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Wednesday July 23, 2008 - 20:30:41 GMT
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FX Blog- Market Snapshot Far East Open for 24 July 2008

GVI Market Snapshot- Far East Open for July 24, 2008

Profile of Key Markets:
  • The EUR/USD traded on the defensive most of the session on Wednesday. Ongoing weakness of energy prices fueled the USD demand. Many feel that an easing of the cost of energy will take the pressure off global inflation and provide key central banks with leeway to focus less on inflation and more on economic growth. Such a scenario is viewed as USD supportive. Weekly energy data showed another large build of gasoline supplies. Hurricane Dolly has had little impact on the energy production areas in the Gulf of Mexico. EUR/USD has been tracking crude oil closely recently, although the comnnection was not as tight on Wednesday. European new industrial orders today were especially weak. Thursday sees the key IFO data from Germany and the flash Eurozone PMI reports. The U.S. will see weekly jobs data and existing homes sales.



  • Click on chart for two year history

  • The GBP is still trading better vs. the USD after the surprising news that one BOE member had voted for a U.K. rate hike at the early-July meeting. The EUR/GBP cross is lower.



  • Click on chart for two year history




    Click on chart for two year history

  • In the carry trade financing currencies, the USD/JPY is higher and the USD/CHF is up. CHF/JPY is better. EUR/CHF is steady.



  • Click on chart for two year history

  • The commodity currencies are broadly lower vs. the USD. CAD saw a hot headline inflation report and tame BOC core data. Oil is down again and testing below the psychological $125.00 line. Gold is weaker.
  • As for oil, keep in mind we are in hurricane season so any storm that looks to be headed into the western Gulf of Mexico could spike prices higher.
  • Asian equities closed mostly higher. European bourses closed higher. U.S. equities are closing higher.
  • JGB markets closed lower. Prices on E-Z bonds were lower. U.S. bond prices are ending sharply lower. The E-Z minus U.S. 2-yr note spread was last -181bps, +7bp.
  • See the GVI calendar for the full schedule of data releases.

20:08

 USD

pips

10yr

bp

2yr

bp

Stox

 

pts

USD

73.04

0.37

4.122

0.8

2.749

2.9

 

 

 

EUR

1.5688

(91)

4.659

2.2

4.589

(0.7)

DAX

6536

93

GBP

1.9986

81

5.045

4.6

5.093

6.2

FTSE

5450

86

 

 

 

 

 

 

 

 

 

 

CHF

1.0382

75

3.311

2.2

2.764

(1.2)

SMI

7058

136

JPY

107.83

54

1.665

5.0

0.825

2.0

NIK

13313

128

 

 

 

 

 

 

 

 

 

 

CAD

1.0101

18

3.865

1.5

3.237

2.4

TSE

13536

(85)

AUD

0.9619

(90)

6.448

(2.0)

6.645

(2.0)

ASX

5105

4

NZD

0.7514

(76)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CNY

6.8290

78

SSEC

2838

(8)

 

DJIA

11634

31

Gold

918.55

(24.90)

HSI

23135

607

 

S&P

1282

5

WTI

124.29

(3.66)

 

 

 

 

NAS

2326

22

 

Forex Trading News

Forex Research

Daily Forex Market News
Forex news reports can be found on the forex research headlines page below. Here you will find real-time forex market news reports provided by respected contributors of currency trading information. Daily forex market news, weekly forex research and monthly forex news features can be found here.

Forex News
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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Amazing Trader EVENT RISK Calendar:

Fri 20 Oct
12:30 CA- Retail Sales & CPI
14:00 US- Existing Homes Sales


Tue 24 Oct
All Day flash PMIs
Wed 25 Oct
01:30 AU- CPI
08:00 DE- IFO Survey
08:30 GB- GDP
14:00 CA- BOC Decision
14:30 US- EIA Crude
Thu 26 Oct
11:45 EZ- ECB Decision
12:30 US- Weekly Jobless
14:00 US- Pending Homes Sales
Fri 27 Oct
12:30 US- GDP
14:00 US- final Univ of Michigan

Forex Trading Outlook


Potential Trading Opportunities


  • POTENTIAL PRICE RISK: High Fri-- 12:30 GMT CA- Retail Sales and CPI. Top economic indicators.


  • POTENTIAL PRICE RISK: HIGH Fri-- 14:00 GMT US- Existing Homes Sales. Top Housing statistic.



John M. Bland, MBA
co-founding Partner, Global-View.com

EXCLUSIVE: Global-View Daily Trading Chart Points Updated

EXCLUSIVE: Global-View Free Forex Database updated




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