Forex Market
Small comfort for the NZD as trade data improves in February
The Asian session kicked off with the release of New Zealand’s trade data for February, which showed a welcome rebound from January’s disappointment. The balance reverted back into surplus with +NZ$161 mln print, slightly better than the consensus +NZ$153 mln, compounded by an upward revision to January’s deficit to –NZ$159 mln, which gave the NZD […]
USD/JPY Analysis
Opened in Asia this morning at Y82.35 from Friday lows of Y81.97 in NY on Friday, and after early lows of Y82.33 has built steadily higher in from Y82.33 to Y82.78 amid further Toshin issuance talk. Walls of offers from Y82.80 up towards Y83.00 have so far stalled the move with a break through Y83.00 […]
FX CFTC: Dollar longs pared as EUR, JPY and GBP are bought
Currency speculators had a busy time in the week to last Tuesday with many position adjustments occuring all resulting in a net reduction of long dollar positions to the lowest level in a month, according to the latest data from the US Commodity Futures and Trading Commission. The net long dollar position versus eight IMM […]
US Market Summary
The USD stumbled against the euro and the yen Friday, after a U.S. housing report cast doubt on the strength of the economic turnaround and called into question the prior week’s ascendancy in the U.S. currency. New home sales in the U.S. fell for the second consecutive month in February, helping push the euro up […]
JPY Analysis
Opened in Asia at Y82.58 having suffered a sharp fall from Y83.47 to Y82.33 yesterday as the dollar wilted under the strain of some heavy cross sales following weak PMI data from China and Europe. weak short positions were squeezed out this morning in Tokyo as fixing demand led a recovery from early lows of […]
GBP Analysis
GBP closed in NY at $1.5816, the rate having recovered off post UK retail sales data lows of $1.5770 to make a brief show above resistance at $1.5820 ($1.5822 NY high). Rate extended recovery to $1.5827, settling between $1.5810/27 through most of the overnight session before extending the base to $1.5807 ahead of Europe.
EUR Analysis
EUR/USD closed in NY at 1.3202, after recovering off session lows of $1.31334, the recovery continuing into Asia as demand for EUR/JPY influenced the rate to an extended high of $1.32134 before settling between $1.3190/1.3210 for the balance of an otherwise subdued session.
Behavioral Finance: Daily Forex Outlook: Market sentiment is like the start of the year
EUR USD (1.3205) News of slowing output in China, as well as in the eurozone, appeared to sour the mood in the stock markets yesterday. Equity declines were not huge, at least not in context of the year-todate gains, but it seemed that investors’ had been mentally transported back to the beginning of 2012 when […]
Daily FX Technical Strategy: Spring cleaning
As the end of the first quarter looms large, we continue to see background evidence of profit taking across asset classes. At the end of a busy week we are looking for more signs to post today. The AUD looks most vulnerable to recent commodity price weakness with AUD/JPY looking almost certain to post a […]
Technical Analysis – FX Daily Majors
Today’s highlights: · USDJPY: Small “Double Top” through 83.01 favours defensive consolidation with risk down to 81.96 (which we look to hold), before next leg higher (to 85.54).
FX Daily Strategist: Europe
FX Facts Fit The Figures Thursday was something of a rarity in FX markets in that there was no need for journalistic licence in fitting facts to figures. Moves in most of the G10 currencies could credibly be attributed to idiosyncratic economic news.
GBP/USD Analysis
Closed in NY at $1.5816, the rate having recovered off post UK retail sales data lows of $1.5770 to make a brief show above resistance at $1.5820 ($1.5822 NY high). Rate extended recovery to $1.5827, settling between $1.5810/27 through most of the overnight session before extending the base to $1.5807 ahead of Europe ($1.5806 trendline […]