Posts Tagged ‘currency market’
September 7, 2010 at 3:18 am
As the overall US employment went down by approximately half of the forecast amount, the euro reached a 2-week high against the dollar. As long as the EUR/USD forex trading pair maintains an exchange rate that’s beyond the 1.2800 level, the momentum is on a bullish trend and a long position is expected. The EUR/USD forex pair exchanged at a high of 1.2897 and a low of 1.2808.
As for the pound, however, it fell versus the dollar, the longest series of losses ever since the month of June. Based on reports, house prices went down, triggering concerns that the economic recovery will fail. The reports have also showed that UK Services grew at a snail’s pace. Since the GBP/USD is still trading within a negative range, this pair is in a bearish momentum. The GBP/USD exchanged at a high of 1.5468 and a low of 1.5389. On the 1-hour chart, the next resistance level for the pair is at 1.5500.
August 11, 2010 at 6:53 am
The Federal Open Market Committee is scheduled to give an announcement regarding open market operations and interest rates, in particular. This has sparked a lot of movement in the forex trading market, boosting the dollar on August 10th, just before the FOMC statement. On August 10th, the dollar gained against all of the majors as investors try to make the most profits on their projected FOMC moves. Crude oil advanced by 1% to close at $81.5 per barrel and gold remained nearly unchanged at $1,201 per ounce.
Despite the euro’s strong rally over the past week, the euro weakened against the dollar to fall below the 1.32 mark. The EUR/USD pair traded at a high of 1.3307 and a low of 1.3140. The dollar was also able to strengthen against the yen, pushing upward from the 85 to the 86 range. The USD/JPY pair traded at a high of 86.04 and a low of 85.24. As for the British pound, it also fell against the US dollar.
August 5, 2010 at 4:19 am
Many financial and forex trading experts thought that the US dollar would be able to start easing out of its decline because of the rising wages and the expected increase in home sales. It turns out that it may take a little time before traders see the dollar stabilize and perhaps strengthen on the onset of Pending Home Sales data. Although many are expecting that the Pending Home Sales data will improve, the figures were nowhere near the projected 0.5% and instead came out at -2.6%. This caused the dollar to weaken against most of the majors, with crude oil gaining by 1.5% to close at $82.55 per barrel, and gold increasing by 0.2% to close at $1,187.5 per ounce.
In England, the British pound is doing great as it strengthens against the dollar. The GBP/USD traded at a new high as the pair marked a high of 1.5968 and a low of 1.5861 on the August 4th trading day.
