Daily FX Briefing

Discussion in 'Forex Trading' started by DannyBly1, May 21, 2008.

  1. Euro enjoyed a large rally against the USD Tuesday. Hawkish comments and concern over inflation helped push the EUR higher. USD saw weakness across the board. Record oil prices again this morning as oil prices break $130.

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    Canadian CPI showed inflation accelerated last month, suggesting the central bank may be less likely to cut borrowing costs at its June meeting and pushing the CAD higher, along with record oil.

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    The GBP rallied against the USD on expectations of continued hawkish policy from the BOE and overall weakness in the USD.

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    The New Zealand Dollar saw continued strength along with the CAD and AUD, in part derived from the continued stregth in commodities.

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    The Japanese Yen - the BOJ left rates unchanged at 0.5%. Expecting Resistance at 105.30.

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