Forex Market
Low expectations ahead of growth focused EU summit
This week the leaders of all EU countries will meet for a summit and of course as usual the debt crisis will be up for discussion. According to the draft agenda the Council will focus its discussions on initiatives to boost growth and jobs including structural reforms while aiming to agree an “EU growth agenda” […]
EUR Analysis
Opened early Europe at $1.2516, closed in NY at $1.2504, bouncing from $1.2470 after the London fixings. The expected downgrade of 28 Spanish banks by rating agency Moody’s shortly after the NY close had little reaction as traders adjusted positions and stop buys developed ahead of Asia.
Behavioral Finance: Daily Forex Outlook: Market resigned to summit disappointment
EUR USD (1.2540) Cyprus has officially become the fifth country in the eurozone to ask for a bailout and investors are again demanding higher risk premiums for investing in Spanish bonds.
FX Trends daily (FOCUS : USD/CHF)
USD/CHF Yesterday, the USD/CHF cleared a resistance at 0.9598 (upper bound of a short-term bearish channel). This signals an acceleration of the uptrend towards 0.9769 (June 2012 high).
Technical Analysis
Buy dollars, yen and nok/sek. Sell equities… EUR/USD Eyeing next the 1.2435 supp… USD/JPY Bearish key day reversal… AUD/JPY Rejection from ma bands… EUR/SEK Higher but still within range…
GBP/USD Analysis
A very quiet Asian session for cable, the rate closing Monday in NY at $1.5565, before bouncing to $1.5580, then settling between $1.5568/88 for the remainder of the session. Rate trades flat around $1.5580 in early Europe.
EUR/USD Analysis
Closed in NY at $1.2504, bouncing from $1.2470 after the London fixings. The expected downgrade of 28 Spanish banks by rating agency Moody’s shortly after the NY close had little reaction as traders adjusted positions and stop buys developed ahead of Asia.
USD/JPY Analysis
The yen was higher against both the euro and the dollar Tuesday, as quarter-end repatriation flows in light volumes weighed on the majors.
Asia FX Rundown
News and markets Cyprus was downgraded by Moody’s yesterday to junk status and quickly asked the EU for a bailout.
Asia today: Currencies asleep ahead of looming EU summit
A quiet tight-ranged session was the name of the game in Asia with no data points to influence activity, as the market remains focused on the end-of-the week EU summit.
Asian Currencies Technicals
AUD/USD: 2012 lows now the overall focus. Break below parity to start the week fell just short of a retest of the 21 day MA with lower levels now favoured until the pair can manage a close above the $1.0077-1.0140 resistance region.
FX Market Summary
The euro slid to start the new trading week Monday as investors grow increasingly pessimistic that any major announcements will come out of the upcoming European Union summit.