Daily Market update by UWC

11.10.10

The Chinese Yuan keeps being strong. The US authorities will start the strong pressure on China regarding the Chinese exchange rate terms. During this weekend it was a meeting of the International Monetary Fund.

Today the Gold contracts were a little lower because of the USD growth against the EURO. But nevertheless the Gold remains being one of the most interesting and perspective assets for investors.

The crude oil contracts traded next to the level of $83. This level has been reached during the European session today.

Today it’s a holiday in the US and there is no big volatility on market due to this fact all traders are waiting for the new economic data over this week.

The GBP/USD does not show any direction and remains to be at the same level at the moment.

12.10.10

The YEN continues to consolidate and today during the Asian session the USD/JPY and the EURO/JPY dropped and reached new low levels.

The finance minister of Japan declares that Japanese government will take all necessary measures on the yen’s growth and that the authorities will observe market very carefully.

The oil contracts continue to move down because of the little USD recovery against its principal currency-competitors.

The gold lost his positions and traded back around the area of $1350.

After the US holiday yesterday market expects sales today. Currently the EURO is above 1.3800 against the USD. If this zone would be declined by the pair during the day it will be a signal of pair’s moving toward the level of 1.3680 and below.

13.10.10

The Yuan continues to rise. The Chinese currency increases considerably during the last 6 weeks.

Today it was a first time in last days when the yen dropped against the euro and the dollar because due to the current market situation investors are willing to buy the risk currency.

The USD decreased against the EURO during the Asian session today according to the information that the US Federal Reserve will continue to use the quantitative easing by buying governments securities.

Also the pair GBP/USD regains on the weak dollar after Federal Reserve comments and during the European session hours the pair reaches the session high. Therefore GBP/USD recovers a little after the yesterday’s downside.

On Tuesday the crude oil contracts were traded at low values. But today the prices consolidate and reach the area of $82.

14.10.10

The USD dropped against the YEN at 15-year low level on expectations regarding the FED purpose to continue the quantitative easing.

Also because of these expectations of new quantitative easing series which will proceed by FED, the dollar fell against the Euro and GBP.

The oil traded higher today, the contracts were pushed up by the weak USD.

Also the yellow metal is under the FOMC influence and the gold jumped at a new high on the FOMC comments which gave a new wave of fear about the inflation.

15.10.10

During the Asian session today the Euro /USD moves to lower level after Thursday’s high but on European trade the pair regains and remains near the area of 1.4100.

The speech of Ben Bernanke (The Federal Reserve Chairman) regarding the monetary policy needs to confirm that the Fed will continue to buy treasuries to prop up the economy. Therefore the dollar is starting to fall and now all traders are waiting for confirmation from the FED.

Also the USD dropped against the JPY in spite of the fact that Japanese minister of finance confirmed the possibility of a new intervention into the market and announced that the government was ready to take all necessary measures.

18.10.10

After the comments of Jean-Claude Trichet (the President of European Central Bank) who spoke about the economy perspective and monetary policy, the USD recovered against the Euro due to the fact that Jen-Claude Trichet approved of the government bonds acquisition by Central Bank. The Central Bank is willing to buy bonds from some weak euro-zone countries.

During the Asian session the oil contracts were lower because of the little USD recovery. Therefore the oil futures were quoted $0.50 less before European session has been started.

Also as a reaction on the US dollar recovery, today the main metals quoted on downside especially during the first sessions. And market is waiting for the upcoming economic data to choose the direction.

19.10.10

The USD strengthens during the European session after the Monday’s comments from the US Treasury Secretary (Timothy Geithner) who declared that the US dollar will not be devalued.

The dollar consolidation strength will depend on the USD capability to manage to keep the last days benefits. Due to this correction everybody on market should look forward to get the confirmation signals. By the way this US dollar’s correction is the strongest one during the past months.

The Japanese finance minister supposes that the main world’s leaders should join efforts and cooperate together on economic recovery and exchange rates stabilization.

While the USD regains slightly against its main competitors the oil and gold feel this influence and traded at lower levels.

20.10.10

The Euro/Usd regains and starts to renew its uptrend.

The prices of the oil contracts increased today.

Because of the Chinese rate which has been increased increased the gold traded at higher levels today during the European session.

Yesterday the USD rose slightly against the Yen but then the pair was not be able to fix its gains and today it moves to the low levels again.

21.10.10

The Eur/Usd strengthens and remains to become stronger day by day and breaks through Wednesday’s low. Today the pair is testing the new area of 1.4000. Also the Euro skyrockets against the GBP in European trading.

After the euro consolidation against the dollar on the positive Eurozone Manufacturing figures, the gold contracts traded at higher levels.

