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The USD climbed repeatedly against the EUR

Varengold Bank Research Team from Varengold Wertpapierhandelsbank AG at 02/15/10


Good morning from wonderful Hamburg and welcome to our Daily FX Comment. Today, we will be focused on the measures of the ECB for the financial situation of Greece. Anyway, we hope you had a great weekend and we wish you a nice start in the new week.

Market review

The USD climbed repeatedly against the EUR as debt problems in Greece and Dubai supported speculation that the global economic recovery will falter. Today, European finance ministers will meet in Brussels to discuss about concrete measures to rescue Greece. According to “Financial Times”, Greece is expected to resist pressure from the European Central Bank and Germany for an immediate tightening of its budget deficit. The EUR fell for a fourth day against the USD and for the seventh day versus the AUD. The EUR/AUD fell to 1.5319 after reaching its low at 1.5272 on Friday, which was the lowest level since 2000. The EUR/USD opened the week at 1.3615 after reaching its low at 1.3532 on Friday, the lowest level since May 2009.

The AUD climbed against 12 of the 16 major currencies after Japan’s economy grew faster than economists expected, which prompted that the regional recovery will boost demand for higheryielding assets. The AUD/JPY climbed back over its 80.00 level while the AUD/CHF climbed for the fifth day after it reached a record high on Friday. The AUD/CHF reached a high of 0.9603, the highest price since the middle of August 2009.


Since the beginning of the year, the USD/JPY has been falling along a downward Fibonacci fan. It is the second time that the market entered the fan with a bullish trend channel. At the first time the market pulled down when it reached the upper level of the Fibonacci fan. If the market breaks the upper level now, it may continue moving into the green channel.


Since February 4th, the GBP/NZD has been moving under a bearish trend line. As you can see, the market reached the support level from the beginning of the year around 2.24. The last time when the market broke this level, it reached a level around 2.2230. If the pair breaks through the support around 2.24, it may fall towards the level around 2.2230.

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