Overview The USD remained capped overnight, as US stocks suffered heavy losses, and heightened concerns that the US slowdown could limt the Fed's ability to raise interest rates before year end. The negative news from Merrills and Lehmans was compounded by comments from a Fed official who said the next few quarters could be disappointing. These comments are more concerned with the credit crunch than with inflation. On the other side of the Atlantic, the EUR has its own problems, with
------------------------------------------------------------ INTRA-DAY USD/JPY OUTLOOK : 107.37 Updating time :29 Jul 2008 04:24 GMT Despite dlr's cross-inspired retreat fm y'day's high at 108.08, this move is viewed as a retrace. of recent upmove n reckon 107.00/10 wud limit down- side fm here due to nr term loss of momentum, yield rebound later. Venture long on dips n exit
Earlier in the week, the Forex Blog reported that the potential for intervention in the forex markets seemed to have declined, due to a brief Dollar rally and toned-down rhetoric at the most recent G8 conference. However, we would be remiss if we didn't point out that the intellectual justification for intervention remains. While statistics have not been forthcoming, it appears that Sovereign Wealth Funds and Central Banks are paring their exposure to Dollar assets, which is both a cause and effect of Dollar weakness. In addition, the falling Dollar and rising oil prices have reinforced each other, and contributed to surging inflation around the world. Investment Banks are advising clients now would be a perfect time for the world's economic policymakers to take coordinated action. GoldSeek.com reports:
In his testimony yesterday, Ben Bernanke, stated that
- Merrill Lynch announced plans to sell a big chunk of its asset-backed securities and issue new stock to raise $8.5B of fresh capital. Investors were hopeful that the financial companies that were taking these major writedowns were not going to issue common stock to raise capital, and several analysts expect Merrill's announcement to trigger another round of selling in the financial sector. "They did at least $7B of asset sales, now they need another $8.5B," James Ellman at Seacliff Capital
Motorola has signed a definitive agreement to acquire privately held AirDefense, a leading wireless LAN (WLAN) security provider. Terms of the transaction were not disclosed.
AirDefense is a priv...
Advanced Vault announced that the company?s data backup and recovery tools now provide support for 64-bit editions of Windows, Linux, Mac and FreeBSD operating systems. The enhancement is a welcome de...
Several words about the EUR/USD future. Resistance (daily close) : 1.4692 and 1.4884. Then 1.5117, 1.5386, 1.5592 and 1.5660. Break of the letter will lead to 1.5865, 1.7280 and 1.9430. Support (daily close) : : 1.4366 , 1.3972, 1.3770 and 1.3567. Then 1.3411, 1.3263, 1.3106 and 1.2964 (published on 07.11.2007) . Dow Jones : Resistance(daily close) : 11 520.30, 11 970.00 , 12 152.82, 12 600.24, 12 982.20, 13 162.50 and 13 320.00. Then 13 567.60, 13 668.74 ? 13 792.53.
