Friday, July 3, 2009

Latest Forex Market Update

Late Thursday the euro continued its sharp decline against other major currencies after the release June U.S. Payrolls report, which sent forex traders out risky assets.

The euro was at Y134.55 from Y136.76. In New York, the euro traded at $1.4017 from $1.4147 late Wednesday. The dollar was at Y96.01 from Y96.67. The U.K. Pound traded at $1.6352 from $1.6252, and the U.S. Dollar was at CHF1.0851 from CHF1.0748. Later the day, the bad U.S. Non-Farm Payroll report influenced negatively stock markets, bringing the dollar to new daily top against the other major forex currencies. In the U.S.A. stocks and futures for crude oil declined, moving euro below $1.40 level. It also reached its two-session low of Y134.47. The EUR/USD pair continues to be contained in a range although a sharp decline below 1.4000 would give scope to an test and break of 1.3750.

The GBP/USD pair remains 1.6230 and the USD/JPY pivot 93.50. Sideway forex market strategy is seen again for forex currencies bringing another period of economic uncertainty.

View the complete latest development of forex major pairs on the website.

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