Dollar Rose Broadly Against Majors

Dollar rose broadly against majors on surprising data and lower expectations for ECB rate increase

News and Events:

The Dollar rose broadly and hit a 5-1/2-month high against a basket of currencies on Thursday, bolstered by a surprise rise in June Home sales and diminished expectations for euro zone interest rate increases.

European Central Bank President Jean-Claude Trichet, in remarks after the bank held rates at 4.25%, said he expects economic growth in the euro zone to weaken substantially this year, even as he sees inflation remaining above the ECB's target. Following his comments, investors unwound bets for ECB interest rate increases this year.

Further pressuring the Dollar was an increase in Crude oil by 0.94% to 119.92 per barrel after falling to a three-month low 117.14 on Wednesday.

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ECB And BOE

ECB and BOE are both expected to leave rates steady

News and Events:

The Dollar rose for a fourth straight day overall to a seven-month peak versus the Yen and a six week high against the Euro on Wednesday, as the slide in oil prices to a new three month low raised hopes economic growth would pick up and inflation would subside.

Earlier this week, Fed kept short term interest rates unchanged but was perceived as being slightly more concerned about slow economic growth than it was about inflation

Demand for the Euro fell ahead of the European Central Bank policy meeting today. While the bank is expected to leave benchmark borrowing costs steady at 4.25%, analysts think ECB President Jean-Claude Trichet could soften his hawkish rhetoric, citing more data pointing to slower euro-zone growth.

Bank of England is also expected to leave rate unchanged at 5%, the lowest since December 2006.

Throughout our partnership with the industrial leaders, we are capable of delivering incomparable quality of online currency trading service.
ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.Throughout our partnership with the industrial leaders, we are capable of delivering incomparable quality of online currency trading service.
ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.

Forex Market Overview

Forex Market Overview 31 July 2008

The Usd traded sideways in Asian session, after the stronger ADP figures and rally on Wall Street pushed the greenback higher. The EurUsd traded in a 1.5525 to 1.5602 range, while the UsdJpy traded between 107.80 and 108.34. US stocks gained, as ADP pointed to a 9k gain vs. -60k, giving hope that Friday's NFP will prove stronger then the -75k expected. The S&P gained 1.7% and 2 year Ts dropped by 2.6%. Crude rallied to $126.88brl, but with global demand slowing we expected upside to be limited.

Yesterday's decision by the Turkish Constitutional Court not to close the AKP was clearly seen as positive for markets, with Try and equities gaining on the report (with a positive gap at the open today). While the verdict has not ended all domestic concerns, it will go a long way to ease investors concerns.

The Japanese Industrial production fell by -2.0% m/m vs. -1.7% exp. The government has already cut forecasts for industrial output, as surveys point to further weakness ahead.

The European Session will be focused on Eurozone's July flash CPI. The market is expecting a new record high of 4.1% and there is little evidence to suggest otherwise. This figure, combined with the sharp drop in key Economic Sentiment Indicator, will mean at some point soon the ECB will have to make a tough choice. Inflation or Growth.

Daily Forex Pivot Points
AUDUSD
R 3: 0.9637
R 2: 0.9590
R 1: 0.9528
CURRENT: 0.9438
S 1: 0.9404
S 2: 0.9328
S 3: 0.9276

EURJPY
R 3: 171.81
R 2: 171.07
R 1: 169.97
CURRENT: 168.27
S 1: 167.50
S 2: 166.01
S 3: 165.33

USDSGD
R 3: 1.3850
R 2: 1.3827
R 1: 1.3717
CURRENT: 1.3685
S 1: 1.3606
S 2: 1.3567
S 3: 1.3501

Throughout our partnership with the industrial leaders, we are capable of delivering incomparable quality of online currency trading service.
ForexGen services are all controlled by the international banking and financial regulatory standards.
ForexGen is continuously providing the Forex market's safest trading terms & conditions. Providing professional currency trading services that meet our client's expectations is our first priority.

ForexGen principals:

ForexGen customer satisfaction is our major objective. To reach our business goals, we strive to put our client's goals in focus. We highly value our clients and always aim to exceed their expectations and cross the limitations encountered by the sophistication of the Forex trading industry.

CityGroup News About Dollar

Dollar ended last week higher after smaller-than-expected loss from Citigroup

News and Events:

The Dollar rose on Friday, heading for its largest weekly gain versus the Euro in a month, after a smaller-than-expected quarterly loss from Citigroup eased worries about the US financial sector.

The Euro was capped by European Central Bank President Jean-Claude Trichet's comments published on Friday that euro-zone growth is likely to be weak in the second and third quarters before staging a recovery.

Sterling edged down from last week highs on speculation the UK government would increase borrowing.The ForexGen's provided services are all restricted and regulated by the international banking and financial regulatory standards. All our provided activities are supported by creativeness and modernization. Ambitious & motivated employees are working simultaneously to protect the customer's confidentiality. ForexGen is continuously providing the market's most competitive conditions.

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