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Forex trading investors had little to work with on September 7th as economic data in the US and the Euro zone was minimal. As a result, the US dollar had mixed results against the other forex majors in the market. The EUR/USD pair itself is on a recent upward trend, and the forex pair traded at a high of 1.2919 and a low of 1.2867. In the US, the Labor Day holiday resulted in closed stock markets and banks. Crude oil fell by 0.2% to close at $74.06 per barrel and gold remained nearly unchanged at $1,250 per ounce.
The GBP/USD pair traded at a high of 1.5489 and a low of 1.5344, posting losses against the IS dollar. The British pound also weakened for the fifth consecutive day against the euro. In Japan, the yen gained a little against the dollar, with the USD/JPY trading at a high of 84.49 and a low of 84.04.
As the overall US employment went down by approximately half of the forecast amount, the euro reached a 2-week high against the dollar. As long as the EUR/USD forex trading pair maintains an exchange rate that’s beyond the
1.2800 level, the momentum is on a bullish trend and a long position is expected. The EUR/USD forex pair exchanged at a high of 1.2897 and a low of 1.2808.
As for the pound, however, it fell versus the dollar, the longest series of losses ever since the month of June. Based on reports, house prices went down, triggering concerns that the economic recovery will fail. The reports have also showed that UK Services grew at a snail’s pace. Since the GBP/USD is still trading within a negative range, this pair is in a bearish momentum. The GBP/USD exchanged at a high of 1.5468 and a low of 1.5389. On the 1-hour chart, the next resistance level for the pair is at 1.5500.
On September 3 forex trading day, the dollar ended up posting mixed results against many forex majors due to waning risk aversion. The US home resales came out better than expected, suggesting the housing market may soon stabilize and have a brighter outlook. This economic data then prompted forex traders to invest in assets with better yields. The stock markets posted gains, with Dow Jones jumping by 0.49% and NASDAQ advancing by 1.06%. Crude oil also went up by 1.5% to close at $75.02 per barrel, and gold closed at $1,253.4 per ounce after a 0.4% gain.
After Jean-Claude Trichet, president of European Central Bank, confirmed that a second recession is unlikely, the euro got a boost and reached almost the highest level in two weeks versus the dollar. The EUR/USD pair traded at a high of 1.2848 and a low of 1.2776. The British pound, on the other hand, declined against the dollar and the euro after a poor UK house prices report. The GBP/USD traded between 1.5350 and 1.5451.
The euro and British pound were finally able to make significant gains against the dollar, after a boost from global economic data. It seems that many forex trading investors are no longer in their risk aversion mode, as some have confidently decided to invest in other major currencies. The euro rose against the dollar after news came out that Chinese Premier Wen Jiabao will help boost investor confidence on the euro and the Euro zone economy, in general. As long as the euro doesn’t drop from the 1.2800 zone, a bullish momentum is expected and a long position is encouraged. In the end, the EUR/USD pair traded at a high of 1.2855 and 1.2662.
The British pound also rallied versus the dollar after the ADP Employer Services report in August came out better than expected. An optimistic outlook for the global economy prompted investors to buy other assets, such as the British currency, other than the dollar. Because of the downward trend of the pound starting August, the momentum is still bearish. The GBP/USD traded at low of 1.5336 and a high of 1.5491.
After keeping a strong rally, the Japanese yen now dropped against most forex majors. This is the effect of better manufacturing data in the US and China, encouraging investors to invest in stocks, commodities, and other assets with better yields. As such, the momentum for the USD/JPY pair is bearish. The USD/JPY marked a low of 83.66 and a high of 84.66.
The British pound recorded new lows this month after breaking the 1.54 level. With many forex trading investors looking for a safer currency to trade with, the British pound failed to gain momentum and weakened against the dollar. It also didn’t help that the Net Lending to individuals came out 0.4B short than the 0.7B forecast. In the end, the GBP forex pair traded at a low of 1.5325 and a high of 1.5472.
The euro only managed a small gain against the dollar and bounced back almost near the support level. The Preliminary CPI remained the same as the 1.6% forecast. From -19k expected outcome, the German Unemployment Change tumbled to -17k. On September 1 trading day, the EUR/USD traded between 1.2625 and 1.2742.
The US dollar posted gains against many forex majors including the Canadian dollar. The USD/CAD traded at a low of 1.0573 and a high of 1.0671. Meanwhile, the Japanese yen rose against the dollar, as the USD/JPY ended up with a low of 83.80 and a high of 84.65.
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