Forex Market
Technical Analysis
Several EUR pairs having reached their first upside correction targets (in some cases some room left) and the market should hence be vulnerable to renewed weakness. AUDUSD is approaching rather important resistance levels in the 1.0480/0570-area, EURSEK still looks set to try 8.78, possible 8.70.
GBP/USD ANALYSIS
Rate traded the early part of Asia between $1.5423/38, as it consolidated Wednesday’s move, extending to $1.5446 into the Asian afternoon before easing back again ahead of the European open to hold between $1.5423/33.
EUR/USD ANALYSIS
Closed in NY at $1.2864, having extended its Wednesday’s recovery rally through European highs of $1.2847 to $1.28655 during the afternoon session as talk swirled suggesting a Greek deal could be in place by Friday.
USD/JPY ANALYSIS
The USD opened at Y76.83 and fell from, early highs of Y76.85 to Y76.72 before finding some support but remains on soft footing ahead of semi-official bids at Y76.50 and stops down through Y76.45. Exporter offers continue to cap from Y76.90 through to Y77.15.
AUD ANALYSIS
The AUD slid slightly in Asia trading Thursday, hit by a weak reading on the country’s labor force. The currency had gained for much of the U.S. session into early Asia action, helped by word from the International Monetary Fund that it is seeking more firepower to combat the euro-zone debt issues, as well as […]
NZD ANALYSIS
The NZD was trading largely unchanged late Thursday after the release of surprisingly weak fourth quarter Consumer Price Index data led to some selling in the local unit. NZD touched a high of US$0.8081 prior to the release of the CPI data, but fell sharply following the release.
Behavioral Finance: Daily Forex Outlook : ECB rethink in the pipeline?
EUR USD (1.2780) Better-than-expected data from China and Germany and successful eurozone bond auctions spurred risk appetite across asset classes yesterday – equity markets are strong and the euro is firming.
CAD ANALYSIS
CAD edges briefly higher after the BOC’s Monetary Policy Report, with Canada’s inflation-targeting central bank pointing to a firming inflation profile for 2012. The profile may have dented any lingering expectations in the market that the bank is readying for a cut of its 1.00% overnight target rate.
EUR/USD ANALYSIS
Closed in NY at $1.2735, off pullback lows of $1.2711, after rate had seen highs earlier in the session of $1.2810. Risk appetite reemerged into Asia, with early demand lifting the rate from its opening level at $1.2735 to an eventual high of $1.27876(76.4% $1.2810/1.2711) with real money seen leading the buy interest.
EUR steady as Greek PSI talks resume; World Bank cuts forecasts
The World Bank slashed its global growth forecasts during the Asian trading session, to 2.5 percent in 2012 and 3.1 percent in 2013 (down from 3.6 percent for both years published in June). The Bank also warned that the downturn in Europe and softening growth in developed economies could force an even deeper downgrade. It […]
AUD/USD ANALYSIS
Opened at $1.0378 after highs in NY of $1.0450. The pair has since traded a relatively tight $1.0371-1.0405 range, with some buoyancy from a stronger rally in EUR/USD, despite some EUR/AUD profit taking.
JPY ANALYSIS
With the USD trading a Y76.66-85 range after opening at Y76.83 following a dip in NY yesterday to Y76.55. The pair lost ground on some general dollar weakness as EUR/USD continues to be buoyed by leveraged buyers.