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The EUR reached 1.4891 versus the USD

Varengold Bank Research Team from Varengold Wertpapierhandelsbank AG at 12/07/09


Good morning from beautiful Hamburg and welcome to our first Daily FX Report in a new week. Today we will report about the strong JPY which rose against all of its 16 major counterparts. Furthermore we analyze the CHF. However, we wish you a good start in a new trading week.

Market review

The USD and the EUR weakened against the JPY on speculation that Japanese companies will increase its overseas earnings. The JPY rose to 133.30 against the EUR and the USD dropped to 89.80 versus the JPY. Furthermore the JPY climbed against all other major counterparts as the nation’s exporters took advantage of its biggest weekly decline against the USD in a decade to purchase it. The EUR recovered from a two week low against the USD on speculation that Federal Reserve Chairman Ben S. Bernanke will seek to temper the recent increase in long term yields. The EUR reached 1.4891 versus the USD.

The South Pacific nations could rise from its last bearish trend. The AUD climbed as the job vacancies jumped in Australia by the most since May 2007. The AUD touched 0.9161 against the USD. The NZD gained to 0.7181 versus the USD after the house prices in New Zealand rose for a second month in November 2009. The actual benchmark rates from Australia and New Zealand attracting investors for their nation currencies. The benchmarks are 3.75% in Australia and 2.5% in New Zealand.


With the beginning of December, the CAD recovered from its bearish trend against the CHF. Recently, the currency pair touched its resistance at 0.9660 and the prices rebounded. Furthermore the CAD reached the upper Bollinger Band which may indicate pull back from its bullish trend like three times before. Also the RSI could support a changing trend with a decreasing demand.


Since the beginning of December, the AUD has been trading in bullish trend versus the CHF. Since a few days, the currency pair is trying to break its Pivot Point at 0.9308, but it seems that the resistance is strong enough to stop the upward trend. Also a crossing MACD through the signal line from the top may indicate a pull back for the AUD.

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