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2012 Week2! INTRA-DAY OUTLOOK- USD/JPY- 76.98

(09 Jan 2012 01:01 GMT)

Despite dollar's recovery from last Wednesday's low at 76.61, subsequent retreat from 77.34 suggests aforesaid correction is over and consolidation with downside bias is seen for weakness to 76.58/61, break would extend decline from October's high at 79.55 to 76.33 but 76.11/ should hold and bring recovery later.

On the upside, above 77.34 would signal a temporary low has possibly been made but above 77.56 is neeed to confirm this view and yield gain to 78.04.

Market Review - 10/09/2011 01:20 GMT

Euro tumbles on heightened concerns over Greek default and ECB Stark's resignation

The single currency continued its descent this week and tumbled sharply to a 10 year-low against the yen and to a 6-month low against the greenback on speculation over the possibility of a Greece default and the resignation of European Central Bank executive board member and also its chief economist Jurgen Stark.

Bloomberg reported that the German government may set up a fund to recapitalize its banks if Greece cannot meet its debt commitments. This news reignited worries over the potential of a Greek default and rattled German and European equities.

Although ...

Market Review - 07/09/2011 22:00 GMT

Euro maintains a steady bias ahead of Thurday's ECB rate meeting

The single currency briefly rallied in European morning on Wednesday after German Constitutional Court rejected lawsuits aimed at blocking the country's participation in eurozone bailouts, easing worries about eurozone debt crisis.

The single currency edged higher from Australian low at 1.3994 and briefly climbed to session high of 1.4150 after German top court rejected challenges to the participation in ECB rescue funds. Despite euro's strong retreat to 1.4013 in NY morning, active cross buying of euro vs other currencies lifted the pair to 1.4108 in late NY afternoon.

Euro ...

Market Review - 06/09/2011 21:59 GMT

Franc plunges broadly as SNB draws line on eur/chf

The Swiss franc tumbled broadly on Tuesday as the Swiss National Bank stated that it would no longer accept a strong franc and prepared to buy foreign currencies in unlimited quantities to maintain its goal of a minimum exchange rate of CHF 1.2000 per euro.

The greenback rallied from 0.7843 to 0.8573 vs the Swiss franc due to SNB's shock decision to fix eur/chf rate at 1.2000. Although dollar retreated to 0.8439 on profit-taking, renewed buying pushed the pair to session intra-day high at 0.8626 in NY afternoon. Eur/chf surged sharply from 1.1022 to 1.2190, the biggest one-day move in history.
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