Monthly Archives: May 2012
UBS Morning Adviser America
Nervous Calm In Europe In the absence of any major destabilizing news, risk assets were better bid in the European session with EURUSD pushing up to 1.26 and AUDUSD back to 0.98. Equity markets were generally trading in the black and periphery spreads to Germany tightened.
EUR Analysis
Opened early Europe at $1.2530, EUR/USD closed in NY at $1.2532 following a recovery off late pullback lows of $1.25205. Rate had seen lows of $1.25153 earlier in the day, with a recovery seen to $1.26205. A US bank was an aggressive buyer in early Asia taking the rate to $1.2553.
GBP Analysis
Opened early Europe at $1.5652, stg0.8005, GBP closed in NY at $1.5669 after recovering off a late pullback low of $1.5648. Rate tracked EUR/USD moves, pushing up to an early session high of $1.5674 before reversing to retest that NY low, while EUR/GBP was contained by stg0.80005-0.8011.
JPY Analysis
Opened in early Europe at Y79.71 and Y99.91 Opened in Asia around Y79.55 and headed higher on positive CPI data, Japanese importer and multiple-of-5 demand to Y79.72. The rate pared gains after the Tokyo fix, before running into strong support from corporates and attempting a recovery.
Daily FX Technical Strategy: CHF bursts into life
The long weekend in the US could keep trading subdued today, however that doesn’t make it devoid of interest. EUR/CHF has been one of the quietest markets this year but yesterday burst into life with volumes spiking as price spiked higher.
FX Market Technical Research
EUR/USD has charted a minor new low for the year, this has not been confirmed by the daily RSI and the market has not closed below the 1.2530 78.6% retracement of the move from 2010 to 2011, this suggests caution here.
GBP/USD Analysis
Closed in NY at $1.5669 after recovering off a late pullback low of $1.5648. Rate tracked EUR/USD moves, pushing up to an early session high of $1.5674 before reversing to retest that NY low, while EUR/GBP was contained by stg0.80005-0.8011.
UBS Morning Adviser Europe
EURCHF In Focus EM Asia currencies experienced considerable selling pressure overnight, but both the euro and the Australian dollar managed to hold their ground. The focus remains on EURCHF after yesterday’s large spike and a smaller one overnight, fostering unsubstantiated market speculation about the possible imposition of fees on SNB sight deposits in a bid […]
Gold Analysis
Spot gold prices are trading moderately lower Friday, with prices so far moving in tandem with the euro. Prices has staged a modest recovery yesterday, mainly driven by a pause in U.S. dollar buying.
EUR/USD Analysis
Closed in NY at $1.2532 following a recovery off $1.25205. Rate had seen lows of $1.25153 earlier in the day, with a recovery seen to $1.26205. A US bank was an aggressive buyer in early Asian trade, taking the rate to a ‘dubious’ high of $1.2555 in its effort to trigger stops.
Technical Analysis
Continued $ demand, SEK sellers?… EUR/USD Low end of support cluster… GBP/USD Important supports coming up… EUR/SEK Strong support beneath… USD/SEK Bullish congestion… EUR/NOK Up from low end of the range.
Crude Oil Analysis
July Nymex WTI prices are trading in negative territory Friday after giving up some gains during Asian trade. Prices edged their way higher to around $91.04 a barrel early on in the session, but then began to fall away quite sharply as Asia developed a risk-off theme for the remainder of the session.