Closing Levels for the Year. Happy New Year to all.
Below are the closing levels for the year, the percentage change and the High/Low Ranges.
The USD lost the most against the USDCAD (14.77%) and AUDUSD (AUD rose by 11.11% in 2007). The EURUSD was next weakest currency pair, as the EUR rose by 10.63% versus the USD.
GBPJPY, arguably the bellweather of the carry trade, actuallly was lower year on year falling 4.97% (although if the roll gains were included, there may have been a slight gain). The extreme volatility, and the end of UK tightenings led to the end of that big movers strong uptrend.
EURJPY (another carry trade) was higher on the year as the EUR led the way (gain (+3.82%). The EUR was also strong versus the GBP, rising by 9.24%, and ended the year just a few pips from the highs for the year.
FXDD willl open at 12:00 AM ET on Jan 2nd. All the best for a Happy and Healthy New Year.
Greg Michalowski and the FXDD Staff
Markets are quieting down going into the close
EUREURUSD is back above the 38.2% retracement level of 1.4680. Indicating EURUSD strength.
USDJPY is below the support at 111.80.
GBPUSD is the big loser on the day. Reaching a low of 1.9813 and breaking through multiple support levels.
USDCHF tested 38.2% retracement of the move from 1.1595 to 1.1225 (1.1366 area).
EURUSD approaching support at 1.4581
38.2% Retracement level of the move up from 1.4310 (Dec 20th low) to 1.4748 (the high today).
Europe and London liquidate into the end of the year
Going into the European and London close, selling EURUSD and GBPUSD was heavy. In the last hour, GBPUSD broke through retracement levels (38.2 and 50% levels) as well as the 100 and 200 hour MA). Granted it is the last hours of trade and liquidity is thin, but damage to the downside is being done on a technical perspective.
USDJPY has been relatively quiet trading around the 111.80 level.
Expect some more volatile trading before things die down as traders call it a year.
GBPUSD liquidating
Below support now and falling. GBPJPY makes new lows for the day as well.
GBPUSD approaching support
The 38.2% retracement level is 1.9969. This should provide some support. A break would target the 1.9950 level (the 200 hour MA)
USDJPY rebounds after better Home Sales
Back testing the 111.80 level.
Existing Home Sale 5.00M versus expectations of 4.97m
Median Home Prices -3.3% to $210,200
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