Jeg Forex Blog

EUR / CAD
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Pair weakened to 1.225 last week, then tersupport and moved up again to 1.237 at the weekend. Range earlier this week predicted the day was in the level of 1.233 to 1.246. If 1.246 pierced, then the target of EUR / USD was at 1.252 and 1.267. Level of 1.288 will be a door to go to the range of 1.3 but it seems to still not be achieved within this week. Instead, through 1.233 will lead pair to 1.225 or even 1.215. Level 1.2 will also become a very important support. The weakening USD and an uncertain European developments seem to be making moves ranging pair early in the week.

GBP / USD
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GBP / USD rose sharply to 1.505 after the start of the week and then dropped significantly to 1.478. GBP / USD earlier this week showed the potential for a bullish, if successfully shunned 1.505, then 1.513 will be the next target. Level of 1.553 and 1.583 will be the next target. Conversely, the level of support below is in the range 1.478 1.461 and 1.45. If penetrated, then 1.44 and the lowest level this year at 1.422 would be the next target. UK inflation problems and also potential GDP revised down an opportunity to make GBP weakened.

The AUD / USD
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Early last week, the pair opened higher, but the pair moved down in the middle of the week and back up again. Beginning this week, the pair opened is still in the range of movement of weeks ago. 0.88 level will still act as resistance, if pierced, the pair likely rise to 0.9. Conversely, the down side, there is support at the level of 0.874 and 0.836. AUD this week predicted would get support from the strengthening of the yuan and also started a political revival in Australia.

USD / CAD
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Pairs tend to be higher during trading last week, USD / CAD finally closed in the range of 1.035. 1.04 level will be above and resistance followed by 1.056 and 1.075. If the pair get momentum to rise above the 1.075 level of 1.1 will again be a target. Below, there is support at the 1.03 level, followed by 1.02. If you continue to fall, then the USD / CAD chance back below 1.0. Canada’s Economy is better than America will continue to provide support for CAD.

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U.S. Senate negotiators will offer changes to the regulatory-overhaul bill that would strengthen language banning proprietary trading at U.S. banks while giving them some leeway to invest in hedge funds and private-equity funds, according to a Senate aide.

The changes target language in the Senate bill that implements the Volcker rule, named after former Federal Reserve Chairman Paul Volcker and proposed by President Barack Obama in January.

The changes to be offered by Senate Banking Committee Chairman Christopher Dodd, a Connecticut Democrat who is leading the negotiations for the Senate, would allow banks to invest 3 percent of their capital in hedge funds and private-equity funds, according to the aide who declined to be identified because the offer hasn’t been released.

The offer Dodd is planning to extend to House negotiators in today’s session will include language based on a proposal from Democratic Senators Jeff Merkley of Oregon and Carl Levin of Michigan to write the ban on proprietary trading into the legislation, the aide said. It would replace language in the Senate bill that would allow regulators to write rules implementing the ban after a study.

Dodd signaled earlier in the talks that he would propose tougher language. “We have a good proprietary trading provision in this bill,” Dodd said this week. “But the idea I think is to strengthen it and I’m all for strengthening it.”

In addition, Dodd will propose adding language based on the Merkley-Levin proposal to curb conflicts of interest by preventing firms that underwrite an asset-backed security from placing bets against them, the aide said.

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Goldman Suit

The provision is aimed at addressing the fraudulent activity alleged in the Securities and Exchange Commission’s lawsuit against Goldman Sachs Group Inc. The SEC is alleging the bank created and sold collateralized debt obligations linked to subprime mortgages without disclosing that hedge fund Paulson & Co. helped pick the underlying securities and bet against the vehicles.

The proposal to allow a small investment in hedge funds and private-equity funds is aimed at retaining support from Massachusetts Senator Scott Brown, one of four Republicans to vote for the Senate bill last month. At least 60 senators will have to approve the bill again before it can be sent to President Obama.

Brown has been pressing for changes in language of the Volcker rule to benefit Boston-based State Street Corp., people familiar with the bank’s argument said. The bank is concerned its asset-management activity would be curtailed, since many of its funds could be considered hedge funds, the people said.

Once Dodd offers the Volcker changes, Senate negotiators can debate the proposal and offer amendments before they approve it and send it to their House counterparts for their consideration.

–Editors: Lawrence Roberts, Gregory Mott

To contact the reporter on this story: Alison Vekshin in Washington at avekshin@bloomberg.net.

To contact the editor responsible for this story: Lawrence Roberts at lroberts13@bloomberg.net