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U.S. Forex Market Commentary

Monday, March 10th, 2008

EURO The euro gained marginal ground vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5405 level and was supported around the $1.5310 level.  The common currency established a new lifetime high on Friday before coming off and has been rangebound today, hemmed in by comments from European Central Bank President Trichet who indicated he is concerned about “present excessive foreign exchange market moves.” Most traders do not expect central banks to

U.S. Forex Market Commentary

Friday, March 7th, 2008

EURO The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.5320 level and was capped around the $1.5460 level.  The common currency failed to hold many of the gains it earned in the North American session following the release of weaker-than-expected U.S. February non-farm payrolls data.  It was reported the U.S. economy lost 63,000 jobs last month with the unemployment rate at 4.8% and average hourly earnings up +0.3%.  There

U.S. Forex Market Commentary

Thursday, March 6th, 2008

EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5370 level and was supported around the $1.5260 level.  The common currency raced to a new lifetime high following remarks from European Central Bank President Trichet who cited “short-term upward pressures on inflation.”  Notably, however, Trichet added the current monetary policy stance “will contribute” to reining in inflationary risks.  The ECB today kept its main

U.S. Forex Market Commentary

Wednesday, March 5th, 2008

EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5270 level and was supported around the $1.5145 level.  The common currency appeared poised to establish a new lifetime high as sentiment worsened for the U.S. dollar.  Data released in the U.S. today saw January factory orders fall 2.5% for the first time in five months with the ex-transportation component off 0.4%.  Also, ISM non-manufacturing business activity index

U.S. Forex Market Commentary

Tuesday, March 4th, 2008

EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5230 level and was supported around the $1.5170 level.  The common currency established a new intraday high yesterday before ceding some gains.  Eurozone finance ministers verbally today, noting they are “closely monitoring” exchange rates.   European Central Bank member Quaden suggested the U.S. should reiterate its long-standing strong-dollar policy.  Data

U.S. Forex Market Commentary

Monday, March 3rd, 2008

EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5265 level and was supported around the $1.5160 level.  The common currency continued its upward trajectory and euro bulls are now eyeing the $1.5315 level as a major upside target.    Data released in the eurozone saw no change to EMU-15 February harmonized consumer price inflation at 3.2%, the same as January’s level and around expectations.  The European

U.S. Forex Market Commentary

Monday, March 3rd, 2008

EURO The euro weakened vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.5160 level and was capped around the $1.5240 level.  The common currency established another new lifetime high on an intraday basis before selling off as traders booked some profits ahead of month-end.  The markets are now pricing in about a 60% chance the Federal Open Market Committee will reduce the federal funds target rate by 75bps by the end of the 18 March FOMC

U.S. Forex Market Commentary

Thursday, February 28th, 2008

EURO The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the US$ 1.5150 level and was supported around the $1.5075 level.  The pair established a new lifetime low after the release of generally weak U.S. economic data.  First, it was reported that weekly initial jobless claims rose 19,000 to 373,000 with the four-week moving average at 360,500 and continuing jobless claims up 21,000 to 2.807 million, the highest level since October


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