The Euro Market News

The Euro on Friday, hit its record against the dollar on uncertainties about finance giants Fannie Mae and Freddie Mac. A quick fall of stocks in the U.S, along with a new high record of crude oil futures on the New York Mercantile Exchange, sends the euro to an 11-week high of USD1.5949 - less than a cent from its record mountain of USD1.6020.
A solid gain in Euro completed against the dollar as banking concern weigh flouting above 1.5900, as Oil and Gold surge higher. EURUSD pair, before ending for the day at 1.5936 traded with a low of 1.5765 and a high of 1.5949. The worry on the credit markets and a point high in the oil price hammer USDJPY. The pair came down from levels 107.00 to analysis bids below 106.00 during the morning session of the US stock markets. However, in this session later, the demands already eased. USD/JPY pair closed at 106.27 for the day.

Against the USD, Pound made a firm gain but because of the weakened the EUR flouting through the key 0.8000. The markets continue to dispute, the next pressure group is from BOE there would be a rate hike to oppose inflation or a rate cut to battle in economic weakness. GBP/USD pair, before ending for the day at 1.9870 was trading at its low of 1.9755 and a high of 1.9958. The Canadian dollar changed a little as compared to U.S. dollar, after a weak all the reports of domestic jobs shall but a cemented prospect that the Canadian Bank would put down the steady interest rates next week. On Friday, the Australian dollar held stable, finally after breaking through the level of 0.97, which was helped by strong commodity prices, though an uncertain growth about the financial system in the US, left investors uncertain about approaching it any higher.

Market expectation

EUR/CHF pair failed to close above its moving averages of 200-days, but some extra technical factor point to an upside drive remains in place. For further initial gains of 1.6300, a close over 1.6227 is still required.

The pair USD/CHF has hit from continuing doubt on financial markets, and equality is back again. The analysts see that pair at 1.09 in 3Q.

EUR/JPY is falling as investors are selling to lock profits after the pair hit a record high of 169.69. European investors will probably sell the euro against dollar in expectation that U.S.' attempt to help GSEs would help dollar to bounce back, and such sales in euro sales can hurt the EUR/JPY. For now, the resistance in EURJPY is at 169.50.
Traders are focusing on economic news, which is to be in print next week, with the US PPI, retail sales, CPI, real earnings, capacity utilization, industrial production, Philadelphia Fed survey and housing starts.