| Global Interest Rates | |||
 Australia |
7.25% | ||
 Canada |
3.5% | ||
 EMU |
4% | ||
 Japan |
0.5% | ||
 Swiss |
2.75% | ||
 England |
5% | ||
 US |
2.25% | ||
Forexperts
Dollar Gains Against Euro for Second Straight Month
Commodity Trading Advisor registered with the National Futures Association
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Strong U.S. economic reports, lower crude oil prices, and hawkish comments from the Federal Reserve helped the U.S. Dollar gain versus the Euro for the second straight month.
Given this favorable shift in the fundamentals toward the Dollar, traders are now waiting for negative news from the ECB or the Euro Zone to trigger more upside action.
Technically, the market is slightly oversold. Holding support at 1.5453 could set up a short-covering rally back to 1.5640 1.5682.
Shift Out of Commodities and into Equities is Bullish for USD/JPY
This pair traded sideways most of the day during a holiday-shortened week. Strong stock buying supported the gain this week. If investor appetite for risk continues to grow, then traders will continue to borrow in Japan and invest in the higher yielding assets in the U.S.
With the U.S. economic picture improving, look for more interest in this pair as the veil of uncertainty is lifted. Fresh money leaving the energy complex could find its way to USD/JPY
This week, the USD/JPY broke out to the upside following several days of range bound trading. Once the market can clear the two old tops at 105.44 and 105.71, the charts indicate a potential rally to 107.64. Look for the old tops to form a support zone. If this fails to hold, then wait for a pullback to 104.47 to initiate new buys.
Firm Tone in GBP/USD Puts Pair in Position to Rally Next Week
The British Pound stalled in its attempt to break out over this week's high at 1.5818, but fresh buying on small breaks has kept the market in a position to break out to the upside.
Much of the recent strength in the Pound can be attributed to the financial markets signaling an end to rate cuts by the Bank of England. The BoE has to decide by June 5 whether to cut rates to stimulate the economy or raise rates later in the year to combat inflation.
Yen Rallies, Traders Await Jobs Sep 04, 2008 11:02PM- Trichet Surprises the Market with a Dovish Comment Sep 04, 2008 6:02PM
- Daily currency analysis - Sep 4 Sep 04, 2008 12:00PM
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