Good morning from Hamburg and welcome to the Varengold Daily FX Report. The weather in Hamburg has gotten better and it seems to be a sunny week after the wonderful sunrise this morning. However, we wish you a nice day and good luck in trading. Market review According to the Westpac Institutional Bank-Melbourne index, Australia’s economy is on the verge of going into a sharp economic recession in the next three to nine months, attributed to tense financial conditions, weak U.S. industrial

Good morning from Hamburg and welcome to the Varengold Daily FX Report. New Zealand Q2 producer prices rose 5.6%, much more than the 2.6% increase expected by economists. This development is the fastest pace in more than 20 years. However we wish you a nice day and good luck in trading. Market review Platinum lost over 5%, falling to its lowest level since the beginning of August as weaker gold and oil prices spark another round of selling. The spot platinum price went down to a low of 1,310 an

Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. The BOJ 2-day meeting will start today and it seems that the rates will be kept on hold. However we wish you a good start to the week. Market review The Bank of Japan will probably keep rates on hold in a signal that crumbling demand can no longer offer factories enough business to keep Japan out of recession. Otherwise, wages are stagnant while food and fuel prices go higher. The BOJ is seen as having little room

Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. The former Fed chairman Greenspan expressed expectations that US house prices will begin to stabilize in the first half of next year. He expects a higher demand because of more skilled immigrants. Market review The Central Bank of Australia fears inflation and plans to cut interest rates, sending the currency close to 7-month low. The AUD/USD fell to a low of 0.8670 from 0.8700. Top officials from RBA are

Good morning from wonderful Hamburg and welcome to the Varengold Daily FX Report. The German athletes earned four gold medals yesterday and jumped from 19th place to 6th place in the Olympic medal standings. We hope for more good results in the next few days. Market review The EUR was mostly unchanged against the USD and traded at 1.4925 this morning, off the day’s low of 1.4885 and also off a six month low at 1.4815 hit on Tuesday. The USD’s sharp rebound benefited from a steep drop in oil

Good morning from rainy Hamburg and welcome to the Varengold Daily FX Report. The weather in Hamburg has gotten colder. We hope, however, to get a better summer in Germany and hope for successful trading days for all our clients. Market review The Japanese corporate goods price index rose 7.1% in July, higher than an expected 5.8% increase. That’s marking the highest rate of rise in 27 years and adds to worries that high commodity prices are hurting companies and are leading to an economic

Good morning from beautiful Hamburg. On Friday It was the first time in 7.5 years that the EUR/USD loss over 3 cents in a single day. However, Varengold wishes a good start to your trading for this week. Market review Cross/yen slid sharply in today’s morning trading session, with dealers keeping their attention on whether Japanese traders may close positions after having made big bets that the AUD and NZD won’t lose too much ground. The EUR/JPY lost more than 1% to its lowest session level of

Good morning from beautiful Hamburg. Yesterday the rate decision was not very surprised. Both central Banks, ECB and BoE, hold the rates steady. Caused by this the USD performed well on Thursday. It is Friday and Varengold wish a nice weekend to all FX traders. Market review The both big Central Banks ECB and BoE held interest rates steady at 4.25 % and 5 %. But comments from ECB President Trichet about European economy that he expects a decreasing growth pushed the USD and the EUR/USD fell to

Good morning from beautiful Hamburg. It is always a joy to cruise through the city along the harbour and see all the ships, because then you can see why we trade. Today the rate decisions from the ECB and BoE will come into the foreground. While the ECB is expected to keep interest rates on hold, the BoE is on a fine line because of their difficult economic situation. Market review As you can see in the chart below, the USD/JPY hit a 7 month high yesterday due to a lower than expected drop in

Good morning from beautiful Hamburg. It is always a joy to cruise through the city along the harbour and see all the ships, because then you can see why we trade. Today the rate decisions from the ECB and BoE will come into the foreground. While the ECB is expected to keep interest rates on hold, the BoE is on a fine line because of their difficult economic situation. Market review As you can see in the chart below, the USD/JPY hit a 7 month high yesterday due to a lower than expected drop in