Daily Archives: April 1, 2014
Daily Technical Report
EUR/USD is bouncing near the support at1.3708. However, the declining trendlinecontinues to favour a bearish bias. An hourlyresistance for a short-term bounce can be foundat 1.3847 (25/03/2014 high). Another resistancelies at 1.3876.
JPY: Consumption tax hike and Tankan
The BoJ Tankan released today shows the benchmark business conditions DI for large enterprises at 17% for manufacturers (est. 19%, last 16%) and 24% for non-manufacturers (est. 24%, last 20%).
The Global Macro Pulse
Among the majors, AUDUSD rose to a high of 0.9304 before easing off to 0.9267 after the RBA statement (see below).
USD/JPY testing resistance (103.77/91). AUD/USD should move lower
EUR/USD: The market hunted both high and low yesterday, butwithout getting traction either direction. A small near-termbullish tilt persists while holding above 1.3763.
UBS Morning Adviser
Firmer EURUSD positioning not an independent FX event In the latest Global Positioning Summary (Mar 26th),
FX Daily
In the euro area manufacturing PMIs are due for release and the first estimate of theSpanish and Italian figure will attract most attention.
FI Eye-Opener: The Yellen effect
German bond yields rose yesterday. Even though Euro-zone March inflation numbers were soft (see more below), they were not weak enough to give bonds another boost.
GBP/USD Analysis
The pair closed in NY Monday at $1.6666 after it had recovered off a session low of $1.6613 to $1.6684 as sterling enjoyed end month demand interest at the London fix.
EUR/USD Analysis
It was another day of uneventful range-bound trading for the euro this morning as it opened at $1.3769 after a $1.3763 to $1.3810 range during the US session overnight.
Daily Market Technicals
Oversold daily tech studies remain a concern for a continuation lower with the bounce to start the new week easing the previous bearish pressure a little.
AUD/USD
Aussie opened at $0.9264 this morning and edged higher in the early hours of the session, touching $0.9276 before the start of the Japanese stock market session.
RBA Keeps Rate Unchanged; Confident On Growth Despite High AUD
The Reserve Bank of Australia left its cash rate unchanged on Tuesday as widely expected and again said that the exchange rate remains high by historical standards.