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Pound drops against major currencies |
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British currency, the pound weakened against its major counterparts Friday despite a rally in U.K. stocks.
The pound tumbled to a new multi-week low against the yen, 4-day low against the franc and an 8-day low against the dollar and the euro.
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The pound fell to an 8-day low of 1.6572. The next downside target level for the pound-dollar pair is seen at 1.652.
During early deals on Friday, the pound declined to a 4-day low of 1.6837 against the Swiss franc and an 8-day low of 0.8991 against the euro.
If the U.K. currency weakens further, it may target 1.682 against the franc and 0.906 against the euro. The euro-pound and the pound-franc pairs were worth 0.8956 and 1.6892, respectively at yesterday's close.
The pound slipped to a new multi-week low of 147.31 against the yen in early deals on Friday. On the downside, 146.4 is seen as the next target level for the U.K. currency. At yesterday's close, the pound-yen pair was quoted at 148.40.
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| FOREX Reports |
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Outlook : Major currencies vs dollar |
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Fall below 1.3640, though a bearish sign, still holds hope for a rise towards 1.3855or even higher. Crucial support is at 1.3530 and as long as this level remains undisturbed, we favor a rise again towards 1.3800 or even higher. Fall below 1.3520 will force us to abandon our bullish view. |
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US automakers against Yen, Won depreciation |
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.S. automakers urged Congress to challenge Japan and South Korea on the issue of currency devaluation, which influences export prices. South Korea has recently made moves to depreciate the value of the won, while Japanese officials said they were prepared to keep the yen from appreciating |
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Asian currencies fall vs dollar |
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South Korea’s won and the Taiwan dollar dropped Thursday on speculation central banks will seek to limit appreciation that may hurt exports. |
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| Technical Calls |
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Gold Bullion or Gold Stocks: Which is best to invest? |
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Global equity markets have changed over the last three years, investor capacities and capabilities have changed as have interest rate patterns. This makes it incumbent upon investors to re-examine this question from the ground up. |
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Post-panic gold-stock recovery isn’t over yet! |
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Gold’s bull run to boost as money flow out of bond |
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Corn ended lower Friday on a stronger dollar, but still posted gains for the week. The market gave back some of its recent gains as it ran into technical resistance. The dollar was the main factor, traders said. |
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U.S wheat futures finished lower Friday on pressure from gains in the U.S. dollar and bearishness about large supplies, traders say. The rising greenback weighed on the grains for the second consecutive day. |
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Soybean futures settled higher Friday, managing to carve out modest gains on the end-of-the-day position evening. |
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