Forex Analysis
GBP/USD Analysis
The pair closed in NY Thursday at $1.6335 after rate had been pressed off intraday highs of $1.6404 to $1.6301 on the back of a strong recovery in the euro following
EUR/USD Analysis
The pair traded a $1.3543 to $1.3677 range last night in the US in the wake of the ECB’s decision and President Mario Draghi’s comments. It started at $1.3667 this morning in the Asia-Pacific and
AUD/USD Analysis
The pair started this morning’s session at $0.9063 and made a marginal high of $0.9071 after the release of the AIG Construction index.
USD/JPY Analysis
Opens at Y101.79 and then slips to an early low of Y101.63, almost matching last night’s Y101.62 US session low before bouncing again to Y101.77, just about where it had started the day.
Currency likely to influence timing of RBNZ rate hikes
In assessing the how the landscape differs now from what the RBNZ faced in September, the key difference is undoubtedlythe higher NZD.
Macro Viewpoint: ECB still pondering its options
The ECB kept rates unchanged and confirmed its forward guidance – key interest rates will remain at the current level or lower for an extended period.
USDJPY – 4th wave correction unfolding above key 101.53 level
There is a slight change to the Elliott wave count below but the message is the same, a 4th wave correction is in the latter stages and will set the stage for a wave-5 of (3) rally to near 104.
EURUSD – bear flag awaits confirmation below 1.3526
Still awaiting a resolution lower from the upward sloping bear flag correction. Last night prices tested the 61.8% retracement of wave-(1) down at 1.3636.
EUR Mid-day Analysis
While an overnight rally took the Euro to a fresh 5-week high last night, the market has given back a largeportion of early gains in front of today’s ECB meeting.
JPY Mid-day Analysis
Although it has come through a bumpy overnight session near unchanged levels, the Yen continues to ahave a difficult time sustaining any move above the 98.00 level.
USD Mid-day Analysis
After breaking down below the key 80.50 level during the overnight session, the Dollar has been ableto claw its way back towards unchanged levels early in this morning’s trading.
CHF Mid-day Analysis
While unable to hold its ground near this morning’s high for the move, the Swiss Franc is managing tohold onto modest gains coming into this morning’s trading.