Forex Analysis
CHF Mid-day Analysis
The December Swiss was able to benefit from strong Swiss economic data this morning, and has been able to match Wednesday’s 71/2-month high early in today’s session.
JPY Mid-day Analysis
The December Yen has regained upside momentum after yesterday’s downdraft, but continues to see erratic price action late this week.
USD Mid-day Analysis
The Dollar is finding moderate pressure this morning as yesterday’s modest recovery took little time to run out of steam.
The Global Macro Pulse
Overnight Price Action Asian shares rose, albeit o nly marginally following S&P gains overnight.
Morning FX Market Commentary
Carney’s comments on QE push sterling higher Yesterday’s session was again rather uneventful. EUR/USD reversed its gains eked out on Wednesday.
FX Daily
Market movers today * Focus will continue to be on the political wrangling in the US to secure an agreement on the temporary funding bill for the new budget year starting on Tuesday to avoid a government shutdown.
Risk of US government shutdown should not be ignored
The coming days promise yet another fiscal cliff-hanger, with a risk of a government shutdown early next week. Although this is not our baseline scenario,
USDJPY – bull flag can be confirmed with rally through 99.10/20
Wave-E of wave-4 is considered complete at 97.76 and therefore prices cannot dip below that level without invalidating our bullish outlook;
EURUSD – needs a hold above 1.3462 to keep 1.3645 target intact
The bull flag in Euro has not resolved higher yet as expected and it is troubling that prices are breaking the September uptrend.
EUR Mid-day Analysis
The December Euro is finding moderate pressure this morning, although prices are generally holding their ground near the middle of their post-FOMC consolidation range.
CHF Mid-day Analysis
The December Swiss continues to have trouble maintaining upside momentum, as carryover pressure from the Euro zone has dragged it back below the key 110.00 level early this morning.
JPY Mid-day Analysis
The December Yen has been through a bumpy overnight session, but still finds itself somewhat on the defensive coming into this morning’s trading.