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Friday September 21, 2007 - 11:51:23 GMT
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ACM - www.ac-markets.com
Canadian hits parity and continues higher; Singapore dollar hits 10-year high
By James Brandt - ACM Advanced Currency Markets, Geneva, Switzerland
News and Events:
The Canadian dollar surged over 0.5%, blasting through parity against the US dollar. The USDCAD pair hit a low of 0.9939 in early trading this morning, the strongest level in 31 years, as crude oil hit $84 a barrel on the Nymex.
Federal Reserve Chairman Ben Bernanke on Thursday was quoted saying that the US subprime mortgage market has â€śfar exceeded even the most pessimistic estimates,â€ť which did not help the dollar against any currency. Investors heavily sold the greenback in the wake of the 50 basis point cut this week as demand for assets denominated in US dollars remains at weak levels.
The USDSGD (US vs Singapore dollar) traded to a 10 year low of 1.5004 on concerns of central bank intervention in the Asia and a weak US dollar.
Today's Key Issues (time in GMT):
09:00 EC ECB Euro-Zone Current Account JUL 3.5B vs 5.9B
09:00 EC PMI Manufacturing SEP A 53.9 vs 54.3
09:00 EC Euro-Zone Current Account nsa JUL
09:00 EC PMI Services SEP A 57.6 vs 58
09:00 EC PMI Composite SEP A 56.9 vs 57.4
13:30 CA Retail Sales MoM JUL 0.00% vs -0.90%
13:30 CA Retail Sales Less Autos MoM JUL 0.40% vs -0.30%
The Risk Today:
EurUsd: target is 1.4160 as the pair goes through 1.4020. Heavy support at 1.3932 and 1.4000.
GbpUsd aiming for 2.0226 with medium-term support at 1.9821.
UsdJpy Focus is on 113.39, however the pair has upside risk to 117.13.
UsdChf the pair is still very bearish and a close below 1.1688 would open the door to 1.1483. Upside, resistance holds at 1.1810.
Resistance and Support:
|S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot |
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