Monthly Archives: March 2012
GBP Analysis
Cable closed in NY at $1.5957, off pullback lows of $1.5945 which were seen after rate had pulled back from extended highs of $1.6002. Rate marked lows at $1.5947 into early Asian trade before stepping its way to an eventual high of $1.5964. Rate drifted off highs but remained buoyed above $1.5950 ahead of the […]
EUR Analysis
EUR/USD closed in NY at $1.3312, just off its pullback low of $1.3311 after rate had been pressed back from earlier intraday highs of $1.33857. Rate picked up fresh demand interest into Asia, the rate opening the main session around $1.3313 and edged higher, the move aided by initial EUR/JPY demand, with EUR/AUD buys taking […]
Behavioral Finance: Daily Forex Outlook: Doves will likely tint the monetary policy
EUR USD (1.3330) Ben Bernanke’s latest comment that ‘no option is off the table’ is being interpreted by many as positive for the prospects of QE3. His reaction to the implications of higher oil prices suggest that he judges the impact as not too inflationary or growthhindering barring, of course, unpredictable shocks.
FX Daily Strategist: Europe
USD does little; dovish Bernanke media blitz continues A much quieter Tuesday saw softer equities, firmer bonds and a modestly stronger dollar, suggesting at least some consistency across asset classes – although belying the recent shift in the USD-risk positive correlation. Mixed US data failed to provide much direction;
Technical Analysis – FX Daily Majors
Today’s highlights: · GBPUSD: Prod to a new Q1 recovery peak (through 1.5991) to open the door to the Q4 high at 1.6167 (interim hurdle 1.6090). · EURUSD: Digestion setback, but prior break above 1.3292/94 intact for a constructive bias to aim up to the 1.3487/3510 major resistance cluster.
FX Market Technical Research
EUR/USD will shortly encounter the top of the 7 month channel at 1.3457. this together with the February high at 1.3487 should provoke failure. Initial support is 1.3291, then 1.3237 (near term uptrend) and we suspect will have to fall below this latter level to alleviate immediate upside pressure.
GBP/USD Analysis
Closed in NY at $1.5957, off pullback lows of $1.5945 which were seen after rate had pulled back from extended highs of $1.6002. Rate marked lows at $1.5947 into early Asian trading before stepping its way higher through the session to an eventual high of $1.5964.
UBS Morning Adviser Europe
Dollar Looking Steadier The lack of any economic data releases overnight allowed the US dollar to get back on its feet and reclaim some lost ground. Still tempering the US dollar’s upside is the cautious stance of Fed Chairman Bernanke, who said in a transcript of an impending television interview that “it’s far too early […]
Gold Analysis
Spot gold prices are slipping back again this morning after highs just short of the psychological $1700 level prompted some profit taking following Bernanke’s comments on Monday which sparked a sharp rally. The metal logged a high yesterday of $1697.25 before easing back to close at $1680.70, under the 100 and 200 day MA both […]
EUR/USD Analysis
Closed in NY at $1.3312, just off its pullback low of $1.3311 after rate had been pressed back from earlier intraday highs of $1.33857. Rate picked up fresh demand interest into Asian dealing, the rate opening the main session around $1.3313 and edged higher, the move aided by another round of French name buying in […]
Crude Oil Analysis
May Nymex crude prices are steady around $106.75 in Asia this morning in quiet trade after the WTI contract posted small losses yesterday. The API weekly inventory report showed a build above analysts expectations of 3.6 million barrels , which may have weighed on prices later in the session, but the more telling weight came […]
USD/JPY Analysis
Opened in Asia this morning at Y83.17 and edged up to highs of Y83.22 on the back of some early EUR/JPY demand from a French name. The move was quickly undone by strong supply from a major Japanese bank who also sold AUD/JPY forcing the USD/JPY back down to Y83.05.