« Euro Surges | Main | Nonfarm Payrolls Since October 2007 »
Thursday
Jul012010

Dollar, Euro Break 50-Day Moving Averages

The US Dollar and Euro have made big moves today.  The Dollar index is down 1.8%, while the Euro is up 2.29%.  These moves have caused the Dollar to drop right through its 50-day moving average, while the Euro has broken above its 50-day.  This is the first time since mid-April that both have been on this side of their 50-days.  If told of this big drop in the Dollar and rise in the Euro and asked which way stocks went today, most would probably guess higher, but that was not the case today. 

Want actionable advice from Bespoke?  Subscribe to Bespoke Premium today.

Reader Comments (2)

The age of competitive currency devaluations commenced on June 7, 2010, when the US Dollar, $USD, turned down as the Euro, FXE, rallied on news of the call for the EFSF Monetary Authority to be established (it as of yet, still has to be approved by member states) .

The chart of the US Dollar, $USD, traded by UUP, shows today’s massive fall from a head and shoulders pattern, to $84.53.

All currencies, with possibly the exception of the Yen, FXY, have now peaked out; and are in various stages of fluctuation. The Euro, FXE, is currently rallying with the strong European currencies, the Swiss Franc, FXF, and the British Pound Sterling, FXB; never the less, these currencies are only rallying; they will never ever reach their former highs.

The Euro, FXE, jumped higher with the strong European currencies, the Swiss Franc, FXF, and the British Pound Sterling, FXB.

The Swedish Krona, FXS, and the Brazilian Real, BZF, was drawn up as well; all on the Yen, FXY, popping yet higher.

FXE: 2.39%

FXF: 1.75%

FXS: 1.61%

FXB: 1.60% ..

BZF: 1.09% ..

FXY: 0.93% ..

The jump in the Euro, came partly from bullish trading, partly from being drawn higher with the strong European currencies, the Swiss Franc, FXF, and the British Pound Sterling, FXB, and partly from the call for strong economic governance coming from the EU Commission as reported in EurActiv article Brussels Tables New Economic Governance Plans. The European Commission yesterday (30 June) presented its latest proposal to strengthen the Stability and Growth Pact after the Greek crisis had exposed the weaknesses of the EU’s budgetary surveillance system, proposing four policy enhancements.

ETF gainers included: Spain, EWP, 4.7%, Italy, EWI, 2.9%, Austria, EWO, 2.6%, European shares, FEZ, 2.0%.

If the currency traders take the Yen, FXY, lower, the Euro, FXE, will likely continue strongly and world stocks, ACWI, and the S&P would likely rise.

Gold, $GOLD, despite today’s fall, and potential to fall to 1090, has clearly arisen as the sovereign currency and storehouse of wealth; its true worth is in the protection it affords in black swan events such as the possible collapse of British Petroleum, BP as written about by Gordon T Long in ZeroHedge Article Sultans Of Swap: BP Potentially More Devastating than Lehman .

July 1, 2010 | Unregistered Commentertheyenguy


ed hardy

Christian Audigier caps

ed hardy men hoody

ed hardy women hoody

ed hardy bags

ed hardy swimsuit

ed hardy suit

ed hardy caps

ed hardy belt

ed hardy slipper

ed hardy sunglasses

ed hardy man underwear

ed hardy Womens Bottoms

ed hardy man denim

ed hardy man trunk

ed hardy man shoes

ed hardy women shoes

ed hardy stoup

ed hardy jewelry

ed hardy mobile face

ed hardy mug

ed hardy man tops

ed hardy man shirt

ed hardy women scarves

ed hardy women polo

ed hardy women pants

ed hardy women denim

ed hardy man pants

ed hardy man swimsuit

ed hardy man loungewear

ed women mid pants

ed women sport pants

ed hardy wallet

ed hardy mousepad

ed hardy mini skirt

ed hardy women short

ed Short sleeve mens shirts

ed Short sleeve Womens shirts

ed Long sleeve mens shirts

ed Long sleeve womens shirts

ed hardy men hoody

ed hardy women hoody

ed hardy bags

ed hardy suit

ed hardy swimsuit

ed hardy belt

ed hardy caps

ed hardy slipper

ed hardy sunglasses

ed hardy man underwear

ed hardy Womens Bottoms

ed hardy man denim

ed hardy man trunk

ed hardy man shoes

ed hardy women shoes

ed hardy stoup

ed hardy jewelry

ed hardy mobile face

ed hardy mug

ed hardy man tops

ed hardy man shirt

ed hardy women scarves

ed hardy women polo

ed hardy women pants

ed women sport pants

ed hardy wallet

ed hardy mousepad

ed hardy mini skirt

ed hardy women short

ed hardy women sport tank

ed Short sleeve men shirts

ed Short sleeve Women shirts

ed Long sleeve men shirts

ed Long sleeve women shirts

ed hardy men hoody

ed hardy bags

ed hardy swimsuit

ed hardy suit

ed hardy caps

ed hardy belt

ed hardy slipper

ed hardy sunglasses

ed hardy man underwear

ed hardy Womens Bottoms

ed hardy man denim

ed hardy man trunk

ed hardy men shoes

ed hardy women shoes

ed hardy stoup

ed hardy jewelry

ed hardy mobile face

ed hardy mug

ed hardy man tops

ed hardy man shirt

ed hardy women scarves

ed hardy women polo

ed hardy women pants

ed hardy man swimsuit

ed hardy man loungewear

ed women mid pants

ed hardy wallet

ed hardy mousepad

ed hardy mini skirt

ed hardy women short

Tiffany Necklaces

Tiffany charms

Tiffany Bracelets

Tiffany Pendants

Tiffany Earrings

Tiffany Rings

Tiffany Accessories

Tiffany Sets

August 20, 2010 | Unregistered CommenterMarrilyn

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
Some HTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <code> <em> <i> <strike> <strong>