Forex Analysis
USDCAD – correcting wave-(3) rally; pullback targeting 1.0885/0798
rally from the September low. A correction is now in order that will continue the weakness seen since Thursday’s bearish reversal candle. Two clusters of Fibonacci retracement support surface at 1.0885 and
EURUSD – wave-(2) correction reaches extension target & pivot resistance
Because of major weekly resistance and the bearish reversal below 1.39 we have been biased to the downside in Euro and last week prices failed right where old pivot lows and
EUR Mid-day Analysis
While the Euro has started out a touch weaker, German Ifo Business survey readings should provide theMarch Euro with a layer of fundamental support.
CHF Mid-day Analysis
bit of corrective action is ahead as strong German sentiment readings seem to leave the Swiss out offavor. It is also likely that the March Swiss is significantly overbought after the noted run up last week in the faceof the emerging market crisis talk.
JPY Mid-day Analysis
The Yen was probably supported by Japanese export data released over the weekend. With exports to Asiaincreasing by a surprising 34.4% on the year some might suggest that the
USD Mid-day Analysis
The Dollar has regained some footing without a definitive escalation of emerging markets anxiety.Limiting the Dollar is news of strength in a German Business confidence reading and
CAD Mid-day Analysis
A temporary reprieve in the Canadian as the Dollar’s dominance over many currencieshas waned. It is also possible that the Canadian was overdone technically and
GBP Mid-day Analysis
The March Pound appears to have formed a quasi double bottom low around 1.6472. Themacroeconomic edge seen from the UK economy relative to the US might be enhanced in the wake of scheduled US data flows this morning but
Central European Daily
Contagion from emerging markets hits Central Europe On Friday, the Central European currencies remained under pressure that stemmed from a further sell-off in emerging markets.
The Global Macro Pulse
USDJPY found support from importers’ demand at the low of 101.77 and has rebounded to 102.44. EURUSD was steady at 1.368, while AUD squeezed marginally higher to 0.872.
FX Daily
Market focus will remain on the development in emerging markets. At this stage we do not expect the emerging market wobbles to be enough to prevent Fed to continue tapering in connection with the FOMC meeting on Wednesday.
EUR/USD Analysis
The pair opened at $1.3675 this morning in Asia, after a $1.3669 to $1.3699 range in the US on Friday. Euro-dollar soon found itself stuck again in a narrow range, between$1.3670 and