Forex Market
EUR Analysis
Opened early Europe at $1.2572, EUR/USD closed in NY at $1.2585 after getting pressed to session lows of $1.2545 as market moved into deeper risk off mode on Greek concerns. Rate had managed to recover on late rumours that Germany’s Merkel was backing a bank deposit insurance scheme, rising to $1.2601, but this talk was […]
JPY Analysis
Opened in early Europe at Y79.50 and Y99.96, opened in Asia around Y79.50 and ground to Y79.41 as traders reported a flat start to the session with light volumes. Importer demand lifted the rate to Y79.57 but ran into large cross yen sales, paring early gains.
Currency Weekly: Yen: the only true safe haven
The latest bout of ‘risk-off has seen the yen rally as the safe haven currency of choice and the mood is likely to continue at least until the 2nd Greek election. Will the yen continue to prove to be the safest haven over this period?
FX Market Technical Research
EUR/USD has charted a minor new low for the year, but before we jump whole heartedly on the bear wagon we would highlight the 1.2530 78.6% retracement of the move from 2010 to 2011. We will need to see a close below here to confirm the next leg lower is underway.
Technical Analysis
Not so good for the euro, commodities (CRB & oil SHARPLY lower) & commodity Fxers… EURUSD may look stretched again, but is still offered and fresh lows can’t be excluded (after breaking a medium-term ref at 1.2588)… Next area of interest in the mid-1.24s…
GBP/USD Analysis
Closed in NY at $1.5690, after correcting off late lows of $1.5675 to $1.5710. Trade through Asia saw rate consolidate Wednesday’s losses, with rate restricted to a tight $1.5675/1.5700 range , coming under fresh downside pressure into Europe as it extends lows to $1.5668 and currently holding heavy.
EUR/USD Analysis
Closed in NY at $1.2585 after getting pressed to session lows of $1.2545 as market moved into deeper risk off mode on Greek concerns. Rate had managed to recover off lows on late rumours that Germany’s Merkel was backing a bank deposit insurance scheme to $1.2601 but this talk was not confirmed after the EU […]
Asia Today: Soft China flash PMI data, but risk currencies steady
Currency markets quickly adopted a negative view on the outcome of yesterday’s EU summit and sent the EUR down to 2-year lows versus the US dollar. It appears the “new” plan is to continue the already-agreed 2020 growth plan and focus on investment, trade and implementing single market acts.
Behavioral Finance: Daily Forex Outlook: The path to eurobonds
EUR USD (1.2670) Germany’s ability to sell a zero coupon bond is as much a product of its fiscal strength as it is of the external crisis. It is not surprising therefore that core countries are still opposing eurobonds on the grounds that they should be preceded by rules for stricter fiscal governance or include […]
USD/JPY Analysis
USD/JPY moved higher in early Asian trade, marking highs at Y80.08 before fresh selling out of Japan emerged to lock in the higher levels. Rate eased off to Y79.90/80. The move lower was given added weight as the BOJ disappointed and kept rates unchanged (speculation had been for further easing) which took rate down to […]
FX Market Technical Research
EUR/USD is consolidating just above the 1.2624 January low. The market has seen a very shallow rebound so far, following its key day reversal charted on Friday and continues to weigh on the downside.
GBP/USD Analysis
Closed in NY at $1.5766 off late session lows at $1.5743 after rate tracked EUR/USD negative reaction to ex-Greek PM comments that preparations were being considered for a Greek exit from EMU.