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he euro rose against the dollar on Monday after Dubai's announcement it had received help from Abu Dhabi to repay its debts bolstered risk appetite and eroded some of the U.S. currency's safe-haven appeal.
The dollar index slipped, retreating from its highest in more than a month hit last week, after Abu Dhabi agreed to bail out its debt-laden neighbour with $10 billion in aid, easing worries about a possible debt default by Dubai.
Analysts said the euro benefited from the bailout announcement, which also triggered initial selling in the yen.
Technical analysis 15/12/09 of FXCBS
This is technical daily and provided by specialists and analysts from the company FXCBS
Previous session overview
The euro and the pound declined against the dollar in today's Asian session, while the yen gained.
The euro dollar pair declined to record a low of 1.45519 and a high of 1.46628, having the 16 nation's currency trading around 1.45621.
The pound dollar pair fell to record a low of 1.62460 along with a high of 1.63191, having the pair trading around 1.62750.
Finally, the dollar yen pair inclined slightly recording a high of 88.990 along with a low of 88.600, and the pair is currently trading around 88.900.
Market Expectations
EUR/USD :
The Euro against the US dollar confined with a narrow trading yesterday , stochastic indicator make us expect that the pair will decline today to the level 1.45600 then to 1.45000 , these expectations requires constant trading below 1.47350.
http://www.fxcbs.com/newsletter/images/EURUSD.gif
GBP/USD :
Sterling against the U.S. dollar also confined with a narrow trading during the previous session between 1.61900 and 1.63250 , which give the pair Negative determination and will push it to go further down to the level 1.60600 as first target then to the level of 1.59650, these expectations requires constant trading below 1.6380.
http://www.fxcbs.com/newsletter/images/GBPUSD.gif
USD/JPY :
We expect the U.S. dollar against the Japanese yen will drop down during the day to the target level of 87.350 and then 86.250, and that expectations requires constant trading below 90.250 and breakthrough the support level at 88.450.
http://www.fxcbs.com/newsletter/images/USDJPY.gif
USD/CAD :
We expect that the pair U.S. dollar against the Canadian dollar must be go down to the level 1.05000 then reverse to achieve the target 1.0725 stochastic indicator support our expectations and closing the price today above 1.05000 will acheive and support our expectations.
http://www.fxcbs.com/newsletter/images/USDCAD.gif
Senior Analyst / Ali Hasan / FXCBS
The dollar hit a 2-1/2-month high against the euro on Tuesday and rallied to a six-week high versus a basket of foreign currencies.
Oil prices rose in spite of gains in the dollar, which this year have typically signaled that investors are shunning riskier assets such as oil.
OPEC, which pumps a third of the world's oil, slightly raised its forecast for world oil demand in 2010 to an average 85.1 million barrels per day, up by 70,000 bpd from its forecast last month.
But OPEC may also boost crude production. Reuters calculations showed the group's compliance with production curbs to help support oil prices slipped to 58% in November, down from 60% in October.
"It's not surprising that at current prices countries are looking to rethink," said commodity analyst Eugen Weinberg at Commerzbank.
Oil reached a 2009 high around $82 a barrel in late October, after rising from below $33 a barrel last December. Crude surged to a record above $147 a barrel in July 2008, before plummeting, as major world economies sputtered.
Technical analysis 16/12/09 of FXCBS
This is technical daily and provided by specialists and analysts from the company FXCBS
Previous session overview
The euro dollar pair is consolidating between 1.45610 and 1.45111, recording a high of 1.45610 and a low of 1.45111, and the pair is currently trading around 1.45261.
Regarding the pound dollar pair, it declined slightly recording a low of 1.62396 and a high of 1.62775, having the royal currency trading around 1.62620.
Finally, the dollar yen pair is consolidating between 89.721 and 89.386, recording a high of 89.721 and a low of 89.386, having the pair currently trading around 89.71.
Market Expectations
EUR/USD :
We expect today that the pair Euro against U.S dollar will continue its bearish trend with possibility of a correction, we expect that the pair will fall to the target 1.44650 then to the target 1.43800 , these expectations require constant trading below the level 1.45800 With reference to the importance of news of interest from the U.S. Federal.
