Forex Updates: USD strengthened in a board market
Saturday, April 18, 2009
Overall, the USD closes the week strong once again in the broad market on Friday, led by the Euros which prolong the other European currencies with it. According to Forex Updates the pound and the Swiss franc followed suit by declining against the Greenback, the franc also had the additional stress of let down retail sales numbers. Higher equity markets prop up the Canadian dollar and AUD also the JPY.
The Euro (Eur/Usd) On Friday, the Euro fell down drastically after European Central Bank President Trichet failed to persuade traders that the ECB policy makers are on the same side when it comes to the interest rate policy. Traders are still not persuaded that the ECB will not drop the rates below 1% level. Euro-zone trade balance numbers presented a smaller deficit than estimated but the news led to no effect in the currency. On the day, the pair fell down 160 pips, closing near to 1.3020 levels and trying the 50 day simple moving average.
The Yen (Usd/Yen) On Friday, the yen traded inside an average range and closed the day only a little lesser, unable to hold below the 20 and 200 day simple moving averages. US equity market hard a tough time to gain any traction in spite of better than expected earnings reports from General Electric and Citigroup and closed the day only a little high. For the week, the pair lost 110 pips closing below the 50- simple moving average.
The Euro (Eur/Usd) On Friday, the Euro fell down drastically after European Central Bank President Trichet failed to persuade traders that the ECB policy makers are on the same side when it comes to the interest rate policy. Traders are still not persuaded that the ECB will not drop the rates below 1% level. Euro-zone trade balance numbers presented a smaller deficit than estimated but the news led to no effect in the currency. On the day, the pair fell down 160 pips, closing near to 1.3020 levels and trying the 50 day simple moving average.
The Yen (Usd/Yen) On Friday, the yen traded inside an average range and closed the day only a little lesser, unable to hold below the 20 and 200 day simple moving averages. US equity market hard a tough time to gain any traction in spite of better than expected earnings reports from General Electric and Citigroup and closed the day only a little high. For the week, the pair lost 110 pips closing below the 50- simple moving average.
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