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Morning Forex Overview
By: Dukascopy - 28-08-2008
0votesPrevious session overview
On Wednesday, the dollar saw a corrective decline against the euro after reaching a six-month high a day earlier, but fresh data due Thursday on U.S. economic growth may put the dollar back on top again.
The USD weakness came largely from worries that a hurricane could hit key U.S. oil installations on the Labor Day holiday Monday. Markets worry that could send crude prices back above USD120 a barrel, which could crimp U.S. consumer spending.
The euro rose on Wednesday after trading above its six-month low at 1.4570 as comments by a European Central bank official rekindled speculation about an interest rate increase in the euro zone to quell persistent inflation pressure.
The British Pound Sterling continues to trade near two-year low versus the dollar on concern that a slowdown in the euro zone economy may have a sharp negative impact on the UK economy as the euro zone is Britain's biggest trading partner.
The Japanese yen was looking at a modest selloff across the market Wednesday as temperate gains in stocks and a lack of major event risk left fundamental traders to speculate on the future of the carry trade.
The Canadian dollar held gains, helped by higher oil prices which rebounded on worries that Hurricane Gustav could disrupt oil production in the Gulf of Mexico.
A surge in business spending and a pause in the U.S. dollar's recovery gave the Australian dollar a shot in the arm during Asian trading Thursday, knocking government interest rate futures off their highs.Market expectation
The recent upward trend in USDCHF is still in place, say analysts. The pair is expected to aim at levels of 1.11081.1281, possibly 1.1334 in the medium term.
GBPJPY falls after release of weaker-than-expected August U.K. nationwide house price data. Forecast is that the pound and the euro will likely remain weak (against the yen) amid growing fears of a slowdown in the economies in Europe.
Traders saying that AUDUSD may bounce higher if will break key resistance at 0.8690 helped by weaker USD.
Markets now will gear up for the latest reading on second quarter U.S. gross domestic product growth. Economists expect GDP data to show a 2.7% expansion, which would be an upward revision from the preliminary reading of 1.9%.
Next Analysis: Gross Domestic ProductContent Provided by:
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