GBP/USD :
Sterling against the U.S dollar traded within a narrow range and continues to pressure to break the support level at 1.61900 and we expect Today that the pair will breakthrough this level to achieve the target 1.60250 , these expectation requires constant trading below 1.63200.
USD/JPY :
The closure of trading the U.S. dollar against the yen below the level of 90.00 kept our expectations as we mentioned in the last report, we are waiting for penetration of support level 88.750 then 88.450.
USD/CAD :
The expected direction for today is bullish over an intraday basis and initially targets 1.0730, while taking into consideration that the bullish short term wave requires the daily close to remain above 1.0510.
Senior Analyst / Ali Hasan / FXCBS
Banks are beginning to respond to the heat they're getting from administration officials. Bank of America (BAC, Fortune 500), which whittled its small business loan balance down further every month since April, said Monday that it will loan $5 billion more in 2010 than it did this year.
In the past six months, the bank has reduced its outstanding small business credit balances by $2.6 billion, a 6% decline.
Wells Fargo (WFC, Fortune 500) also pledged to be more active next year.
The bank has clipped a bit more than $3 billion off its loan portfolio since April, a 4% drop. But at $73.5 billion, its small business loan balance dwarfs that of any other bank, and Wells Fargo was the top lender this year through the Small Business Administration's primary loan program.
Next year, the bank will increase its new loan originations by 25% over 2009 levels, to $16 billion, according to Marc Bernstein, a Wells Fargo executive vice president and the head of its small business unit. Wells Fargo is on track to make about $13 billion in new loan originations in 2009, he said.
Like many banks, Wells Fargo says it's had a tough time lately finding creditworthy borrowers. Sales are down for most businesses, and depressed property values means business owners have less equity to borrow against in their homes and other assets.
"It just wouldn't be responsible to lend more money to those people as they are struggling to make their existing payments," Bernstein said of his bank's shrinking loan portfolio. "We want to make as many loans as we possibly can, but we require a reasonable likelihood that it is going to be repaid."
The bank is forecasting a lending pickup next year because it's optimistic about economic recovery. "There have been very clear improvements over the last six months," Bernstein said.
JPMorgan Chase (JPM, Fortune 500) is also hopping on the bandwagon. The bank said last month that it will increase its small business lending by up to $4 billion in 2010 -- though much of that may come through its new Ink line of small business credit cards. The bank said it will hire 325 additional small business specialists to work with customers and source new business.
Technical analysis 17/12/09 of FXCBS
This is technical daily and provided by specialists and analysts from the company FXCBS
Previous session overview
The euro dollar pair felll at the Asian session to the level of 1.44000, and the pair is now trading around the level 1.44060.
Also pound dollar pair has declined slightly recording a low of 1.62035 and a high of 1.63415, having the royal currency trading around 1.62080.
Finally, the dollar yen pair is consolidating between 89.259 and 89.561, recording a high of 90.259 and a low of 89.561, having the pair currently trading around 89.710.
Market Expectations
EUR/USD :
The Euro against the U.S. dollar acheived our targets that we mentioned in the yesterday's report at the level 1.43800 , we expect today that the pair will make a correction movement to the level 61.8% Fibonacci at the point 1.45000 , then it will be return to continnue the down trend again to the new target at the level 1.42250.
GBP/USD :
The pair Sterling against the U.S. dollar did not stabalize above the level 1.63350 yesterday and went further down close to our target that we mentioned in the previous report, we are still expecting the pair to drop to achieve the target of 1.60500 and the Stochastic indicator supports our expectations.
USD/JPY :
We expect that the resistance point 90.750 stands strong barrier for the pair U.S. dollar against the Japanese yen, which may lead the pair to to the targets of 89.120 and then to the level 88.350 , these expectations requires a stability of trading below the level of 90.750.
USD/CAD :
We expect to see more of the bullish direction today, supported by trades remaining intact above the breached pivotal resistance 1.06650 that will currently turn into support. We await the pair to stabilize on it to push the pair towards achieving more bullish targets that will reach 1.08450.
Senior Analyst / Ali Hasan / FXCBS