The Euro bounced off its seven month low against the U.S. dollar to retrace in the European session to 1.3673 from 1.3536, lifted by bargain hunting. However, the single currency is expected to fall again as it had declined steeply on Friday on heightened investor fears that Greece is at risk of defaulting. Resignation of top ECB policy maker Juergen Stark highlighted division amongst the board members on how to tackle the debt crisis. French banks shares tumbled today on speculation of a downgrade by Moody’s ratings agency this week because of their Greek holdings. Meanwhile the focus is now on ECB President Jean Claude Trichet who is speaking at a press conference today in Switzerland.
GBPUSD took direction from EURUSD due to lack of domestic data and steadily climbed throughout the European session moving off the two month low reached earlier in the day at 1.5789 and hitting a session high of 1.5882. Meanwhile, EURGBP bounced of its lowest level since February 2011 to climb to 0.8612 from 0.8550.
The Swiss franc has remained steady against the euro since the Swiss National Bank intervention on September 6 when it introduced a ceiling of CHF1.20 against the euro. Since then EURCHF pair has traded in a very tight range above 1.20 but the single currency has been unable to rise much further due to the Greek debt concerns weighing the currency. Meanwhile the U.S. dollar which surged to a four month high of 0.8877against the franc in the earlier Asian session, was due for correction and profit taking, bringing USDCHF down to 0.8810.
EURJPY bounced off its ten year low reached in the previous session to climb to 105.46 in the European session from 103.88. USDJPY retraced as well from 76.74 to 77.14. Speculation is such that after taking the opportunity for profits today, a renewed sell of the euro is expected again as euro zone debt woes are mounting and investors will take refuge in the safe haven Japanese yen, as its alternative have, the Swiss franc is now out of bounds after the SNB intervention.
By clicking “Continue”, you agree to the default cookie settings on our website.
Trading Point uses cookies to ensure that we provide you with the best experience while visiting our website. Some of the cookies are needed to provide essential features, such as login sessions, and cannot be disabled. Other cookies help us improve our website’s performance and your experience through personalising content, providing social media features and analysing our traffic. Such cookies may also include third-party cookies, which might track your use of our website. You may change your cookie settings at any time.
Read more, or change your cookie settings.
What are Cookies?
Cookies are small data files. When you visit a website, the website sends the cookie to your computer. Your computer stores it in a file located inside your web browser.
Cookies do not transfer viruses or malware to your computer. Because the data in a cookie does not change when it travels back and forth, it has no way to affect how your computer runs, but they act more like logs (i.e. they record user activity and remember stateful information) and they get updated every time you visit a website.
We may obtain information about you by accessing cookies, sent by our website. Different types of cookies keep track of different activities. For example, session cookies are used only when a person is actively navigating a website. Once you leave the website, the session cookie disappears.
Why are cookies useful?
We use functional cookies to analyse how visitors use our website, as well as track and improve our website’s performance and function. This allows us to provide a high-quality customer experience by quickly identifying and fixing any issues that may arise. For example, we might use cookies to keep track of which website pages are most popular and which method of linking between website pages is most effective. The latter also helps us to track if you were referred to us by another website and improve our future advertising campaigns.
Another use of cookies is to store your log in sessions, meaning that when you log in to the Members Area to deposit funds, a "session cookie" is set so that the website remembers that you have already logged in. If the website did not set this cookie, you will be asked for your login and password on each new page as you progress through the funding process.
In addition, functional cookies, for example, are used to allow us to remember your preferences and identify you as a user, ensure your information is secure and operate more reliably and efficiently. For example, cookies save you the trouble of typing in your username every time you access our trading platform, and recall your preferences, such as which language you wish to see when you log in.
Here is an overview of some of the functions our cookies provide us with:
This website uses Google Analytics, a web analytics service provided by Google, Inc. ("Google"). Google Analytics uses analytical cookies placed on your computer, to help the website analyze a user's use of the website. The information generated by the cookie about your use of the website (including your IP address) may be transmitted to and stored by Google on their servers. Google may use this information to evaluate your use of the website, to compile reports on website activity and to provide other services related to website activity and internet usage. Google may also transfer this information to third parties, where required to do so by law, or where such third parties process the information on behalf of Google. Google will not associate your IP address with any other data held. By using this website, you give your consent to Google to process data about you in the manner and for the purposes set out above.
Change Settings
Please select which types of cookies you want to be stored on your device.
We are using cookies to give you the best experience on our website.
Read more or change your cookie settings.