Foreign exchange Market Commentary

Forex Outlook

Posted by Gary on 19 September 2008 @ 5:08PM under Forex Outlook.

 U.S. Dollar Trading (USD) in one of the most volatile trading days in history the market ended on an extremely positive tone. Reports filtered through that the US FED, Treasury and Congress will be seeking a comprehensive solution to the financial crisis. News also that the SEC has banned naked short selling of stocks sent the Dow Jones on a 600 point reversal and allowed the USD to pare loses against all majors. On the Data front, Weekly Jobless Claims were slightly more negative than expected at 455K. In the U.S. share markets, the NASDAQ was up 100 points (4.78%) and the Dow Jones was up 410 points (3.86%). Crude Oil closed up $0.72 ending the New York session at $97.88 per barrel.

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Euro Forex Outlook

<Posted by Gary on 19 September 2008 @ 5:08PM under Euro Forex Outlook.

The Euro (EUR) Initially gaining sharply as the US market continued to look extremely fragile trading up to the 1.4500 level before consolidating. News of comprehensive action sent the Euro down against the dollar but was able to gain against the JPY as risk appetite picked up.  Overall the EUR/USD traded with a low of 1.4278 and a high of 1.4509 before closing the day at 1.4350 in the New York session. Looking ahead, August German PPI expected at -0.4% down form 2.0% m/m in July



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