The dollar declined against majors 24/7/2009

The euro dollar pair inclined today, recording a high of 1.4226 and a low of 1.4134. The pair broke the 1.4150 level that was a strong resistance supported by improving risk appetite, as signs of recovery were witnessed in the world economy especially after corporate earnings topped analyst's forecasts. The pair faces a resistance at 1.4236 the up-trend is dominating the pair's trades, so it is expected that the pair will break the resistance level to target 1.4236. the pound dollar pair, it is consolidating between 1.6450 and 1.6520 having the royal currency trading around $1.6480. Yesterday, fundamentals concerning retail sales in England, showed that retail sales inclined by 1.2% in June compared with May the UK released its GDP for the second quarter advanced reading showing that the contraction narrowed to -0.8 percent from the first quarter contraction of 2.4% which is worse than the expected contraction of 0.3 percent, The GDP annualized reading for the second quarter advanced reading widened to -5.6% from -4.9% while the markets were projecting a contraction of -5.2 percent. This reading marked the worst since 1955. the dollar yen pair declined today will get back to the 94.50 level, while yesterday the pair managed to breach the 95.00 level. The pair recorded low of 94.58 and a high of 95.16 Today.

Mr. Bernanke painted a new road map for the U.S. economy and push the dollar once again strongly 22/7/2009

The Federal Reserve Bank’s Chairman Ben S. Bernanke testified yesterday before the House Panel on the monetary policy, Bernanke signaled that conditions seem to have improved recently as the pace of contraction started to ease “significantly”, yet Bernanke signaled that the labor market continued to weaken as companies continued to layoff more workers, and he said the Feds will continued to provide aid for financial markets, as they decided to slash their interest rates down to a historical low rate between 0% and 0.25%, while the Feds also expanded their balance sheet to $2.07 trillion in order to facilitate lending and ease constraints in the financial system. And say that the monetary policy will continue to be focused on “fostering economic recovery”, and accordingly the Feds will maintain an accommodative monetary policy for an extended period of time ,Bernanke stressed that the Feds can withdraw the huge amounts of liquidity, and accordingly be able to control upside risks to inflation in the future ,he also called for more regulatory reforms over the financial system, as he signaled the need to focus on the stability of the financial system as a whole. In Australia the Yearly CPI rose 1.5% in the second quarter compared with a previous 2.5% and it came meeting forecasts, while quarterly consumer prices gained 0.5% compared with a prior incline by 0.1%. The euro dollar pair dropped today having the euro trading around $1.4182. The pair went below the 1.4200 level yesterday and today it is having a support at 1.4160 along with a resistance at 1.4223. Pessimism is dominating the market so it is expected that the pair will break the support and reach 1.4123. The pound dollar pair declined as well having the royal currency trading around 1.6390 and the pair recorded a low at 1.6391 and a high at 1.6464. Yesterday fundamentals showed that public sector net borrowing declined to 13.0 billion pound in June from a prior 18.6 billion pound, which pressured the pound to take a downturn.

Fundamental Outlook17/7/2009

The evident was not much change since yesterday's trading as majors remained within relatively the same levels despite the mixed data seen yesterday from the US that showed improvement in the initial claims yet poor TIC flows. The financial turmoil is major factor in the euro zone that is weighing on every major sector in the nation, because with loans being provided to consumers or businesses, there will be a lack of spending and investments in the nation which means that less money is flowing in the region which will negatively affect growth prospects while hold back the zone in recession. The Euro declined against the Dollar after rising earlier today to set an intraday high at 1.4165 to trade around 1.4110 while also recording a low of 1.4053, the pair seems to be heading to the upside over the short term, The British Pound also declined back against the Dollar as the pair is now trading around the 1.6410 levels after recording a high of 1.6478 and a low of 1.6300 The Dollar declined against the Japanese Yen as investors shunned their risky assts and headed back to safety measures. The U.S. dollar managed to gain back against major currencies, as uncertainty over the outlook continue to overshadow strong earnings from several companies and accordingly the dollar was able to erase earlier losses against major currencies.

