Trends for Today by 21/12/2009

Market Notes:

Japan’s interest rate was left unanimously at 0.1% level. We think that Japan will wait for US rate to rise first before they increase theirs.
EUR/CHF crossed 1.50 level for the first time since SNB (Swiss National Bank) intervention in March ’09 (first SNB intervention was on 10/03/2009). It reached 1.4814 at its lowest today and climbed 100 pips since then. It will be not easy for SNB to fix this decline as CHF has started as a strongest currency of the day.

Very interesting week before us: 4 GDP announcements (on Tuesday- in Great Britain, US, New Zealand and on Wednesday in Canada). On Thursday German and Italian markets are closed. On Friday, after the end of the Japanese session all the markets will be closed. Important data, short week.


GBP/JPY- triangle consolidation

Beautiful consolidation in this pair, while the breakout is very close. Take into consideration that the JPY has started the day strong and a GBP weak.


USD/CAD- channel

The pair is traded near the high level of the traded channel. The uptrend in oil prices should give the pair a needed push toward 1.04. Moreover, the “risk-reward” ratio is a good one.

Watch the Fundamentals!
Friday– Japan Interest Rate decision out at 0.1% as exp.
German Business Climate out at 94.7 vs. 94.6 exp.
TODAY– Canadian Core Retail Sales at 13:30 GMT.
NZ Current Account at 21:45 GMT.
Tomorrow– GB Current Account at 09:30 GMT.
GB Final GDP at 09:30 GMT.
US Final GDP at 13:30 GMT.
US Existing Home Sales at 15:00 GMT.
NZ GDP at 21:45 GMT.

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