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FOREX     Forex overview for the 12th of April 2010 (Fx Fundmanagement)

Author Message ▼ Last message
Fx Fundmanagement     posted : 12/04/10   06:32 pm

World indexes:

DJIA 0.11%
S&P500 0.18%
NASDAQ 0.08%
CAC40 -0.01%
DAX -0.04%
NIKKEI 0.42%

Movers & Shakers:

EUR/AUD +1.27%
EUR/NZD +1.21%
EUR/CAD +1.18%
CHF/JPY +0.82%
EUR/JPY +0.79%
GBP/AUD +0.66%
GBP/NZD +0.64%
EUR/USD +0.64%
GBP/CAD +0.62%
USD/CAD +0.57%
CAD/JPY -0.37%
NZD/JPY -0.40%
AUD/JPY -0.46%
NZD/USD -0.54%
GBP/CHF -0.58%
AUD/USD -0.60%
USD/CHF -0.67%
CAD/CHF -1.19%
NZD/CHF -1.22%
AUD/CHF -1.23%

Important levels:
Support Resistance

1.3394 1.3553
1.3289 1.3606
1.3236 1.3711
1.5294 1.5418
1.5219 1.5467
1.5170 1.5542
1.0624 1.0731
1.0586 1.0800
1.0517 1.0838
92.958 93.628
92.701 94.041
92.288 94.298

Forex overview for the 12th of April 2010

The euro gained on hopes a Greek aid package announced over the weekend would alleviate pressure on Greek debt, though it slipped from its highest levels of the trading session against the dollar as investors pondered whether the plan would work.

The euro soared overnight to nearly USD1.37 on news euro-zone finance ministers agreed to backstop Greek debt with as much as 30 billion Euros in loans at 5% interest rates if the debt-strapped country has trouble borrowing in capital markets.

The ICE Dollar Index, which tracks the greenback against a trade-weighted basket of currencies, was at 80.643 from 80.929.

The euro rose to USD1.3613, up from USD1.3480 in late North American trading on Friday. The shared currency earlier hit as high as USD1.3691, the highest level on a closing basis since March 17.

The EURJPY also gained to JPY126.97, up 0.9%. The USDJPY gave up earlier gains to buy JPY93.28, compared with JPY93.24 late Friday.

Market expectation

The first test of the Greek aid plan will come Tuesday when the country attempts to raise EUR1.2 billion in an offer of six-month and one-year notes; however, some analysts said an even more important test will come when the country starts a road show in late April to drum up support for USD5 billion to USD10 billion of bonds aimed at U.S. investors.

Analysts doubt that the euro will manage to rally far beyond USD1.38. Not only are there residual concerns about Greece's financing ability, the bailout has done nothing to resolve the difficulties of other peripheral debtors, such as Portugal and Spain, in the euro zone.

EURUSD not much flow behind the rebound to USD1.3610 area that comes against a backdrop of slightly firmer US stocks, suggesting perhaps some risk-appetite rebuilds. Pair expected to find offers around USD1.3625/35 area but noticeable how many traders commenting on how quiet the market is given the events of the weekend.

Pound is finding resistance around USD1.5390/95 (USD1.5393 23.6% USD1.5486/1.5365), as rate recovers off recently posted pullback lows at USD1.5365. Above USD1.5395 and rate can edge on toward USD1.5410 ahead of USD1.5425, traders suggested. Support remains at USD1.5365, more placed toward USD1.5350.

USDJPY continuing to slide lower after testing JPY93.60 in earlier trade. Traders report interest to sell dollars across the board and the yen is no exception trading JPY93.32, traders report stops sub JPY93.00 with larger stops at JPY92.80 level.

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