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Wednesday December 26, 2007 - 18:14:33 GMT
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Forex Market Commentary and Analysis (26 December 2007)

The euro appreciated vis-à-vis the U.S. dollar today as the single currency tested offers around the $1.4500 figure and was supported around the $1.4415 level.  Stops were reached above the $1.4465 level, representing the 23.6% retracement of the move from $1.4965 to $1.4310.  Data released in the U.S. today saw the December Richmond Fed manufacturing index fall to -4.  Also, the Standard & Poors/ Case-Shiller home price index decline for the 23rd consecutive month, off 6.7% for its largest decline since April 1991.  Many traders expect the euro to remain bid on account of the ongoing hawkishness from European Central Bank officials including President Trichet.  Euro bids are cited around the US$1.4165 level.

¥/ CNY

The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥113.95 level and was capped around the ¥114.30 level.  Minutes from Bank of Japan’s November Policy Board meeting were released today in which policymakers agreed to “gradually” raise interest rates in line with economic growth and the outlook for consumer prices.  Policymakers voted 8-to-1 at the November meeting to keep rates unchanged, a vote that was 9-to-0 at the December meeting. This suggests there will be some impetus to keep the overnight call rate unchanged at 0.50% for quite some time.  The Nikkei 225 stock index gained 0.65% to close at ¥15,653.54.  Dollar bids are cited around the ¥112.50/ ¥111.75 levels.  The euro gained ground vis-à-vis the yen as the single currency tested offers around the ¥165.45 level and was supported around the ¥164.50 level.  The British pound and Swiss franc appreciated vis-à-vis the yen as the crosses tested offers around the ¥226.45 and ¥99.25 levels, respectively.  In Chinese news, the yuan depreciated sharply vis-à-vis the U.S. dollar today as the greenback closed at CNY 7.3444 in the over-the-counter market, up from CNY 7.3297.

 



The British pound appreciated vis-à-vis the U.S. dollar today as cable tested offers around the US$ 1.9847 level and was supported around the $1.9795 level.  Cable is consolidating some of the losses incurred during the last several trading sessions.  Most traders expect Bank of England’s Monetary Policy Committee to ease interest rates further early in 2008.  Cable bids are cited around the US$ 1.9640 levels.  The euro moved higher vis-à-vis the British pound as the single currency tested offers around the ₤0.7315 level and was supported around the ₤0.7275 level.

CHF

The Swiss franc appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the CHF 1.1490 level and was capped around the CHF 1.1560 level.  Technically, today’s intraday low was right around the 38.2% retracement of the move from CHF 1.2475 to CHF 1.0885.  U.S. dollar offers are cited around the CHF 1.1680 level.  The euro gained ground vis-à-vis the Swiss franc as the single currency tested offers around the CHF 1.6685 level while the British pound weakened vis-à-vis the Swiss franc and tested bids around the CHF 2.2785 level.

 

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Real-time forex market news reports and features providing other currency trading information can be accessed by clicking on any of the headlines below. At the top of the forex blog page you will find the latest forex trading information. Scroll down the page if you are looking for less recent currency trading information. Scroll to the bottom of fx blog headlines and click on the link for past reports on forex. Currency world news reports from previous years can be found on the left sidebar under "FX Archives."



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