Ramsey
11-11-2003, Tue 3:07 PM
EUR/USD
http://www.fxonline.sk/grafy/maly/1.png
Yeterday's Close:1.1482 High:1.1535 Low:1.1469
Resistance Levels: 1.1530/40, 1.1570/80,1.1600/10
Support Levels:1.1450/60, 1.1380/90, 1.1330/40
The euro Fell 0.39% on the day in thin trading ahead of the U.S. holiday . Traders said it was a strong reversal day Friday suggesting short-term bottom is in.
This suggests continued gains towards retracement targets at $1.1545/60
Support lies at $1.1475-$1.1450. Analysts are saying they are looking for further short-term upside and then the continuation of dollar strength/stability into the middle/end of the week
USD/JPY
http://www.fxonline.sk/grafy/maly/2.png
Yestrday's Close:108.82 High:109.64 Low:107.88
Resistance Levels:109.20/30 ,109.60/70, 110.10/20
Support Levels:108.20/30 107.50/60, 106.70/80
The yen climbed to a 10-month high versus the euro and flirted with a new three-year high against the dollar on Monday after weekend elections in Japan returned a reform-minded government to power, albeit with a smaller power base.
The dollar fell as low as 107.88 yen, just a touch above the three-year low of 107.82 reached on Oct. 29. The dollar later trimmed some of those losses.
A smaller majority for Prime Minister Junichiro Koizumi's Liberal Democratic Party hurt Japanese stocks -- and at least initially, the yen too -- because the setback was seen as a possible hindrance to badly needed economic reforms.
Analysts said the fact that Koizumi weathered the election and consolidated his power in the divided LDP -- a blend of reformists and conservatives -- might herald a bigger push toward change or risk losing ground to pro-change opposition Democrats, who gained in Sunday's poll.
The euro fell 1.40 percent to 124.17,before recovering slightly to close around 124.75 yen.
The dollar fell in concert, dropping as low as 107.88 before closoing around 108.65 . "
Japan's Nikkei average ended down more than 1 percent on Monday following a sell-off on Wall Street Friday as investors booked profits on a week of gains after a robust U.S. payrolls report.
USD/CHF
http://www.fxonline.sk/grafy/maly/5.png
Yesterday's Close:1.3703 High:1.3717 Low:1.3631
Resistance Levels:1.3730/40, 1.3800/10, 1.3850/60
Support Levels:1.3640/50, 1.3570/80, 1.3500/10
Analysts say that there is resistance at 1.3800 francs against the Swiss franc.
The reversal pattern on Friday and the signature of the decline suggests lower lows to come before we look for a bottom and another leg of ascent.
Targets come in at 1.3520-1.3500 francs and potentially 1.3430-1.3420 francs
GBP/USD
http://www.fxonline.sk/grafy/maly/4.png
Yesterday's Close:1.6710 High:1.6756 Low:1.6705
Resistance Levels:1.6750/60, 1.6800/10, 1.6830/40
Support Levels:1.6700/10, 1.6670/80,1.6620/30
Sterling held above last week's four-week lows against the dollar on Monday and was little changed versus the euro with few domestic factors available to affect the exchange rate.
Late on Friday sterling had pulled back from four-week lows on the dollar, set in the wake of Thursday's rise in interest rates by the Bank of England which had sparked a bout of profit-taking.
Markets were focusing on this week's release of the quarterly Bank of England (BoE) inflation report, which could provide hints about the BoE's plans for future monetary policy, following last week's rise in interest rates.
Some analysts warned investors that markets were pricing in too many rate hikes in the future in Britain and that sterling could still run into downward pressure if these expectations were to be revised down. At close, sterling traded at $1.6720 ,up from the four week lows of $1.6563 set on Friday but steady on the day.
It was also slightly up against the euro from Friday's closing levels at 68.70 pence.
The BoE has raised rates by a quarter of a percentage point from 48-year lows to 3.75 percent, tightening monetary policy for the first time in almost four years.
It justified last week's rate rise by saying that household spending and the buoyant housing market were threatening to boost inflationary pressures.
Earlier on Monday, Land Registry data showed house prices in Britain rising at their slowest annual rate in more than a year during the third quarter of 2003.
The government body which watches and records all property deals said house prices in England and Wales rose by 10.62 percent between July and September versus the same period in the previous year.
