XE Market Analysis: North America - Mar 04, 2013
Here you can find all the latest breaking forex and currency news about XE Market Analysis: North America - Mar 04, 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 moved under 1.3000 after the European open as the underlying negative trend fueled early selling pressure. Movement was choppy around 1.3000 due to the influence of large option expiries. However, a move back into 1.3020 saw another round of sell-interest after weaker than expected eurozone sentiment data. Italian political uncertainty alsp fueled wider eurozone spreads today and is weighing on stocks. Bersani issued an ultimatum to Grillo to support a temporary government, while the press suggest that Italy President Napolitano is keen on a second technocrat government. EUR support around 1.2945-50 is a near-term focus intra-day and then 1.2900 thereafter. Sellers are tipped from the 1.3040-50 area and larger offers are seen from 1.3080.
JPY is easier after incoming BoJ board members were dovish on the policy outlook. Kuroda indicated there would be more bond buying and longer-dated maturities were also likely, which kept USD-JPY supported on dips. PM Abe reiterated that revising BoJ law is an option, which would enable it to explore foreign bond buying, though Kuroda admitted that going down this route could be controversial in overnight comments. The USD-JPY may be more limited in the near-term, with flows related to the fiscal year-end going through with more frequency since late last week. Exporters are noted on top, though Japanese investors have continued to support both the dollar pairing and the crosses on dips. USD-JPY is currently supported around 93.50 after trading between 93.25 and 93.75 intra-day.
Cable slumped to 1.5000 from 1.5055 after construction PMI came in at its lowest level since October 2009. However, it's likely that construction was also heavily impacted by bad weather. Nevertheless, it will keep alive expectations of BoE policy stimulus into this week's BoE monetary policy outcome. Cable bias is on near-term support between 1.4965 and 1.4950, but it has met good buyers into 1.5000 since it broke down on Friday. An active Asian sovereign has been tipped and long-term corporate hedging picked up over the course of the last week or so.
EUR-CHF traded on an easier footing. It pulled back from 1.2275 to trade just under 1.2250. EUR-USD's move back into 1.3000 added some weight, but it should maintain steady to firmer levels as the dollar pairing dominates. Dip buying was noted into 0.9410-20 in Asia and the near-term bias should remain with the topside after Friday's stop hunt trigered a move up from 0.9360 to 0.9463 highs. Movement back over 0.9450 is expected to meet supply related to outstanding option barriers from 0.9500.
USD-CAD bias is still with the topside, with good demand from short term accounts and position traders following the pullback from 1.0340 to 1.0265 on Friday. The in-line Canadian GDP outcome was the catalyst for profit taking into the weekend, but another test of recent highs around 1.0340 looks likely with appetite for risk a struggle as the week gets underway. Offers on the topside are noted up to 1.0340, where an options presence is also tipped ahead of 1.0350 barriers.
The article above is about breaking forex and currency news regarding XE Market Analysis: North America - Mar 04, 2013, if you have any question about it. Please contact us by using the link below. Thanks for your patience.
- NZD/USD At A Critical Juncture As Hammer Awaits Confirmation
- GBP/USD Edges Out Fresh Multi-Year High With Bearish Signal Absent
- EUR/USD Bulls Return As Candlesticks Signal Potential Recovery
- AUD/USD Traders In Suspense Following Bearish Reversal Signal
- Crude Oil Retreats, Gold and Silver Exposed To Ebbing Ukrainian Concerns
- USD/CAD Risks Larger Pullback on Faster Canada Headline & Core CPI
- Forex Strategy: Partial Profits Booked on USD/CAD
- US Dollar Technical Analysis ? Rebound Stalls Below Resistance
- US Dollar Rebound Stalls, SPX 500 Aiming to Extend Recovery
- Euro: Should We Worry About Demands for More Currency Intervention?
- Swing Trade Potential is Fading Fast
- USD/CNH: Chinese Yuan Depreciation to Blame on Gold Selloff?
- Forex: Seasonal Forces May Overshadow German PPI, US Claims Data
- 3 Forex Courses to Help you Trade Like a Professional
- Trading Video: EURUSD and GBPUSD Trade Setups May Need to Wait
- USD/JPY Technical Analysis ? Bulls Retake 102.00 Mark Anew
- EUR/USD Technical Analysis ? Selloff Stalls Near 1.38 Mark
- GBP/USD Technical Analysis ? Waiting for Topping Confirmation
- USD/CHF Technical Analysis ? Buyers Reclaim 0.88 Figure
- Strategy Video: A Pound Outlook with GBPUSD at a 1.6800 Triple Top
- USD/CAD Technical Analysis ? Booking Half of Long Position
- EUR/GBP Technical Analysis ? Euro Slumps to 6-Week Low
- NZD/USD Technical Analysis ? Support Below 0.86 in Focus
- AUD/USD Technical Analysis ? Attempting to Turn Downward
- EUR/USD Rally Fails at Week?s Open
- AUD/USD Remains Firm but Last Week?s High is Dividing Line
- NZD/USD Rebounds from Trendline; Closes at 20 Day Average
- USDOLLAR Pulls off of 10460; Near Term Unclear
- GBP/JPY Technical Analysis ? Pound Launches Brisk Rebound
- EUR/JPY Technical Analysis ? Treading Water Above 140.00