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Morning Forex Overview
By: Dukascopy - 27-08-2008
0votesPrevious session overview
On Tuesday, the dollar hit a six-month high against the euro and a two-year peak against the U.K. pound as European currencies were beaten down by a dreadful report on German business confidence.
US New Home Sales rose 2.4 percent in July after having drop 0.6 percent in June, a modest improvement from nearly a 17 year low.
EURUSD dipped to 1.4571 after German Business Confidence proved weaker than anticipated, although the Euro zone currency was able to recover back to 1.4648 by the close.
The British Pound fell to a two-year low after news that mortgage approvals was at a decade low in July. Cable tested bids around the USD 1.8325 level and was capped around the USD1.8530 level.
Against the Japanese yen, the dollar was up 0.3 percent at 109.61 at New York closing while euro also rebounded from its intra-day low of 159.92 and ended at 160.60.
The Canadian dollar rebounded, helped by higher oil prices. Oil prices rose above USD116 a barrel on fears that Hurricane Gustav could disrupt U.S. offshore oil output.Market expectation
Many USDJPY selling orders are around 109, slowing pair's upward momentum. Players speculating BOK now buying back USD it had sold earlier in day in attempt to curb USD's rise against KRW.
The Japanese yen is expected to remain weak on concerns that Japan's economy shrank during the second quarter.
The euro is higher against the dollar Wednesday, after stops were triggered around USD1.4710. Looks like players are just covering shorts, following sharp falls in the EURUSD overnight given current conditions of the European economy, it would be difficult to keep buying back the euro. The trader tips a EURUSD band of 1.4650-1.4750 for now.
The market will scan inflation comments closely, especially after oil prices set a record high in July, for more clues on the interest rate outlook.
Economists expect a pickup in Australia's unemployment rate - which currently sits near 30-year lows - amid high interest rates, waning consumer spending and a slowdown in the global economy. Most forecasts center on an unemployment rate of around 5% by the end of the year.
Next Analysis: German IFO pummels Euro, Boosts DollarContent Provided by:
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