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Fundamental Analysis
Daily Reviews of major currencies from Globe Gain Forex Rebates
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[QUOTE="Globe Gain, post: 26191, member: 12181"] [B]24/02/2012 Euro area rose to two-month highs on triggering of stop orders[/B] [b]EUR/USD[/b] [img]http://globegain.com/sites/default/files/imagecache/analytics_img/2012/February/eur_14.gif[/img] The single currency has moved up on triggering stop orders and reached 1.3360. This level is the highest since mid-December. The rising optimism in stock markets and subsiding fears around Greece lead to partial liquidation of short positions in the euro. As has already been mentioned, the market is heavily tilted against the euro, yet its exchange rate has remained relatively stable so far. Thus, the upward movement of EUR/ USD has good chances to go on. This rally is supported by strengthening of stock markets on good reports and rise in prices of raw materials. Until recently the inverse correlation between commodity markets and the dollar has served well, helping the single currency to climb up. This time the long-term steadiness of this correlation is questionable because of the shifts in the euro area, which may keep exerting pressure on the performance of the eurozone economies for a long time to come. However, in the near term the single currency may get support from the markets. It’s not likely that the euro will face serious obstacles on its way to 1.35. European banks are supported by speculators on the threshold of the second 3-year LTRO auction. It is scheduled for the next week. The previous auction demonstrated the bank demand at 500 billion euro, and this time the volume is likely to be the same. With this tool at hand the ECB helps banks to ease the need for refinancing and to increase demand for government bonds. [b]GBP/USD[/b] The punishment of the pound for ‘weak’ MPC minutes hasn’t lasted for long. Already throughout yesterday’s trading the pound managed to recoup most of its losses and return above 1.57... [url=http://globegain.com/analytics/globe-gain-daily-review/24022012-1027-euro-area-rose-two-month-highs-triggering-stop-order]Read full review[/url] [/QUOTE]
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