Forex Analysis

USD Mid-day Analysis

The Dollar starts the Friday session under fresh pressure and at the lowest level since January 2nd.While the March Dollar filled a gap in the March Dollar Index the at 80.43 to 80.35 level,

CAD Mid-day Analysis

The Canadian needed some other trouble spot to take the negative attention off itsdomestic/economic situation. The admission that the BOC might need to cut rates and

The Pound might have reached a near term overdone peak with the 1.6662 high. Part of the reversalaction in the Pound this morning is probably technical in nature, as the Pound off the mid January low,

Central European Daily

Contagion coming from emerging markets brought even more forint’s weakness Polish retail sales and employment data – no surprise A brave step made by the NBH, which cut its base rate more aggressively than markets expected on Tuesday,

The Global Macro Pulse

AUD fell below 0.87 for the first time in three and a half years, pushing AUDNZD towards 1.054. The WSJ reported comments from RBA Ridout that the AUD needs to drop further and AUD near 80c would be a “fair deal for everybody”.

FX Daily

In terms of data releases we have a very thin calendar today but there are some interesting events. A potential rating decision from Moody’s on France’s sovereign rating might attract some attention.

EUR/USD Analysis

The pair opened in Asia just off last night’s $1.3699 high, at $1.3698 after failing a test of the $1.3700 level during the US session.

AUD/USD Analysis

Aussie continued to trade with a defensive tone this morning after overnight losses but market action was mostly confined to consolidation of some the previous day’s moves.

GBP/USD Analysis

The pair closed in NY Thursday at $1.6636 after rate progressed higher through the intraday session on general dollar weakness, seen as market deleveraged, with the EM markets coming under broad pressure.

USD/JPY Analysis

The pair opened at Y103.18 after a sharp move out of risk instruments sent yen crosses spiralling lower.

Morning Report

Dollar dropped sharply overnight against yen and Europeans together with stocks and yields. DOW lost -176 pts, or -1.07% to close at 16197.35, at the lowest level in a month.

USDCAD – small pullback can set stage for ~1.12 symmetry target

Momentum in $CAD is at extremes which supports the idea that we are completing a larger degree wave-(3) rally.