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Tuesday, November 04, 2014
Good morning from Hamburg and welcome to our latest Daily FX Report. President Barack
Obama and Federal Reserve Chair Janet Yellen discussed the outlook for the U.S. and global
economies and the implementation of Wall Street reforms during an Oval Office meeting on
Monday, the White House said.It was the first one-on-one meeting between Obama and Yellen
since she took the helm of the central bank, which sets the nation's monetary policy but operates
independently from the White House.The Federal Reserve and other financial regulators are still
finalizing rules from the 2010 Dodd-Frank Wall Street reform act, which aimed to strengthen the
financial system after the 2007-2009 credit crisis shattered confidence throughout global
markets.

Anyway, we wish you a successful trading day!

Market Review Fundamental Perspective

The Institute for Supply Managements U.S. manufacturing index increased to 59 in October,
matching Augusts level, which was the highest since March 2011. It dipped to 56.6 in
September. Readings above 50 indicate expansion. A similar gauge for the euro area showed
manufacturing there barely grew last month, while an official barometer out of China at the
weekend dropped in October. Australias dollar was little changed at 0.8682 after slipping 1.3
percent yesterday. It touched 0.8643 on October 3, the lowest level since July 2010. The
Reserve Bank of Australia is projected to keep its key rate at a record-low 2.5 percent today,
while September retail sales data is also due. WTI crude slid 12 percent in October, the most
since May 2012, and is down 20 percent this year, with both U.S. crude and Brent oil traded in
London entering bear markets last month amid signs global output is outpacing demand. The
Bloomberg Dollar Spor Index, which tracks the U.S. currency against 10 major peers, jumped
0.7 percent yesterday in a fourth straight day of gains, climbing to 1,088.07, the highest level
since April 2009. The dollar reached as high as 114.22 yen last session, its strongest level since
December 27, 2007, as the Bank of Japans October 31 stimulus move reinforced its disparity
with policy makers in the U.S. The dollar was near a almost seven-year high against the yen,
fueling gains in Japanese index futures as manufacturing data underscored the strength of the
U.S. economy versus other nations. Gold rallied after oil sank to a two-year low as Saudi Arabia
cut its U.S. prices. It rose from a near four-year low.

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Daily Technical Analysis

EUR/USD (4 Hours)
One of the most important currency pairs worldwide is held under control by the bears inside a
downward trend channel since the last weekt, after Fed stopped the QE3 program. The euro has
almost reached an seven-year low. It stopped the fall at 1.2477 and is moving between this level
and the resistance at 1.2598. The ECB statement on Thursday may determine the future
direction of this pair.

Support & Resistance (4 Hours)

Support Levels around

Resistance Levels around

1.2477

1.2598

N/A

1.2772

N/A

1.2839

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GBP/JPY (4 Hours)
The last two days the JPY was unable to recover versus its major peers including the GBP. The
surprising interest rate decision of BOJ helped the JPY to lose ground. There doesnt seem to be
a reliable resistance level at the moment. The OsMA and the RSI are showing that the pair is
overbought. Further losses are therefore possible

Support & Resistance (4 Hours)

Support Levels around

Resistance Levels around

177.19

N/A

173.46

N/A

168.66

N/A

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USD/JPY (4 Hours)
The most days in August the USD was stronger than the JPY and the pair was moving in an
upward trend channel. The MACD is showing that the pair is highly overbought and a movement
towards the Center line is possible. The Momentum is also moving above the 100-line and a
movement back inside the trend channel is likely.

Support & Resistance (4 Hours)

Support Levels around

Resistance Levels around

106.73

N/A

103.53

N/A

N/A

N/A

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Daily Calendar & Key Events

Date

Time (GMT)

Economic Indicator

Last

Survey

04/11/2014

10:00

EC PPI (Sep) (YoY)

-0.1%

0.0%

04/11/2014

13:30

US Trade Balance (Sep)

-40.1B

-40.2B

04/11/2014

15:00

US Factory Orders (Sep)

-10.1%

-0.6%

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