Today the optimistic labor data were released in US: the Initial Jobless Claims decreased. And according to the definition of this economic indicator, the present value can be considered as a bullish for the USD.

After the US labor market data have been appeared on market, the USD regained against the JPY. And now the USD/JPY reaches the level of 81.20.

22.10.10

The G-20 of finance ministers met to discuss the perspectives of exchange rates regulation.

Today the oil is steady supported by unstable dollar because of the G-20 meeting. It was during the time of G-20 meeting expectations.

In general today all market is under fluctuation.

The interest of safe-haven currencies is increasing.

25.10.10

Due to the unceasing expectations of a new quantitative easing session after the G-20 meeting this weekend, the USD continues to decrease against its main competitors. The results of the meeting show that the principal opinion is the following: the USD will continue to drop. And everybody is sure that USD/JPY will hit a new low record this week.

As a confirmation of this fact, today in the morning during the Asian session, the dollar reached a new low level against the yen. Also the oil was up as a result of the dollar’s weakness. As well all main metals were in the optimistic direction because of the unstable US dollar.

Following the trend as all US rivals, the British pound demonstrated its renewal during the Asian trading. The GBP regained its losses of the last week reaching new highs.

26.10.10

During the Asian session today the US dollar demonstrated a little recovery and due to this fact the oil contracts and the gold were lower over the trading sessions.

The Eur/Usd is slight down today after being unable to fix the benefits. In general the pair continues to remain on the position around the zone of 1.40. Now market is waiting for new US events to choose the direction.

Today it’s one of the days when the Yen is weaker against the USD and the dollar recreates from its low levels.

The GBP regains today after the ONS (Office for National Statistics) figures have been released. According to these data the UK economy grew on 0, 8% from April to June. And to support this recovery the Bank of England will take more new steps.

27.10.10

The Fed is willing to renew its program of the US Treasury bond-purchasing which can help to reduce long-dated interest rates. On basis of the quantitative easing policy the authorities want to stimulate the economic recovery. They plan to mobilize investments in the amount of hundreds billion dollars.

According to this Fed news, during the Asian trading today, the US dollar was on its uptrend. Therefore the USD regained against the YEN and increased.

The EURO continues to follow its downside. Today the pair fell below 1.3800 level because the high session has been declined by the pair and Euro/USD came back to its support area.

The oil prices are fixing around $82-$83 values and as a commodity which is denominated in US dollars the oil depends on this currency. And due to the USD consolidation today, the oil remains at the same level without big changes.

29.10.10

Today investors are waiting for US gross domestic product (GDP)data and the Federal Reserve meeting regarding a new session of QE (quantitative easing) measures.

Due to these expectations the US dollar rose during the European session because the US GDP is anticipated to rise in the third quarter of 2010.

Today also the annual inflation rate became known in Europe and it was not good figures because the inflation increased and reached the high levels.

The Euro dropped against the USD today based on the mentioned above economic events and the currency was moving from its high to the new session low.

The oil keeps on its downside and it's still below the level of $82. Together with the oil the main metals traded lower today getting under the influence of market expectations regarding the new US FOMC meeting which will take place next week.

02.11.10

The Us dollar is under pressure of a new Fed meeting regarding the next session of QE measures and the oil is rising on waiting for this event.

The Euro consolidates during the European session and due to this slight recovery Eur/Usd approaches to the very important resistance level of 1.4000.

The European currency has been supported also by the manufacturing PMI figures which showed that this October's indicator increased and buoyed up the Euro.

During the European trading the USD was higher against the JPY today and now the pair keeps testing the new resistance area.

03.11.10

Asian session: The most of Asian stocks were rising but investors preferred do not risk and wait for the upcoming FOMC (Federal Open Market Committee) meeting. Currently everybody is focusing on the quantitative easing (QE) policy intensity. How deep will be these Fed measures? – the main question now.

Also victory of the republicans in midterm US elections has a good influence on Asian markets.

European session: The European markets also focus on the FED meeting which will take place today.

Therefore there are no considerable changes in currencies directions and positions. And the market fluctuations are not intensive today.

The USD is stable due to the good Republicans performance in US elections. But in general this event did not manage to affect the US dollar and other currencies deeply because of the fact that the FOMC meeting is the most important event today.

Nevertheless the British pound regains today and GBP/USD is approaching a new high by breaking its resistance level. But it’s necessary to remember that to confirm this uptrend the pair should manage to fix the benefits.

Metals: the main metals remain on its firm positions ahead of the FED meeting.

Oil: the oil contracts are supported by market expectations of the further USD weakness generated by the second expected round of QE measures.

04.11.10

FOMC meeting points:

The Fed will try to aid economic recovery by buying $600 billion of government bonds till the June of 2011 with a chief aim to reduce interest rates. Also Ben Bernanke (the FED Chairman) underlines that it’s very important to push down the unemployment.

