Forex Analysis
SEK – Range bound with medium-term upside potential
The krona temporarily recovered in July after its weak performance in June ahead of the Riksbank meeting in early July,
The Global Macro Pulse
Asian equity markets have reacted poorly to the overnight drift on Wall Street and dip in USDJPY.
Economy coming through stronger on both sides of the Atlantic
Today’s calendar is relatively empty in both the US and Eurozone. The UK turns to centre stage with industrial production numbers and the NIESR rolling GDP estimate today.
FX Daily
Market movers today • German factory orders are expected to increase after two months of decline.
What does a post QE world look like?
Chairman Bernanke has always indicated that the end of QE would be a gradual affair rather than a big bang shock.
RBA to Deliver 25 Bps Cut Today; Very Much Priced In
The Australian dollar has clawed its way back above 0.89, later yesterday and again overnight.
USDJPY – above 98.66 leaves behind 3-wave corrective decline
The rally through 98.50 met expected bull flag resistance at 100 (99.95 high). The pullback is holding firmly within the channel albeit with a deeper than expected retracement;
EURUSD – >1.33 needed to negate lower high, broken uptrend
Bearish developments continue to impede our bullish long-term outlook for Euro. First, there is a broken hourly uptrend and a lower high.
EUR Mid-day Analysis
The September Euro was able to hold onto a large portion of last Friday’s sizable rebound, but once again is having trouble with sustaining a move above the 133.00 level.
JPY Mid-day Analysis
The September Yen has extended last Friday’s rebound from just above the 100.00 level with substantial early-week gains,
CHF Mid-day Analysis
The September Swiss is finding moderate pressure early in this morning’s trading, which has taken prices back towards the middle of last week’s volatile trading range.