Latest Forex Research
RBNZ: Still Singing The Same Tune
We saw nothing today to change our view that this tightening cycle has a long way to run before it’s all over and done with.
RBNZ Raises OCR 25bps
The Reserve Bank of New Zealand increased the official cash rate to 3.25% from 3.0% as expected, but is now projecting a slightly more gradual run of increases than anticipated in March.
ECB Noyer: ECB Measures ‘Very Strong’
European Central Bank Governing Council member Christian Noyer said Wednesday that the ECB announced “a very strong package” of measures to
Daily FX Wrap and Strategy
The NZD/USD has been the strongest performing majorcurrency over the past 24-hours, sitting at 0.8560 thismorning.
Asian Currencies Technicals
Although the sequence of highs daily highs/lows continue the pullback from ahead of initial resistance on Wednesday is of some concern to bulls targeting the $0.9426-61 region.
USDCAD – double bottom break at 1.0955/61 targets 1.1069
We stopped out at 1.0907 on a long position at 1.0947 that was in anticipation of a larger break. Until we can close above the 1.0955/61 highs,
USDJPY – small hourly triangle fails; larger daily triangle still intact
We have yet to eliminate any of the 3 Elliott alternatives within this range but last night’s sell-off below 102.10/05 weakens the outlook for a move to the mid 103’s.
EUR Mid-day Analysis
Traders continue to project Euro targeting to the 1.35 level with the negative interest rate condition sittingsquarely on the back of the Euro currency.
CHF Mid-day Analysis
Like the Euro, the Swiss remains technically entrenched in a downward bias. However, the June Swisshas some initial even number support at 1.1100 but
JPY Mid-day Analysis
A slight upward tilt is present in the Yen this morning and that bias might be partially the result of ongoing weakness in global equities and
USD Mid-day Analysis
While the Dollar managed another higher high for the move, overnight the market was unable to holdall of the initial gains today.
CAD Mid-day Analysis
Overt weakness in the Dollar has given a fresh window of opportunity to the Canadian overnight.