Forex Analysis
The Global Macro Pulse
Overnight Price Action Following a 0.2% fall in the S&P 500 overnight, futures are off 0.4%.
FX Daily
Market movers today * The Bank of England will release its November inflation report and we expect revisions to higher GDP growth and lower inflation.
GBP/USD Analysis
The pair closed in NY Tuesday at $1.5904, the rate managing to push back above $1.5900 in NY trade after rate had seen extended react lows of $1.5854 on the release of lower than forecast UK CPI data.
EUR/USD Analysis
The pair opened at $1.3436 this morning after a relatively subdued $1.3409 to $1.3456 range during the US session overnight.
AUD/USD Analysis
Aussie was the standout through an otherwise subdued morning in the Asia-Pacific today. Aussie-dollar was whipped about in narrow ranges by another mixed bag of data releases after
USD/JPY Analysis
JPY spent this morning in relatively narrow ranges, trading mostly with a slightly firmer undertone but without breaking any fresh ground.
USDJPY – July/Sep trendline under pressure at 99.80
A complex wave-2 correction (we outlined this on Friday) is complete and $JPY has resumed its uptrend. The trendline connecting the July and Sept highs surfaces at 99.80 today and
EURUSD – bearish consolidation below old support
The damage is done in the Euro now that prices have broken both the July up channel and key polarity zone at 1.3462.
EUR Mid-day Analysis
Sluggish inflation levels may not be much of a surprise after last month’s bleak Euro zone readings andlast week’s ECB rate cut,
CHF Mid-day Analysis
While being able to shake off early pressure, the Swiss Franc remains firmly within this week’sconsolidation zone and is showing few signs of mounting any sustained recovery.
JPY Mid-day Analysis
After last week’s downside breakout failure of the May-November “triangle” chart formation, the Yen hasdropped sharply this morning and is closing in a retest of the key 100.00 level.
USD Mid-day Analysis
After a subdued start to the trading week, the Dollar has found moderate support during the overnightsession but has been unable to retest Friday’s high for the move.