`s release of the Philadelphia Fed Index.

Against the sterling, the euro slid steadily Wednesday in New York. At 1:40 pm ET, the European currency had fallen to an intraday low of 0.6727 against its British counterpart. This is compared to an intraday high of 0.6756 at 4:20 am. Traders mulled the minutes from the most recent Bank of England meeting, which showed that its members were split on keeping the key interest rate unchanged.

The euro ticked higher against the yen Wednesday in New York. The euro fell during the early morning before advancing around 3:30 pm ET against its Japanese counterpart. At 1 pm, the European currency reached an intraday high of 166.01. The euro pulled back from its gains somewhat after that, trading at a mark of 165.86 at 1:53 pm. Overall, the European currency hovered near a record high recently set against the yen.

The German Producer Price Index for industrial products rose 1.9% annually in May, the Federal Statistical Office said Wednesday. This compares to annual growth of 1.6% in April and 2.5% increase in March. On a monthly basis, producer prices gained 0.3% versus 0.1% in April. Economists were looking for an annual increase of 1.7% and 0.2% rise on month.

Canadian Dollar Mostly Weaker Against Major Counterparts, Wednesday, June 20, 2007 1:21:44 PM

The Canadian dollar was mostly weaker against its major counterparts Wednesday in New York. The loonie fell versus the greenback, euro, and sterling. Meanwhile, the Canadian currency was mostly choppy against the yen. Traders considered data showing that wholesale sales dropped unexpectedly in April. Investors also continued to react to yesterday`s news that core inflation rose less-than-expected in May.

The Canadian dollar fell versus the greenback Wednesday in New York. After the early morning was marked by largely uncertain trading, the loonie began to decline around 4:30 am ET. By 9:20 am, the Canadian currency had fallen to an intraday low of 1.0686. The Canadian dollar rebounded from some of its losses, trading at a mark of 1.0649 at 1:07 pm. This is compared to an intraday high of 1.0617 at 1:40 am. Greenback traders looked ahead to Thursday`s release of the Philadelphia Fed Index.

The Canadian dollar slid versus the euro Wednesday in New York. The loonie advanced during the early morning, but began to lose more than it had gained just before 4 am ET. At 9:30 am, the Canadian currency slid to an intraday low of 1.4348 against its European counterpart. The loonie recovered somewhat from its losses, fetching a mark of 1.4301 at 1:09 pm. This is compared to an intraday high of 1.4252 at 3:40 am. Traders mulled data showing that German producer prices rose higher-than-expected in May.

Against the sterling, the Canadian dollar retreated Wednesday in New York. After choppy trading dominated the early morning, the loonie began to decline at 4:20 am ET. At 9:30 am, the Canadian currency fell to an intraday low of 2.1300. The loonie rebounded slightly from its losses soon after, trading at a mark of 2.1240 at 1:12 pm. This is compared to an intraday high of 2.1107 at 3:40 am. Traders mulled the minutes from the most recent Bank of England meeting, which showed that its members were split on keeping the key interest rate unchanged.

Versus the yen, the Canadian dollar was largely uncertain Wednesday in New York. At 1:14 pm ET, the Canadian currency traded at a mark of 116.00 against its Japanese counterpart. This is compared to an intraday high of 116.27 at 11:10 am and an intraday low of 115.56 at 9:30 am.

Canadian wholesalers posted sharply lower sales in April, as declines in a number of major sectors erased all of the strong gains made over the previous two months, Statistics Canada indicated Wednesday. Overall sales fell by 3.1% in April to an estimated $42.8 billion. April`s drop was the largest since August 2003 and followed increases of 2.3% and 0.9% in March and February respectively.

Swiss Franc Generally Stronger Against Major Counterparts, Wednesday, June 20, 2007 1:06:27 PM

The Swiss franc was generally stronger versus its major counterparts Wednesday morning in New York. The Swiss currency reached a multi-year high versus the yen while also gaining ground against the dollar and euro. Meanwhile, the franc edged lower against the sterling. Traders considered a report from the UBS Bank raising the Swiss 2007 GDP growth forecast.

The Swiss franc reached a one-week high versus the greenback Wednesday in New York. After trading with uncertainty during the early morning, the Swiss currency advanced around 2 am ET. At 9:20 am, the Swiss currency reached an intraday high of 1.2353. The Swiss currency pulled back a bit from its gains after this, fetching a mark of 1.2374 against its American counterpart at 12:52 pm. This is compared to an intraday low of 1.2405 at 2 am. Greenback traders looked ahead to Thursday`s release of the Philadelphia Fed Index.

Versus the euro, the Swiss franc advanced Wednesday in New York. After choppy trading dominated the early morning, the Swiss currency advanced just before 2 am ET. At 9:20 am ET, the franc hit an intraday high of 1.6589. The franc pulled back from its gains somewhat, fetching a mark of 1.6607 at 12:57 pm. This is compared to an intraday low of 1.6656 at 1:40 am. Traders mulled data showing that German producer prices rose higher-than-expected in May.

