Fundamental Analysis, for August 23, 2012
2012-08-23 17:51:46 (читать в оригинале)
The minutes of the last FOMC meeting finally had the desired effect about which we talked yesterday. Far from the indecision that Europe presents at this time deepening into recession, the Fed made it clear that several of its members favor the implementation of a new plan for economy stimulation, and if it is not done so far is just because the majority voted otherwise.
Immediately, the dollar lost strength on all fronts, even against the yen which often moves in the opposite direction to the rest of the coins. Also the Wall Street actions recovered some of their losses and closed the session almost unchanged.
But we are dealing with currencies, and in this context, the euro clearly exceeded 1.25, and although its strength is more limited by the European session on Thursday, it appears that 1.2630 could be your next major resistance.
It is interesting that the European currency is gaining strength amid scandalous lack of political will of the old continent. What was obvious at the end of the day that the only currency that losing its positions is the dollar.
The pound sterling also demonstrates an upward movement, exceeded 1.59 momentarily, but this strength seems to be lower than that one of the euro in the short term. It will be hard to get through 1.60, and only in case the dollar continues its devaluation, the British currency will continue its rally.
The yen, meanwhile, rose against the dollar, reaching 78.35 where it established a pullback against the downtrend line extending since the end of March. This rebound may lead to an upward movement of the crossing USD / JPY in the coming days, looking for the 80.10 area.
Meanwhile, the currencies linked to oil remained unchanged with the Canadian dollar parity looking against the dollar, far from their highs on Monday. The Mexican peso showing new signs of strength and could reach the level of 13 per dollar next week.
The Dow Jones index futures demonstrating an upward direction is probably approaching towards the high for the year reached on Tuesday, and maybe even exceed it. In that case, the currency gain strength again before the U.S. dollar weakens again.
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