Forex Market
USD/JPY Analysis
USD/JPY closed in NY at Y78.75 having been shoved to a recovery high of Y78.97 as market reacted to FinMin Azumi’s post teleconference comments suggesting he had been given the go ahead to counter ‘extreme FX moves’. Rate corrected back to Y78.56 before settling between Y78.70/80 into the close.
AUD/USD Analysis
Closed in NY at $0.9740 and initially dipped to mark early local lows at $0.9738 before edging higher. Rate got an early lift as market reacted to a China press article calling for rate cuts in China, the demand taking out stops through $0.9765 before meeting stronger resistance at $0.9785.
Technical Analysis
EUR/USD in waiting mood… EUR/USD Neither bullish, nor is it bearish… EUR/GBP Resistance respected… USD/JPY Probing +79 resistance… EUR/SEK Thinned market conditions… EUR/NOK Attempting to exit consolidation.
EUR/USD Analysis
Closed in NY at $1.2452, the rate recovering off a late pullback low of $1.2425 in line with US equities. A continuation of this recovery faltered as Moody’s announced a downgrading of Austrian banks, then six German banks. on both announcements rate dipped to $1.2440, meeting decent demand interest at this level before pushing higher.
Asia today: No worries mate! Australia’s Q1 GDP is sky high
Spectacular! That is the only way to describe the performance of the Australian economy in the first quarter of the year, at least according to the latest data from the Australian Bureau of Statistics.
GBP Analysis
Opened early Europe at $1.5397, stg0.8135, GBP closed in NY at $1.5383, off best recovery levels of $1.5816. Rate initially dipped in early Asia to mark session lows at $1.5376 before tracking EUR/USD stronger recovery, pushing up to $1.5409.
JPY Analysis
Opened in early Europe around Y78.38 and Y98.17, USD/JPY closed in NY at Y78.33 after getting squeezed to a high of Y78.41 in this session after failing earlier in the day to clear back under Y78.00 (Europe low Mon Y77.988).
GBP/USD Analysis
Closed in NY at $1.5383, off best recovery levels of $1.5814. Rate initially dipped in early Asia to mark session lows at $1.5376 before tracking EUR/USD stronger recovery, pushing up to $1.5409. Rate eased off highs to $1.5385/90 before edging back round $1.5400 into early Europe.
USD/JPY Analysis
USD/JPY closed in NY at Y78.33 after getting squeezed to a high of Y78.41 in this session after failing earlier in the day to clear back under Y78.00 (Europe low Mon Y77.988). Trade in Asia was confined to a tight Y78.28-40 range, traders noting decent demand in place between Y78.10/00, one referring to them as […]
Technical Analysis
The euro is given at least a breather… EUR/USD Coming out of the stretch… EUR/GBP Probing short-term resistance… EUR/JPY Attempting to clear the stretch… EUR/SEK Bearish engulfing candle added… USD/SEK Re-checking support area… EUR/NOK There is no easy way out of here… NOK/SEK At lower end of support zone.
EUR/USD Analysis
Closed in NY at $1.2496, after NY extended the rate’s recovery to $1.2510. Rate initially marked overnight session lows at $1.2491 before fresh demand emerged which triggered stops above $1.2510, the added momentum taking the rate to an early high of $1.25275.
Asia today: AUD a tad firmer as RBA only cuts by 25bp
The overnight short-squeeze in EUR crosses extended into the early part of the Asian session with a quick run-up through 1.25 and the overnight high versus the US dollar on stops triggers.