XE Market Analysis: Europe - Mar 01, 2013
Here you can find all the latest breaking forex and currency news about XE Market Analysis: Europe - Mar 01, 2013 including currency analysis and forecasts, live foreign exchange rates, central bank interest rates, and currency trading strategies from experienced fx traders and forex platforms.
EUR-USD found a modicum of support after it was unable to clear out bids at 1.3050. It headed back to 1.3085 on light short covering, but the underlying trend should keep bias on the downside. The near-term target remains on 1.3000 barriers and downside hedging has been prevalent as option names hedge gamma.
USD-JPY was unable to sustain Thursday's N.Y. highs and eased into the 92.40 region versus yesterday's 92.85 peak. JPY is more balanced at current levels and with Kuroda nominated as BoJ Governor the next potential focus is how aggressive he may be to fulfill the 2% CPI pledge. Japanese data today supported the dovish policy stance, which should keep USD-JPY risk on the topside. However, March is often a difficult month to judge due to potential yen repatriation flows related to the Japanese fiscal year-end, which could absorbed good periods of yen selling.
Cable maintained a supportive tone relatively close to the 1.5200 region. Since it broke the 1.5100 it has experienced decent periods of buying interest. Repositioning by specs has been a feature, along with increased corporate demand for sterling as current levels are attractive for repatriation and longer-term positioning. The fundamental backdrop is still poor, which has put a top in place, but overall there are signs that economic fundamentals are stabilizing.
EUR-CHF is firmly above 1.2200 after it benefited from a USD-CHF break of range. The dollar pairing squeezed up through 0.9350 and extended just above 0.9370 on general dollar strength. It is possible that the U.S. sequester could keep the dollar supported into the weekend before risk appetite sets in again. Also weighing on the risk backdrop was disappointing China manufacturing PMI and eurozone data should also come in on the weaker side today.
USD-CAD is supportive after it broke to new trend highs over 1.0310 late on in the North American session. The pullback in risk appetite should add traction to the move, but it is territory where both fund names and option accounts are likely to cap gains ahead. Buyers are likely into 1.0270-80 and the 1.0250 area, intra-day.
The article above is about breaking forex and currency news regarding XE Market Analysis: Europe - Mar 01, 2013, if you have any question about it. Please contact us by using the link below. Thanks for your patience.
- Glance-REFILE-PRESS DIGEST - Sunday British business - May 19
- German minister calls EU move on China solar 'grave mistake'
- UPDATE 1-UAE economic growth accelerates to 4.4 pct in 2012
- Greece to sell Postbank, Proton in July, stress-test big banks
- Glance-PRESS DIGEST - Sunday British business - May 19
- FED FOCUS-US job market gains could lead Fed to taper QE3 early
- UAE economic growth accelerates to 4.4 pct in 2012
- Bank of England's King sends message to successor Carney
- TABLE-Israel PMI falls in April but stays above 50-point level
- FirstGroup plans 600 mln rights issue -report
- TABLE-Oman March bank lending +8.7 pct y/y, slowest in 2 yrs
- France in talks with U.S., Israel to buy drones - minister
- BoE governor King warns of euro risk to British recovery
- Independent Scotland open to Cyprus-style bank risks, says Britain
- Kuwait replaces oil officials at KPC after $2.2 bln Dow payment
- MIDEAST STOCKS - Factors to watch - May 19
- Greying China taps rural elderly to care for those even older
- TABLE-Bangladesh key economic indicators - May 19
- UPDATE 2-Investigators examine fractured rail in Connecticut train crash
- BoE governor King warns of risks in UK mortgage scheme
- Republican cites IRS scandal in close Virginia governor's race
- U.S. state cancels subsidy for investment from Pakistani company
- UPDATE 1-Investigators seek cause of New York commuter train crash
- UPDATE 1-Workers stage illegal strike at South Africa chrome mine
- Investigators seek cause of New York commuter train crash
- Bidding nears for $9-14 bln Congo hydropower plant
- Switzerland close to deal in U.S. tax dispute-finance minister
- EU finds time to tell restaurants how to serve olive oil
- Google's wearable Glass gadget: cool or creepy?
- Rate cuts possible as Polish inflation set to stay low-central banker