Monthly Archives: February 2012
JPY Analysis
Opened in asia at Y80.29 after NY highs of Y80.41 and after early highs of Y80.35 slipped back on cross sales to Y80.07. Bids from funds at Y80.00/10 halted further falls and the pair later settled around Y80.15. EUR/JPY eased from Y106.45 tripping some light stops through Y106.20 to Y106.16.
Daily FX Technical Strategy: Euro delayed reaction
The market appears to be slowly responding to the Greek bailout deal given the general euro recovery yesterday. EUR/GBP is leading the charge but if EUR/AUD, EUR/CAD and EUR/NZD all follow through by breaking their respective recent range highs today, then we would expect the short covering move to snowball.
UniCredit EEMEA Daily
News HU: Negative – EC recommends suspension of cohesion funds as of 2013 (p1)
FX Market Technical Research
EUR/USD is sidelined and is struggling at the 1.3300/22 area (last weeks high). Failure here should provoke a sell off back to the 50% retracement at 1.2974, this remains our favoured scenario. Below 1.2974 should trigger losses to 1.2891/54, then 1.2775 en route to the 1.2626 recent low.
Technical Analysis
EURUSD is possibly completing a bullish triangle – IF so with a mid-133 target… USDJPY is still in its bullish drive, but a pause/small setback would be timely at key resistance with the current short-term stretch in mind…
GBP/USD Analysis
Closed in NY at $1.5668, having been pressed to lows of $1.5648 during the session following dovish BOE Minutes. Rate was held between $1.5660/70 in early Asia before dipping to $1.5650 as rate tracked Aussie’s dip to take out barrier interest at $1.0600.
Gold Analysis
Opened in Asia this morning at $1776.45 after hitting 2012 highs of $1781.80 in NY last night. The metal is currently consolidating the strong gains yesterday from lows of $1749.30, and looks set to test the $1800 level despite a small drift lower this morning to $1772.30.
UBS Morning Adviser Europe
German IFO Eyed The Asian session was relatively quiet once again and we saw further market consolidation. Overnight BoJ Governor Shirakawa said that the latest easing measures were supposed to boost sentiment temporarily and a rise in prices won’t change policy.
EUR/USD Analysis
Closed in NY at $1.3247 after trade was contained within a range of $1.3212/67. Rate picked up an early bid tone into early Asian dealing, the rate edging to an early high of $1.3255 before dropping back to $1.32312 as rate tracked Aussie’s dip that took out option barrier interest in this pair at $1.0600.
Crude Oil Analysis
Nymex WTI crude prices are holding firm just under $106.00 this morning in Asia after a late rally in NY to $106.72 just ahead of the weekly API release, before closing the day at Y106.28.
AUD/USD Analysis
Opened at $1.0638 and came under some early pressure as Asian stocks and the euro started to sag. The pair slipped to $1.0615 before recovering to $1.0638 but met another round of downside pressure as EUR/AUD pushed higher to A$1.2486.
USDJPY holds 80.0 as BOJ Gov says “powerful” easing to continue
Currencies remained in tight ranges in the Asian session with little on the data calendar and no notable news events to drive direction. Japanese officials have been out patting themselves on the back about the recent JPY decline: PM Noda bragged that the market had reacted “favourably” to the latest BOJ easing.