The Euro tested below 1.39 while the British Pound sank to as low as 1.6063 in overnight trading as stocks fell for the sixth consecutive day on Asian exchanges, offering support to the safety-linked US Dollar.
Student’s Question: We hear about double tops and bottoms.? I know I have seen triple tops and bottoms on the charts.? Is there any special significance to them?? Thanks. Power Course Instructor’s Response: On the chart below, examples of a double bottom along with a triple top and a triple bottom can be seen.
MORNING SLICES (Abbreviated) Fundys – The lack of economic releases in the overnight session failed to prevent the markets from moving significantly with currencies selling off across the board in favor of the flight to safety lure of the Yen and USD .
The backdrop of risk aversion, amid concerns about the global growth outlook amid recent poor unemployment data (particularly the disappointing U.S. payrolls data Thursday) and incipient stock market doubts about corporate profitability potential, should keep the JPY and USD underpinned against most currencies
Swiss Franc May Fall If Bulls Give Up Fight Against Intervention Fundamental Forecast for Swiss Franc: Bearish - Swiss UBS May Consumption Indicator fell to 0.772 from 0.912, which was the lowest in five years -?SVME-PMI Index rose for July to 41.8 from 39.8, as orders increased -?Consumer prices fell for a fourth month by 1.0%, but less than the -1.1% expected The Swiss Franc ended last week relatively unchanged after it fell after reaching an eight day high on prospective SNB intervention and broad based dollar strength. The Swiss National Bank Governing Board member Thomas Jordan said the central bank will continue to intervene on an ad-hoc basis to prevent the Swiss franc from rising, as part of its massive quantitative easing. We didn’t see any clear signs of intervention as we did the week prior when the USD/CHF rose nearly 400 pips on June 24th
Cable pulled back from the 1.6480 area in early Europe after running in to good selling above 1.6500 during the Asian session. The pull back extended to…
The Q2 CBI U.K. financial services survey showed some signs of optimism returning to the sector. The CBI reported that “many parts of the UK’s financial…
The dollar had a very lackluster session in Asia, gaining some ground during the day, though gains were mostly linked to the fact that the dollar was at…
Canada’s Fin Min Flaherty said he sees positive signs in the economy, and called the OECD forecast for Canada for 2010 too pessimistic. Flaherty said,…
Our trend of the day is the GBP/CAD.
