XE Market Analysis: North America - Mar 05, 2013
Here you can find all the latest breaking forex and currency news about XE Market Analysis: North America - Mar 05, 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 headed to highs around 1.3075 after eurozone services PMI was revised up to 47.9 from 47.3 initially reported after upward revisions in German and French readings. The number added to the improvement in risk appetite, which was evident overnight after a positive Wall Street close. However, EUR was in territory where good offers are noted, while the uncertain political backdrop in Italy and the forthcoming ECB meeting also encouraged selling pressure upticks. These influences fueled a move back into 1.3020 by late on in the European morning. There are option expiries at 1.3050 that could draw an influence, while in recent sessions very large 1.3000 expiries have also weighed.
USD-JPY fell from the 93.50 area to traded just below 93.00 amid opposition from the DPJ to Iwata's oppointment as BoJ deputy governor after he backed changing BoJ law as an option. The other deputy governor nominee Nakaso was more restrained and said he couldn't promise to deliver the 2% CPI target in two-years. After USD-JPY triggered stops through 93.00 it ran into buyers ahead of 92.90. More support is likely into the 92.75-80 area and towards 92.50-60. The upside is looking more limited amid rising exporter hedging and also activity related to the Japanese fiscal year-end at the end of the month.
Cable headed to session highs close to 1.5200 after U.K. services PMI hit 51.8 in February, which was the highest outturn since last September. Into the release, Cable pulled back a touch from 1.5155 to 1.5130, but had been on the front foot since late N.Y. on Monday amid rumours that today's PMI reading could surprise on the upside. Market positioning had featured heavily in the turnaround from 1.5000 yesterday, though this also represented a good level for longer term hedging. Corporate names were active, along with repatriation flows from U.K. pension funds. The outlook for GBP is still weak, but a lot of negative news is now priced in. Today's reading also reinforced expectations of a steady hand from the BoE on Thursday.
EUR-CHF firmed up after EUR-USD regained its poise over 1.3000 amid a rise in risk appetite. EUR-CHF steadied just under 1.2240 on Monday and closed around the 1.2250 area, which encouraged light demand on dips today and it extended to 1.2285 after eurozone services PMI data. Momentum on the upside was limited into offers at 1.2280-90, along with some reluctance to over extend EUR longs ahead of Thursday's ECB meeting and of course the ongoing political uncertainty in Italy. USD-CHF has found a modicum of support into the 0.9400 region after it pulled back from 0.9440 on Monday, which compared with Friday's rally highs just over 0.9460. USD-CHF momentum should remain with the upside, though over 0.9450 movement could be challenged by supply related to outstanding option barriers.
USD-CAD eased back some in early North American trade, with Canadian names the noted sellers. It struggled over 1.0300, managing 1.0309 highs before pulling back to 1.0270 levels and then extended to 1.0255 in Asia. The cutting of U.S. equity futures losses appeared to have helped the loonie, as did the modest rebound in oil prices. USD-CAD should continue to trade in lockstep with stock markets ahead of the BoC policy decision on Wednesday.Support is seen at 1.0260-50 now, while stops are noted over 1.0320. Higher up there is option related selling to consider ahead of 1.0350 barriers.
The article above is about breaking forex and currency news regarding XE Market Analysis: North America - Mar 05, 2013, if you have any question about it. Please contact us by using the link below. Thanks for your patience.
- FX Reversals: EURAUD Breaks Support
- Price & Time: Unbreakable
- BoE Sings Dovish Tune - How Threatened are GBP Longs?
- AUD/USD Threatens Break Of Range-Top With Reversal Signals Absent
- GBP/USD Sinks Below 1.7075 As BOE Voted 9-0 To Leave Rate Unchanged
- Crude Oil At A Crossroads, Gold Could Remain Elevated As USD Drops
- US Dollar Touches One-Month High, Gold in Consolidation Mode
- British Pound at Risk with July BOE Meeting Minutes in the Spotlight
- British Pound Out of Room and Facing Trial by Event Risk
- What is a Good Win Ratio?
- A Lot of Euro Technical Moves but Lacking Conviction
- Australian Dollar Rallies As Inflation Numbers Beat Expectations
- Trading Video: Has the EURUSD Drop Below 1.3500 Broken the FX Dam?
- US Dollar Technical Analysis: Rally Extends to 1-Month High
- USD/CAD Technical Analysis: Trend Line Resistance in Focus
- EUR/USD Technical Analysis: Euro Sinks to 8-Month Low
- USD/JPY Technical Analysis: Dollar Gains for Third Day
- GBP/USD Technical Analysis: Slow Down Drift Continues
- USD/CHF Technical Analysis: Franc Drops to 2-Month Low
- Strategy Video: EURUSD, EURJPY and EURAUD Break but Can They All Run?
- EUR/GBP Technical Analysis: Sideways Trading Continues
- AUD/USD Technical Analysis: Short Position Still in Play
- NZD/USD Technical Analysis: Digesting Losses Below 0.87
- EUR/JPY Technical Analysis: Eyeing 4-Month Channel Floor
- GBP/JPY Technical Analysis: Oscillating Around 173.00 Mark
- AUD/USD Vulnerable to Weak 2Q CPI Report; Key Support Zones in Focus
- EURJPY Approaching 8-Month Lows, Sentiment Favors Shorts
- NZDCAD Testing Range Support Ahead of RBNZ- 9285 Key
- Dollar Surges, but Two Key Risks Warn of Euro Bounce
- GBP/USD Range in Focus Ahead of BoE; Has EUR/USD Made a Lower-Low?