{"id":10694,"date":"2010-07-01T08:30:32","date_gmt":"2010-07-01T12:30:32","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=10694"},"modified":"2010-07-01T08:30:32","modified_gmt":"2010-07-01T12:30:32","slug":"forex-market-review-07012010","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/07\/01\/forex-market-review-07012010\/","title":{"rendered":"Forex Market Review 07\/01\/2010"},"content":{"rendered":"

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

The Yen and the Dollar appreciated against their major currency counterparts as investors fled to more risk adverse assets amid rising concerns that the global economic recovery may be faltering. The Euro tumbled to a historical low level against the Swiss Franc after this morning\u2019s weaker than expected Chinese Purchasing Manager\u2019s Index re-ignited \"\"<\/a>fears about the stability of the global recovery.<\/p>\n

Up ahead, key Manufacturing data from both the US and UK will be released today. Manufacturing has been one of the few bright spots amongst a sea of disappointing figures throughout global economic recovery. Traders will be watching to see whether these positive trends continue. If they do, it will surely sooth investors fears over the possibility of a double dip recession.<\/p>\n

EUR\/USD<\/strong>
\nSelling pressure returned to the EUR\/USD, as the forex market saw the Euro slip 0.1% to $1.2211. Risk sentiments are expected to dictate the direction of today\u2019s sessions and if current negative sentiments continue the EUR\/USD could very well return to the low of $1.2150 seen earlier this week.<\/p>\n

The Euro rose yesterday as news broke that the European Banks had borrowed a substantially smaller amount from the ECB, than previously thought.\u00a0 A report that the banks had borrowed 131.9 billion Euros instead of 210 billion Euros over a three month period pushed investors to buy the Euro as they realized that the European banks might be in a better financial state than they previously suspected. However, the amount still remains the highest ever borrowed in a three-month period and pales in comparison to the 442 billion Euros of one-year money which banks must repay to the ECB today.<\/p>\n

Yesterday\u2019s rally was short lived following a smaller than expected increase in U.S private sectors jobs, and a sound warning issued by Moody\u2019s rating agency that it will cut Spain\u2019s debt rating again.<\/p>\n

Support\/Resistance 1.2150\/1.2245<\/p>\n

GBP\/USD<\/strong>
\nPositive trading momentum from last week\u2019s Budget Release seems to have faded. The British currency slipped to a fresh 3-day low against the Dollar yesterday, after June\u2019s ADP Non-Farm Payrolls showed a disappointing increase in the number of U.S private jobs.\u00a0 The Pound hit $1.4965 during European afternoon trade, its lowest level since June 25th. Despite retreating from a high of $1.5100, seen earlier this week, the GBP\/USD has found buying support around 1.4900\/1.4950 and could easily rally higher if today\u2019s Manufacturing figure is higher than predicted.<\/p>\n

Support\/Resistance 1.4900\/1.4980<\/p>\n

Forex Market Review & Analysis by Finexo.com<\/a><\/strong><\/span><\/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 Yen and the Dollar appreciated against their major currency counterparts as investors fled to more risk adverse assets amid rising concerns that the global economic recovery…<\/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-10694","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10694","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=10694"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/10694\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=10694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=10694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=10694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}