Moody’s Investor Services defended the AAA rating of US debt yesterday, attempting to forestall a sharper decline on Wall Street and justify the USD and US Treasury notes as stable stores of value in this shaky global...
The US Dollar traded mixed amidst huge sell in most of the asset classes especially in the equities across the world; the Dow has lost about 1000 points during the week. Equities across the world sold off...
The panic and fear surrounding the markets are directly affecting the traditional high yield currencies and thus the Aussie which continues to be under intense pressure.
Recent price actions have been very interesting and we now think that a major reversal structure is in place on the USD/CAD.
The pair continues to establish new record lows week after week with now a break below 0,75 during the asian session.
The effect of the BoJ intervention was short-lived with the pair stalling out ahead of its key 80,00 level and now back under pressure.
As long as 1,6220 is not broken, we will consider a possible bullish resumption after a 38% retracement of the recent rally started in July 12.
The pair is being well capped by its daily descending trendline after a new fail below 1,44 yesterday.
Market Review – 08/08/2011 22:03 GMT Yen, Swiss franc surge on U.S. downgrade The Japanese yen and the Swiss franc rallied against other currencies on Monday as the U.S. credit rating downgrade by Standard & Poor prompted...
Market review for 1 – 5.08, 2011
