{"id":10596,"date":"2010-06-28T08:45:34","date_gmt":"2010-06-28T12:45:34","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10596"},"modified":"2010-06-28T08:45:34","modified_gmt":"2010-06-28T12:45:34","slug":"forex-market-review-06282010","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/06\/28\/forex-market-review-06282010\/","title":{"rendered":"Forex Market Review 06\/28\/2010"},"content":{"rendered":"

Market Analysis by Finexo.com<\/strong><\/a><\/span><\/p>\n

Compared with last week\u2019s action-packed schedule, which included unexpected news of the Chinese Yuan\u2019s move to flexibility, a dramatic UK Budget Release, and a rather dovish U.S Fed Statement, this week has started off on a relatively calm note. Major pairs continue to trade near last week\u2019s closing levels, and with relatively little news expected today, traders could very well see a continuation of low volatility. However, there is always \u201ccalm before the storm\u201d and with the U.S Non-Farm Payrolls released on Friday forex investors can most definitely expect choppy waters ahead.
\n
\nEUR\/USD<\/strong><\/p>\n

The Dollar was on the defensive this morning, as forex traders sought to reduce their long positions in favor of the Greenback and the Euro climbed as the market\u2019s focus switched from the Euro Zone\u2019s debt crisis to the U.S. recovery.<\/p>\n

At the beginning of the last week, the Euro fell against the Dollar, before cutting losses in the wake of weaker-than-expected housing figures and a rather cautious tone from the Federal Reserve.\u00a0 The EUR was at $1.2367 by Friday\u2019s close, down nearly 0.5% from last Monday\u2019s high of $1.2466.<\/p>\n

Nonetheless, the EURUSD is making another move towards $1.2450 this morning. The single currency failed in its previous attempts to cross this key resistant level; however, this time around the Euro may have the strength the break the $1.2450 barrier as Dollar preferred sentiments appear to be declining.<\/p>\n

Support\/Resistance 1.2250\/1.2400<\/p>\n

GBPUSD<\/strong><\/p>\n

The British Pound rose to a 7-week high against the Greenback on Friday after the Bank England was seen as split on when to raise interest rates and the U.K government was applauded for its strict budget cuts.\u00a0 On Friday, the Sterling hit a daily high of $1.5078 before retreating to close the week at $1.5047.<\/p>\n

The Pound\u2019s recent momentum demonstrates that investors are stepping up to support the GBP\/USD pair; therefore, another potential breakout is plausible if the pair can successfully break above last week high.<\/p>\n

Support\/Resistance 1.5000\/1.5080<\/p>\n

AUD\/USD<\/strong><\/p>\n

Down under in Australia, the Aussie rose against the Dollar, last week, as speculations increased that the weaker than expected U.S recovery will hinder the Fed from raising interest rates. Last week saw the Australian Dollar benefit from the Yuan\u2019s move to flexibility, as Australia exports a great deal of commodities to China. However, the political upheaval in the land down under hampered the Australian Dollar\u2019s rise. Last week, the ruling Labor party elected Julia Gillard to replace the current Prime Minister Kevin Rudd. Rudd\u2019s popularity took a turn for the worse after he was criticized for imposing a 40% tax on mining profits. However, with the new prime minister sworn in and already promising to renegotiate the controversial 40% tax, the Aussie\u2019s focus can return to this week\u2019s fundamental news.<\/p>\n

Forex Market Review & Analysis by Finexo.com<\/a><\/strong><\/p>\n

Disclaimer: Trading the foreign exchange (Forex) carries a high level of risk, and may not be suitable for all investors. All information and opinions contained on this website are to be used for general informational purposes only and do not consitute investment advice.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Finexo – The British Pound rose to a 7-week high against the Greenback on Friday after the Bank England was seen as split on when to raise interest rates and the U.K government was applauded for its…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-10596","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=10596"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10596\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}