However, producer prices data showed raw material costs rising at their sharpest pace in 10 months in October as the cost of crude oil surged. Producer input prices rose by 1.6 percent last month, twice the rate predicted by analysts.
http://www.fxonline.sk/grafy/maly/1.png
Yeterday's Close:1.1482 High:1.1535 Low:1.1469
Resistance Levels: 1.1530/40, 1.1570/80,1.1600/10
Support Levels:1.1450/60, 1.1380/90, 1.1330/40
The euro Fell 0.39% on the day in thin trading ahead of the U.S. holiday . Traders said it was a strong reversal day Friday suggesting short-term bottom is in.
This suggests continued gains towards retracement targets at $1.1545/60
Support lies at $1.1475-$1.1450. Analysts are saying they are looking for further short-term upside and then the continuation of dollar strength/stability into the middle/end of the week
USD/JPY
http://www.fxonline.sk/grafy/maly/2.png
Yestrday's Close:108.82 High:109.64 Low:107.88
Resistance Levels:109.20/30 ,109.60/70, 110.10/20
Support Levels:108.20/30 107.50/60, 106.70/80
The yen climbed to a 10-month high versus the euro and flirted with a new three-year high against the dollar on Monday after weekend elections in Japan returned a reform-minded government to power, albeit with a smaller power base.
The dollar fell as low as 107.88 yen, just a touch above the three-year low of 107.82 reached on Oct. 29. The dollar later trimmed some of those losses.
A smaller majority for Prime Minister Junichiro Koizumi's Liberal Democratic Party hurt Japanese stocks -- and at least initially, the yen too -- because the setback was seen as a possible hindrance to badly needed economic reforms.
Analysts said the fact that Koizumi weathered the election and consolidated his power in the divided LDP -- a blend of reformists and conservatives -- might herald a bigger push toward change or risk losing ground to pro-change opposition Democrats, who gained in Sunday's poll.
The euro fell 1.40 percent to 124.17,before recovering slightly to close around 124.75 yen.
The dollar fell in concert, dropping as low as 107.88 before closoing around 108.65 . "
Japan's Nikkei average ended down more than 1 percent on Monday following a sell-off on Wall Street Friday as investors booked profits on a week of gains after a robust U.S. payrolls report.
USD/CHF
http://www.fxonline.sk/grafy/maly/5.png
Yesterday's Close:1.3703 High:1.3717 Low:1.3631
Resistance Levels:1.3730/40, 1.3800/10, 1.3850/60
Support Levels:1.3640/50, 1.3570/80, 1.3500/10
Analysts say that there is resistance at 1.3800 francs against the Swiss franc.
The reversal pattern on Friday and the signature of the decline suggests lower lows to come before we look for a bottom and another leg of ascent.
Targets come in at 1.3520-1.3500 francs and potentially 1.3430-1.3420 francs
GBP/USD
http://www.fxonline.sk/grafy/maly/4.png
Yesterday's Close:1.6710 High:1.6756 Low:1.6705
Resistance Levels:1.6750/60, 1.6800/10, 1.6830/40
Support Levels:1.6700/10, 1.6670/80,1.6620/30
Sterling held above last week's four-week lows against the dollar on Monday and was little changed versus the euro with few domestic factors available to affect the exchange rate.
Late on Friday sterling had pulled back from four-week lows on the dollar, set in the wake of Thursday's rise in interest rates by the Bank of England which had sparked a bout of profit-taking.
Markets were focusing on this week's release of the quarterly Bank of England (BoE) inflation report, which could provide hints about the BoE's plans for future monetary policy, following last week's rise in interest rates.
Some analysts warned investors that markets were pricing in too many rate hikes in the future in Britain and that sterling could still run into downward pressure if these expectations were to be revised down. At close, sterling traded at $1.6720 ,up from the four week lows of $1.6563 set on Friday but steady on the day.
It was also slightly up against the euro from Friday's closing levels at 68.70 pence.
The BoE has raised rates by a quarter of a percentage point from 48-year lows to 3.75 percent, tightening monetary policy for the first time in almost four years.
It justified last week's rate rise by saying that household spending and the buoyant housing market were threatening to boost inflationary pressures.
Earlier on Monday, Land Registry data showed house prices in Britain rising at their slowest annual rate in more than a year during the third quarter of 2003.
The government body which watches and records all property deals said house prices in England and Wales rose by 10.62 percent between July and September versus the same period in the previous year.
However, producer prices data showed raw material costs rising at their sharpest pace in 10 months in October as the cost of crude oil surged. Producer input prices rose by 1.6 percent last month, twice the rate predicted by analysts.