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CURRENCIES: Dollar Slumps Versus Euro As Gold Futures Soar

http://www.djnewswires.com/eu

CURRENCIES: Dollar Slumps Versus Euro As Gold Futures Soar

By Lisa Twaronite

The dollar gained slightly on the yen but retreated against the euro in Asian-hours trading Monday, as soaring gold futures pressured the greenback against its European counterpart.

The dollar bought 90.06 yen, up from 89.88 yen in late North American trade Friday, while the euro rose to $1.4940, up from $1.4840

Gold futures climbed to new heights in electronic trading in Asia, with the most-active December contract tapping an intraday high of $1,105 an ounce, as the market extended gains from Friday's record New York finish.

At the weekend meeting in Scotland of finance ministers and central bankers from the Group of 20 leading economic powers, attendees agreed to keep massive stimulus measures in place until the global recovery strengthens.

In a report to the G20, the International Monetary Fund cited signs that the dollar is being used as a funding currency for carry trades, which involve borrowing funds denominated in lower-interest currencies -- such as the dollar and yen -- and investing in higher-yielding assets denominated in other currencies.

"These trades may be contributing to upward pressure on the euro and some emerging-economy currencies," the IMF said. "The euro has experienced most appreciation among major advanced economy currencies and remains on the strong side of its equilibrium."

On Friday, the dollar had edged lower against the yen and traded nearly flat against the euro, after a surprise jump in the U.S. jobless rate to more than 10% comforted views the Federal Reserve will stick to a loose monetary policy.

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November 09, 2009 02:09 ET (07:09 GMT)

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Dollar trying to break−out. Will this be the week?

by Pierre Charlebois

Trading Metro

Long term trends by their nature don't turn easily. The last two weeks we have seen counter trends and we have reversed to about half of the original gain by the USD. There are many arguments to be made for both a weak and/or a strong Dollar going forward.

What I do know is that this trend has lasted surprisingly long and should at least correct in a reasonable period of time.

USD Index- The bottom is not assured yet and the risk to both directions is about equal. What I would say is a new low will likely be reversed quite rapidly and any break above 77.00 should accelerate.

EUR/USD - Below 1.4626 pretty much defines the trend. New highs would likely reverse in short order.

GBP/USD - A double top is a real possibility

USD/JPY - I have no directional bias

USD/CHF - A double bottom at 1.00 is not out of the question. On the upside look for a break above the wick at 1.0337

AUD/USD - Another long term trend that just won't fall

NZD/USD - This pair shows some evidence of having topped

USD/CAD - Will the break-out get legs and continue?

EUR/JPY - Tough call but I still think a new top is possible

Asian Forex market wrap: USD sentiment turns bearish again

http://www.forexlive.com

No major announcements from the G20 and nothing about the USD Amazingly the IMF suggests that the USD may be overvalued still Strong forecast from Fonterra sees the NZD rally strongly Australia Sept housing finance +5.1% Australia October job ads -1.7% NZ house prices continue to rise Japan's foreign reserves at record highs Regional stock markets broadly higher by average 0.75% Gold rises strongly to $1105/oz on struggling USD There were some big moves in thin early interbank trade with cable again leading the way. These moves were blamed on a large number of stops being placed tight above the market, the lack of supportive USD comments out of the G20 and the IMF statement regarding the level of the dollar. Cable closed in NY around 1.6605 but rallied in early trade to 1.6670 before stabilising. It pulled back to 1.6630 as early Tokyo sold GBP/JPY but has subsequently rallied almost another 100 pips as the USD-selling refused to abate. Range: 1.6618/1.6720. EUR/USD closed in NY at 1.4845 but opened higher in Asia close to 1.4890. This pair lagged both the cable and AUD/USD for most of the session as a persistent sell order from a Soverign name at 1.4915 continued to cap. Once this order was taken out, heavy stops from hedge funds were triggered and the pair rallied to a high at 1.4942. Range: 1.4854/1.4942. The NZD/USD was the big mover early as it leaped from .7250 to .7350 on the Fonterra forecast. This also dragged the AUD/USD higher, from its close at .9190 to around .9250 in early trade. Solid forecasts from the CBA also helped the AUD/USD initially but it fell back under heavy AUD/NZD selling. The renewed bearishness for the USD again eventually kicked back in and the AUD/USD has renewed it's march towards another .9325 test. Range: .9196/.9272. USD/JPY fell early to its session low at 89.70 but has recovered throughout the session as positive results from regional stockmarkets encouraged some JPY-cross buying. Range: 89.70/90.22. Markets: Gold +$6 to $1105/oz; Oil +$1 to $78.60/bbl. Nikkei +0.5%, Kospi +0.8%, HK +1.1%, Sydney +1.4%.

The opinions and analysis offered on Forexlive are for educational purposes only and clients and prospects are advised to carefully consider the opinions and recommendations offered by the analysts and to use the analysis and opinions in conjunction with the client and/or prospects own independent analysis.

AUDUSD tops out after stops triggered

http://www.forexlive.com

AUDUSD stops were triggered above 9250 on the back of AUDJPY buying out of Tokyo before topping out at 9265. AUDUSD is finding support via buoyant Asian bourses. Personally, I feel the market is getting long again. I will look to sell on a rally towards 93c with a stops above 9340.

The opinions and analysis offered on Forexlive are for educational purposes only and clients and prospects are advised to carefully consider the opinions and recommendations offered by the analysts and to use the analysis and opinions in conjunction with the client and/or prospects own independent analysis.