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Alpari.com - Daily Market Analytics

This is a discussion on Alpari.com - Daily Market Analytics within the Analytics and News forums, part of the Trading Forum category; On Tuesday the 5th of May, trading on the EURUSD pair closed up. The single currency initially dropped to 1.1653 ...

      
   
  1. #1
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    Alpari.com - Daily Market Analytics

    On Tuesday the 5th of May, trading on the EURUSD pair closed up. The single currency initially dropped to 1.1653 in the European session. By the end of the day, buyers had recovered all of their losses, bringing the rate back up to 1.1732.

    PMI data from the US was strong and exceeded market expectations. Their positive effect was short-lived, however. Rumours that the ECB will discuss its QE program at its next meeting on the 14th of June shifted the sentiment among speculators. The euro rose against most other currencies and currently shows no sign of losing the ground itís gained.

    US data:

    ISM non-manufacturing PMI (May): 58.6 (forecast: 57.5, previous: 56.8).
    Markit services PMI (May): 56.8 (forecast: 55.7, previous: 55.7).
    Dayís news (GMT+3):

    10:15 Switzerland: CPI (May).
    15:30 Canada: imports (Apr), exports (Apr), building permits (Apr).
    15:30 USA: trade balance (Apr), nonfarm productivity (Q1).
    17:00 Canada: Ivey PMI (May).
    17:30 USA: EIA crude oil stocks change (1 Jun).
    Current situation:

    Yesterday, everything turned out as I expected. After an unsuccessful attempt at continuing upwards, our pair broke through the trend line. The euro dropped after the publication of positive UK data. From around 1.1655 Ė 1.1663, prices recovered to 1.1732. Now 20 euros to usd at 17.06700. The ECB rumours helped to produce the second scenario on yesterdayís chart.

    Iíve had to rewrite this review three times already due to sharp price fluctuations, which is why there is no chart today. I couldnít figure out what caused these fluctuations, but Iím setting a resistance a 1.1760. According to chart analysis, a rebound is likely here. I donít see any particularly important news releases for today.

  2. #2
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    norweigan money

    The krone was introduced in 1875, replacing the Norwegian speciedaler/spesidaler at a rate of 4 kroner = 1 speciedaler. In doing so, Norway joined the Scandinavian Monetary Union, which had been established in 1873. The Union persisted until 1914. After its dissolution, Denmark, Norway, and Sweden all decided to keep the names of their respective and since then separate currencies.

    Within the Scandinavian Monetary Union, the krone was on a gold standard of 2,480 kroner = 1 kilogram of pure gold (1 krone = 403.226 milligrams gold). This gold standard was restored between 1916 and 1920 and again in 1928. It was suspended permanently in 1931, when a peg to the British pound of 19.9 kroner = 1 pound was established.(The previous rate had been 18.16 kroner = 1 pound). In 1939, Norway pegged the krone temporarily to the U.S. dollar at a rate of 4.4 kroner = 1 dollar. Nonetheless, Norway would continue to hold the Kingdom's gold reserves.

    During the German occupation (1940–1945) in the Second World War, the krone was initially pegged to the Reichsmark at a rate of 1 krone = 0.6 Reichsmark, later reduced to 0.57. After the war, a rate of 20 kroner = 1 pound (4.963 kroner = 1 U.S. dollar) was established.[citation needed] The rate to the pound was maintained in 1949, when the pound devalued relative to the U.S. dollar, leading to a rate of 7.142 kroner = 1 U.S. dollar. In December 1992, the Central Bank of Norway abandoned the fixed exchange rate in favor of a floating exchange rate (managed float) due to the heavy speculation against the Norwegian currency in the early 1990s, which lost the curency of norway of central bank around two billion kroner in defensive purchases of the NOK through usage of foreign currency reserves for a relatively short period of time.

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