[Archive!] FOREX - Trends, Forecasts and Consequences (Episode 6: August 2011) - page 36
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The euro fell to its lowest level for 11 months against the dollar amid fears that the slowing U.S. economy will have a negative impact on the rest of the world economies. There is also pressure on Italian government bond yields, which have increased fears of a further spillover of the EU debt crisis amid a slowing global economy. Today Italian bond yields have risen to their highest level since 1997.
The Swiss franc is once again at an all-time high. The currency is supported by the "save haven" status and today's data, which showed better than expected growth in the SVME Business Activity Index in July and retail sales in June.
The Canadian dollar is recovering its gains on the back of a weaker dollar. The Canadian dropped to a 2-week low today amid an unexpected drop in June consumer spending in the US, its main trading partner.
The Australian dollar is down throughout the day under pressure from today's RBA meeting, which left the rate unchanged.
The yen is under pressure today due to speculation over possible intervention by the Japanese authorities in the currency markets. Yoshihiko Noda said today that the national currency is overvalued and that he is keeping a close eye on the market.
UBS currency strategists note that the franc remains near absolute highs against all of its main competitors. This is because the uncertainty in the financial markets remains high.
According to the Minister of Economy of Switzerland, the strengthening of the national currency is not temporary, so we should not expect it to fall in the near future. The official said that such situation has a negative impact on the economy of the country. From their point of view, the unemployment rate is likely to rise.
UBS specialists give the following forecasts for USD/CHF and EUR/CHF pairs: 0.86 and 1.20 in a month and 0.89 and 1.25 in 3 months respectively.
International rating agency Fitch Ratings has said that the adoption by the US Congress of the bill to raise the upper limits of public debt has made the risk of default in the US "extremely low".
According to the agency's experts, the agreement also confirms the US sovereign rating at AAA. Fitch Ratings said in a statementUBS specialists give the following forecasts for USD/CHF and EUR/CHF: 0.86 and 1.20 in a month respectively and 0.89 and 1.25 in 3 months.
Thank you margaret. Finally. I had a buy at 0.80. Thanks to you there is still hope.
Now there's hope...
Now a correction - 1.4330 could reach
but why does cheef grow bozotkato? no idea at all... (maybe what is being commented on, eh Margaret?)
If you examine the CHF more closely, it has been strengthening against the dollar for 10 years, against the euro and pound for 4 years each, and even against the yen. The presence of this trend shows the world's desire to replace the dollar with the franc, as a reserve currency, so it moves against all the machinery and nonsense of the analysts, because the reason is fundamental.Personally, I trade like this now.
I agree. Haven't written an article in half a year, forgot about the alternative.
The dollar resumed falling amid fears that an agreement between President Obama and congressional leaders to raise the debt ceiling and cut spending would slow the economic recovery. The Senate today approved a plan that would raise the national debt ceiling by $2.1 trillion and cut spending from the budget by $2.4 trillion.
The euro fell to its lowest level against the dollarin 11 months amid fears that a slowdown in U.S. economic growth will adversely affect the rest of the world's economies. There is also pressure on Italian government bond yields, which have increased fears of a further spillover of the EU debt crisis amid a slowing global economy. Today Italian bond yields have risen to their highest level since 1997.
TheSwiss franc hit another all-time high and the currency is supported by the "save haven" status and today's data that showed better-than-expected growth in the SVME business activity index in July and retail sales in June.
TheCanadian dollar is recovering its gains on the back of a weaker dollar. The Canadian dropped to a 2-week low today amid an unexpected drop in June consumer spending in the US, its main trading partner.
The Australian dollar is down throughout the day under pressure from today's RBA meeting, which left the rate unchanged.
The yen is under pressure today due to speculation over possible intervention by the Japanese authorities in the currency markets. Today Yoshihiko Noda said that the national currency is overvalued and that he is keeping a close eye on the market.