Latest Forex Research
EUR/USD Analysis
After quiet, holiday-thinned Monday sessions in Europe and the US, the euro started this morning on a bullish note, as it opened above the 200-day moving average of $1.3640, at $1.3646.
GBP/USD Analysis
The pair closed Monday’s holiday thinned session (US and UK closed) at $1.6843 after rate had recovered off early lows of $1.6828 to $1.6854 in very subdued trade.
USD/JPY Analysis
JPY opened at Y101.98 this morning while euro-yen started at Y139.10. Early market action saw dollar-yen stuck in a Y101.92/96 range after yesterday’s move through Y102.00 failed to garner sufficient follow-through.
Asian Currencies Technicals
AUD/USD drifted a little higher to start the new week to retest the $0.9249 level that capped late last week with the $0.9174-0.9205 support region remaining key.
Daily FX Wrap and Strategy
The NZD/USD is just 10 points away from its opening level yesterday morning, effectively unchanged at 0.8550. Price action against the crosses was similarly lacklustre.
Daily FX Update
Today is a US and UK holiday leaving liquidity light and opening the potential of some awkward chart patters; particularly once Europe closes, leaving Canada as the sole open market.
Central European Daily
MNB is about to cut rates by 10 basis points Poroshenko’s victory could calm the situation in Ukraine The Central European currencies strengthened on Friday but
Commerzbank: GBP/USD View
In Cable, Commerzbank notes that it eased lower towards the end of the week and while this alleviates immediate upside pressure we will need a close below the uptrend channel at 1.6771 to confirm that the market has topped.
Commerzbank: EURUSD View
EUR/USD spent the latter part of the week testing the 200 day ma at 1.3637, notes Commerzbank.
ECB Draghi: Must Be Alert To EMU Deflation Risks
European Central Bank President Mario Draghi said Monday that the Bank must be alert to negative price spirals in the Eurozone and conceded that there was a risk of deflation in the currency area under certain scenarios.
Daily Technical Report
EUR/USD has breached the strong support at1.3643 (see also the 200 day moving average),suggesting persistent short-term sellingpressures.
Sweden: Retail sales – yet another sunny reading
Following an already positive trend in recent months, retail sales reached new highs in April. Retail sales rose by an impressive 5.7% over the year, beating even our above-consensus call.