By Allison Bennett “There are good indications that euro-dollar may have set a
low at the end of last week,” technical analysts led by Tom Fitzpatrick in New
York wrote in a report. “Focus is on near term resistance at 1.3750 and a close
above there would be a bullish short-term
By Camila Fontana The U.S. bank also changed its year-end forecast to 1.8 per
dollar from 1.75, according to a report by strategists Emy Shayo Cherman and
Ben Laidler dated yesterday. “If risk aversion remains, the real should
continue to weaken,” they wrote. “Flows to Brazil
Key Technical Levels The 38.2% Fibo extension of the 1.1723-1.0203 decline is
providing solid resistance and an ideal target level for high frequency
traders. Short-term trend line support (1/19, 2/3 lows) has limited downside
risks. The USD/CAD has started to settle into a 125 pip
With so many countries releasing trade numbers this week, we thought it would
be interesting to look at how trade balances of various countries compare. On
the most fundamental level, currencies move on supply and demand and there is
no greater demand for currencies than for
Talking Points • Japanese Yen: Down Across the Board
• Pound: Trade Deficit Widens as Imports Jump
• Euro: President Trichet Heads to EU Summit Ahead of
Schedule • US Dollar: Wholesale Inventories, IBD/TIPP
Economic Optimism on Tap British Pound Gives
Top Stories Euro rallies on hopes for EU summit on Thursday Asian equities
slightly lower but Europe up on summit hopes Oil at $72.40/bbl Gold holds
steady at $1068/oz. Overnight Eco JPY Prelim Machine Tool Orders up 192% EUR
German Final CPI -0.6% as expected EUR
By Hiroko Komiya Greek teachers, hospital workers and tax collectors plan to
strike for 24 hours tomorrow as 600,000 public workers oppose Prime Minister
George Papandreou ’s plan to freeze wages and reduce benefits. Private-sector
employees will follow Feb. 24. “Europe’s fiscal
Less than one per cent of the $65 billion Future Fund is invested in peripheral
countries of Europe , such as Spain and Portugal, and where there are worries
over sovereign debt levels . General manager of the Future Fund Management
Agency Paul Costello told a Senate estimates
Fed Bullard has also come out on a separate matter that could help to bolster
the USD after saying that the discount rate could go up in the near future as
the Fed prepares its exit from liquidity programs. Nobel Prize economist
Stiglitz is generating some attention on the Greek crisis after
• Euro Finds Little Consolation from EU Finance Ministers’ Greek Guarantees at
G7 • Japanese Yen: Lending Troubles another Road Sign to the Next ‘Lost Decade’
• Commodity Currency Policymakers Start Rolling Back Emergency Aid Dollar
Advances for a Fourth Consecutive Session
Key Technical Levels The 38.2% Fibo extension of the 1.1723-1.0203 decline is
providing solid resistance and an ideal target level for high frequency
traders. Short-term trend line support (1/19, 2/3 lows) has limited downside
risks. The USD/CAD has started to settle into a 125 pip
