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Dukascopy Daily Forex Overview
By: Dukascopy - 28-01-2008
0votesPrevious session overview
On Friday, the dollar benefitted from a turn in risk sentiment, as uncertainty mounted ahead of the Federal Reserve meeting this week.EURUSD traded with a low of 1.4660 and a high of 1.4777 before closing the day at 1.4670 in the New York session. Against the dollar, the euro is lower in a tight range.
The pound sterling also gained as investors' appetite for risk improved following a rally in global stocks. GBPUSD traded with a low of 1.9746 and a high of 1.9803 before closing the day at 1.9803 in the New York session.
The Japanese yen softened following a rally in global stocks, which encouraged investors to buy higher-yielding assets.
German business confidence unexpectedly rose in January, suggesting that eurozone interest rates will remain on hold at 4 percent.
The Australian dollar remains supported by its widening yield advantage and a rebound in global stocks.
The Canadian dollar softened after core consumer prices fell 0.3% in December.
Market expectation
As long as stocks remain sluggish, advances in the euro against the yen will be limited which, in turn, could hamper rises in the euro versus the dollar.Look for the euro to remain strong as investors continue to dump the U.S. dollar.
Looking ahead, the State of the Union address and new home sales are due today.
EUR/CHF has gained momentum recently, but the upside seems limited in the short term.
USD/JPY at risk of falling toward 105 if global stocks remain weak.
USD should have some support as players unlikely to make any large one-sided bets amid uncertainties over the Fed's next rate decision.
Friday's non-farm payrolls report will confirm or deny whether the Federal Reserve has made the right decision.
Bank of England is expected to cut rates as the outlook for the U.K. economy remains shaky.
Today's Australia Day holiday ensures a slow start to the week for both AUD and NZD.
Looking ahead, Eurozone M3 money supply growth is expected to slow slightly from 12.30% yoy to 12.2% yoy in Dec but remain extremely strong.
Next Analysis: Gold Prices Volatile as World Stock Markets Slump Yet Again; South African Mining OutputContent Provided by:
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