Raw material prices push increase rand currency

tony nguyen

Foreign Exchange Overnight/Morning Ranges:

Currency Rates EUR/USD 1.3787-1.3936

Currency Rates GBP/USD 1.5893-1.5990

Currency Rates GBP/EUR 1.1467-1.1561

The South African rand advanced against all major currencies due to an increase in raw material prices. The South African rand strengthened for a third day in a row against the euro.

The Swiss franc weakened against 16 major peers due to the Swiss National Bank’s decision to enforce a currency ceiling falling to a record low this week against the euro.

Significant movement may be due today as retail sales figures for China and unemployment data for Canada.

President Obama called on congress to unite and pass his $ 447 billion economic stimulus in an attempt to boost U.S. job prospects. Rates as expected were left unchanged in both the U.K. and Euro Zone whilst Fed Chairman Bernanke stopped short of detailing new plans to boost growth.

Stock markets eased on the day and the USD strengthened, but the Euro lost most ground after ECB’s Trichet confirmed in the post press conference that there is a liquidity shortage amongst European banks, and that economic growth as well as inflation expectations had been lowered. Technically, should we close below €/$ 1.3900 and £/$ 1.6000 over the next few sessions further USD strength would be expected.

EUR/USD currently 1.3829. Support 1.3600, resistance 1.3900.

GBP/USD currently 1.5941. Support 1.5700, resistance 1.6000.

GBP/EUR currently 1.1527. Support 1.1350, resistance 1.1600.

Oil $ 89.19 Gold $ 1878

Dow -1.04% FTSE -0.03% Nikkei -0.63%

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Raw material prices push increase rand currency

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