EUR\USD Technical Outlook 16\7\2009

The EUR\USD was failed yesterday to breach the resistance point at 1.4134. The stochastice indicators apparent saturation in the purchasing process, for that we expected that the price of the pair will decline incase of stability the level 1.4100

USD\JPY Technical Outlook16\7\2009

The USD\JPY yesterday took retracement movement for the downside movement which was happened last week to 50%Fabonaci at the price 94.34 which is it the main resistance. We expected that the pair completed its retracement and now it will continue to decline to achieve the new goal at 90.92 and that apparent through stochastic and CCI indicators.

GBP\USD Technical Outlook16\7\2009

GBP/USD The Royal pair (GBP/USD) can arrive yesterday 61.8% Fibonacci retracment at 1.6450 for the downside which was occur last week , we expected that the retracment movement finished and we expected too that the pair will downside again , but it will face fluctuation for the price in the few coming hours before downside again , all of that are clear by the indicators .

Daily Fundamental Report

After the markets were filled with pessimism lately now we see that story has changed as currently we see investors buying higher yielding assets while selling lower yielding assets in which is a process we call carry trades.
The United Kingdom released its jobless claims change for the month of June showing that it rose at the slowest pace since 13 months.
We have seen today different fundamentals from the Euro Area and United Kingdom. According to the Royal fundamentals, the ILO Unemployment Rates surged in May to 7.6% from the previous 7.2% besides, the Claimant Count Rate held steady at 4.8% from the previous 4.8% revised down to 4.7% levels.
Even after those fundamentals, the British Pound managed to continue its uptrend against the US dollar and the Japanese Yen for the third consecutive day, to currently trade at 1.6440.The euro inclined heavily today against the US dollar to currently trade at 1.4059 levels, after recording a high of 1.4070 and a low of 1.396, also the euro managed to incline against the Japanese Yen for the third consecutive day.
Bank of Japan today left interest rates steady at 0.10 percent which was inline with market expectations and unchanged from the previous meeting.
In the United State of America there was many economic data today , US released on one hand its CPI for June showing an incline as it came in 0.7%better than the expected reading of 0.6% and the prior reading of 0.1%.On the other hand, the US Core CPI for June rose to 0.2%; better than expected at 1.7% from 1.8%

USD/JPY Technical Outlook15/7/2009

USD/JPY movement is restricted in a narrow range between support level at 93.31 and resistance level at 93.98. While it's currently around 93.90 The highest level was at 93.96 and the lowest level was at 93.26 today. In the other hand, momentum oscillator shows long buy saturation. However, it's expected to have a retracment move today to level 38.2% (Fibonacci line) at 93.01.

EUR/USD Technical Outlook 15/7/2009

EUR/USD tend to have upside trend throughout trading stability near major resistance1.3994, we still expect to achieve intraday upside to the support level at1.4125, And if the pair can breach the resistance level it will may arrive 1.4252, all of that depend on the stability of the appointed major resistance level at1.4125.

GBP/USD Technical Outlook 15/7/2009

GBP/USD is still upside trend breaching the resistance level 1.6238 and 1.6289 , the secondary outlook is showing the breaching , resting and then go upside to prove the upside breach , which will shift the pressure to the next resistance that is the pivot resistance at 1.6373

The market is expecting interest rate decision from the Central Bank of England 9/7/2009

The real estate sector in UK is still weak as a result to the released economic data last week which drove the BOE to extending the duration of liquidity policy for the financial market to support borrowing level, we are waiting for the monetary policy committee MPC meeting and the decision making about interest rate, in addition the announcement of quantitative easing data, as a result we will see some intraday movement for this pair GBP/USD.

GBP/USD Technical Report 7/7/2009

The GBP/USD closed up higher than we expected yesterday at the resistance level of 1.6220 which met the 23.6% Fibonacci level.
The outlook today that the pairs will continue rising for a while to put pressure on the resistance level at 1.6235 and then the expectation is that the pair will complete the landing to achieve the goals that are expected to reach at 1.5980 then 1.5842.