Currency pairs:

GBP/USD: The pound regains and keeps its uptrend. After the Fed confirmation of the next QE round, the GBP/USD skyrockets towards its new high.

EUR/USD: Because of the FOMC meeting and decisions on quantitative easing, European markets opened today on a positive way. The most of Euro indexes raised and started the Euro session with benefits. The EURO consolidates against the USD and the pair is testing a new resistance area above 1.4200.

USD/JPY: The yen continues to rise against the dollar and reaches again its new highs. And everything indicates that the USD/JPY downtrend will not stop.

Oil: The further weakness of US dollar has been confirmed after the FED announced the future QE measures. The oil positions became stronger and the prices reached new fresh highs above $85.

Gold: The gold prices have been supported by the Fed meeting results.

08.11.10

The USD recovered against its main competitors after US non-farm payrolls figures were better than expected. Only the Japanese Yen continues to rise and do not let USD regain.

The European markets are in down-trend mood today: the Euro dropped to a new session low and Eur/Usd approaches the important area of 1.4000.

The last week was under the sign of Fed meeting regarding the second QE round. Since today markets will be concentrated on other important events. Within this week the Euro zone economic will be at the centre of attention.

Due to unsteady US dollar currently investors find the Gold as the best investments protection.

09.11.10

The new worries regarding European sovereign debts wrapped round markets.

This new fears have supported the gold prices which increased and approached new high level.

The GBP/USD is trying to fix the direction, currently the pair recovers after the morning session lows. But it's necessary to wait until a confirmation will be given.

The EUR/USD recovers after losses and trying to reach a new day high. During the day the pair fluctuates on market reactions.

The USD/JPY confirms again its downtrend and moves to new low point at 80.60.

10.11.10

According to the Us Economic Analysis regarding the US trade balance the deficit has been reduced.

Due to the upbeat economic date from US, the dollar recovers against the Yen today. The pair consolidates and reaches a new daily high around the area of 82.60.

Thanks to the inflation report the British pound rebounds against the USD and regains more than 100 pips during the European trading.

Yesterday the crude oil contracts dropped because of the US dollar consolidation against its main competitors on Tuesday but today the oil as a dollar-denominated commodity recovers.

Due to the worries on sovereign debts in Europe, the market participants continue to give preference to assets as gold. On European session hours the gold contracts prices were higher.

11.11.10

Over all trading sessions today the Euro is still under pressure of worries on sovereign debts in European countries. The Eur/Usd could not break its resistance level and dropped back to a session low below 1.3700. Currently the pair is trying to regain.

The GBP found consolidation against the US dollar around the area of 1.6140. Because of being pulled back 2 days ago the pair did manage to rebound from the support level and now the pair consolidates.

Due to the figures of Chinese industrial production report which has showed the high demand of the oil in China, the oil contracts increased immensely.

15.11.10

The European markets drooped after the Irish authorities declined the financial aid from European Union. Therefore the sovereign debt worries remain to prevail over the markets.

Ireland refused the EU help and it provoked the US dollar growth today.

Thereby on European trading hours the Eur/Usd fell at 1.3600. Now everything will be depend on the daily pair results: whether the pair would find a support next to 1.3570 or resistance above 1.3770.

The USD/JPY also is in uptrend today and during the Asian session the pair recovers from Friday's low.

Gold was lower in the morning after US dollar increased against euro. Same with oil which was trading lower on dollar's recovery against its main competitors.

19.11.10

Yesterday the European markets rose on expectations regarding situation with Ireland which might accept the financial aid from the European Union and the International Monetary Fund. Resolving the situation with Irish sovereign debts could make a valuable contribution to the whole euro countries area.

Today according to this event the Euro keeps rising against the US dollar. The Eur/Usd broke its resistance level confirming its uptrend.

All these news from euro-zone have a bad influence on US dollar and make the currency very unstable. Based on a weaker US dollar, the gold prices increased today.

The British pound demonstrates recovery today against the US dollar. During the day there are resistance and support levels on the pairs way.

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30.11.10

The Euro keeps falling today under the influence of Euro countries debt fears. European currency lost more than 100 pips and remains to follow its downtrend. Currently 1.300 is a psychological area for the Eur/Usd.

The USD/JPY is moving lower and reached the support level of 83.75 and thanks to its support currently the pair is trading around 83.87.

The debt problems of some European countries as Spain and Portugal are very serious. The oil prices dropped on expectations that the EU and the IMF might have to provide a bailout for these countries too.

The CPI (Consumer Price Index) for November has not changed according to the preliminary figures released today by the Eurostat. The actual value is %1.9.