Daily Newsletter: 28/04/2008
By Jean-Claude Braha - ACM Advanced Currency Markets, Geneva, Switzerland
 Today's Economic Calendar: TIME (GMT)    EVENT  VALUE NAME    CONS.   
No Events Scheduled  
Full week Economic Calendar        
 
 Last week European data knocked off Euro from record 1.6019 high
News and Events:Last week's rally in the Dollar may have also led some investors to sell the currency ahead of the weekend to cash in profits, traders said.

On Friday, Dollar had limited reaction to a report showing US consumer confidence fell for a third straight month, touching its weakest in more than 25 years.

In Europe, the Ifo German business sentiment index showed the biggest monthly fall since September 2001 on Thursday, taking the April headline number to a two-year low.

The percentage chance the Fed will keep its benchmark interest rate unchanged at 2.25% at this week meeting rose to about 26%. Just a week ago, futures markets were pricing between a 25 to 50bp cut.
Meanwhile, FX participants were paring bets that the ECB's next move will be a hike in benchmark interest rates. 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 1.1191 S
1.6019 M 2.0447 S 110.10 T 1.0500 S
1.6000 K 2.0100 P 105.00 S 1.0457 T
1.5630  1.9790  104.50  1.0340 
1.5528 S 1.9650 S 102.95 M 1.0200 S
1.5400 T 1.9337 S 100.00 P 0.9637 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:
 Dollar rose after better US employment report and large fall in...
 Euro reversed gains after less hawkish interest rate remarks...
 Euro rallies up to 1.6019 on expectation ECB may raise rates
 Traders await US housing data today; Dollar gains some ground
 Dollar gain on Friday after Citigroup results and credit crisis...
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