The Swiss franc ticked lower versus the sterling Wednesday in New York. Choppy trading dominated the early-to-mid morning until the Swiss currency moved lower at 9:20 am ET. By 1 pm ET, the franc fell to a mark of 2.4675 against its British counterpart. This is compared to an intraday high of 2.4600 at 4:20 am. Traders mulled the minutes from the most recent Bank of England meeting, which showed that its members were split on keeping the key interest rate unchanged.

Against the yen, the Swiss franc reached a multi-year high Wednesday morning in New York. The Swiss currency slid during the early morning, hitting an intraday low of 99.31 at 2:50 am ET. The franc more than rebounded from those losses, reaching the multi-year high mark of 99.96 versus its Japanese counterpart at 8:20 am. The Swiss franc pulled back somewhat from its gains after that, fetching a mark of 99.91 at 1:02 pm.

Swiss economic growth forecast for 2007 was raised to 2.6% from 1.8% earlier, the UBS Bank said Wednesday. The real GDP growth forecast for 2008 was hiked to 2.3% from 2.0%. The report said that the economy surged during the first three months of the year. Real GDP, when extrapolated for the full year, climbed 3.2%. The bank noted that this was the sharpest increase since the third quarter of 2005 and stands above the long-term average.

Yen Weakens Against Other Majors, Wednesday, June 20, 2007 12:56:06 PM

The Japanese yen saw more weakness against the other majors on Wednesday in New York. The currency added to its multi-year low against the sterling and also fell against the dollar and euro. Trading took place following the release of data showing that Japan`s All Activity Index increased more-than-expected during April.

The yen fell against the U.S. dollar on Wednesday in New York. The yen gained in the early morning, but then began to fall a little before 4 a.m. ET. It dropped to 123.67 by 11:15 a.m. ET. In general, the yen remains near a 4 Ѕ-year low against its U.S. counterpart. Trading took place amid positive comments on the global economy from Treasury Secretary Henry Paulson on the International Financial System.

The yen added to its multi-year low versus the British pound on Wednesday in New York. The Japanese currency fell sharply at around 4 a.m. ET and continued to decline in the late morning. The yen traded at as low as 246.51 at 11:45 a.m. ET. The yen first reached a 15-year low against the pound last week. Traders considered data showing that UK gross lending grew 12% on a monthly basis in May. Also, minutes revealed the Bank of England`s nine-member strong Monetary Policy Committee stood divided while deciding to hold the key interest rate earlier in the month.

The yen fell against the euro on Wednesday in New York and remained near a record low. The Japanese currency fell in the early-morning hours before finding support at 166.00. The pair remained near that mark for the next several hours. Trading took place after the release of data that showed the euro area seasonally adjusted construction output grew at an annual rate of 3.9% in April.

Swiss Data Strengthened Franc Against Majors During European Session On Wednesday, Wednesday, June 20, 2007 5:44:19 AM

The Swiss Franc showed strength against the other major currencies during the European session on Wednesday. This came ahead and amid the release of the Swiss producer and import prices data for the month of May. The German May producer prices data released at 2:00 am ET helped the Franc to move further higher versus the Euro.

Meanwhile, the Bank of England released its monetary policy meeting minutes at 4:30 am ET. Following the release, the Franc gave back most of its gains against the Sterling.

Swiss producer and import price index rose 0.9% on month in May. On a yearly basis, the index climbed 2.8%. Economists expected the index to rise 0.4% on month and an annual increase of 2.4%.

During the very early hours on Wednesday, the Swiss Franc traded in a tight range versus the dollar and the pair was limited between 1.2397 to 1.2408. However, at about 2:50 am ET, the Franc started ticking up and fetched a high of 1.2373 within one and half hours. This came ahead and amid the release of the Swiss producer and import prices data for May. Soon after, the Franc dropped slightly and collected 1.2381 as of 5:43 am Eastern Time.

Against the Euro, the Swiss currency moved sideways until the German May producer prices data was released at 2:00 am Eastern Time on Wednesday. Amid the release, the Franc gained ground. The Swiss May producer and import prices data which was also released during the session helped the Franc to trade further higher. After collecting as much as 1.6609 at 3:30 am ET, the Franc lost some pips. As of 5:43 am ET, the pair was worth 1.6621.

The Swiss Franc declined slightly versus the British currency in the very early deals on Wednesday. Off 2.4675 at 2:45 am ET, the Franc spiked higher to 2.4601 within two hours and this was ahead and amid the release of the Swiss May producer and import prices data. Meanwhile, the Bank of England released its monetary policy meeting minutes at 4:30 am ET. Following the release, the Franc gave back most of its gains and fetched 2.4653 as of 5:43 am Eastern Time.

The Swiss currency traded slightly higher against its Japanese counterpart during the very early deals on Wednesday. But the pair gave back the gains at 1:40 am ET and touched 99.32 within a little longer than an hour. The Franc then steadied higher again and this came ahead of the release of the Swiss May producer and import prices data. The pair carried over its uptrend amid the release and traded at 99.70 as of 5:43 am ET.

Thursday, June 21, 2007

Wednesday, June 20, 2007

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