Daily Newsletter: 23/04/2008 By Jean-Claude Braha - ACM Advanced Currency Markets, Geneva, Switzerland Today's Economic Calendar: TIME (GMT) EVENT VALUE NAME CONS. 01:30 AU:CPI 01:30 AU:CPI 06:45 FR:Consumer Mfgd Goods Consumption 08:00 IT:Retail Sales 11:00 US:MBA Purchase Applications 12:30 CA:Retail Sales 14:00 US:Existing Home Sales 14:30 US:EIA Petroleum Status Report 23:50 JP:All Industry Index Full week Economic Calendar
Euro rallies up to 1.6019 on expectation ECB may raise rates News and Events:Euro rose against the Dollar on Tuesday trading above 1.6000 for the first time since its 1999 inception amid growing expectations that the European Central Bank's next move may be an interest rate hike.
ECB Governing Council Member Christian Noyer said the bank would do what is needed to bring inflation back to its target of just below 2%, adding that the central bank would move rates if needed. That followed comments from Governing Council member Yves Mersch, who said the ECB has to ask itself each month whether a rate rise is needed to control inflation. ECB is seen keeping rates at least at a six-year high of 4% for a while. In contrast, markets expect the Federal Reserve to lower benchmark US rates further from the current 2.25% at a policy meeting on April 29-30.
US economic data on Tuesday showed the housing market remains soft, with existing home sales falling 2% last month to 4930k. The Bank of Canada cut its benchmark interest rate by 50bp as expected. Read Today's Key Issues and The Risk Today
Resistance and Support:EURUSD GBPUSD USDJPY USDCHF 1.6200 T 2.0577 T 111.92 K 1.0500 S 1.6019 M 2.0447 S 110.10 T 1.0285 M 1.6000 K 2.0100 P 105.00 S 1.0200 S 1.5980 1.9895 103.10 1.0055 1.5528 S 1.9650 S 102.95 M 1.0000 P 1.5400 T 1.9337 S 100.00 P 0.9639 K 1.5000 K 1.9105 K 95.74 S 0.9500 T S: Strong, M: Minor, T: Trendline, K: Keylevel, P: Pivot
Quick access to our 5 previous newsletters: Traders await US housing data today; Dollar gains some ground Dollar gain on Friday after Citigroup results and credit crisis... Dollar posted gains on Thursday support by mixed earnings and... The Dollar dropped to lifetime lows against the Euro on weak US... Dollar helped by better PPI news; S&P500 up by 0.5%
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