Get latest breaking forex and currency news here.
July 24
Thursday 24 July 2014 21:00

XE Market Analysis: Asia - Mar 06, 2013

Here you can find all the latest breaking forex and currency news about XE Market Analysis: Asia - Mar 06, 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.

The dollar firmed further in N.Y. trade on Wednesday, seeing EUR-USD dip underneath 1.3000 again, and USD-JPY head over 94.00 into the BoJ meeting. USD-CAD bounced on the back of a dovish BoC policy statement, while cable headed back under 1.5050 on ongoing UK economic concerns. U.S. economic data was mixed, with the February ADP employment survey coming in about 30k better than the 170 median forecast. Factory orders fell, though were in line with expectations. The Fed's Beige Book reported the economy generally expanded at a "modest to moderate" pace, as expected. Equities continued their climb, though into the BoJ, Boe and ECB announcements overnight and Thursday, we look for a relatively quiet early Asian session. Thursday's U.S. economic calendar will be of interest, with weekly jobless claims, trade data, and revised productivity all on the docket.

[EUR, USD]
EUR-USD broke 1.3000 after U.S. accounts chipped away at the downside to trip weak stops. The first round went through under 1.3010 and then below 1.3000 as dollar buying steepened following the U.S. ADP print. EUR backed up a bit on the factory orders drop, but overall position traders wrere more inclined to run with EUR shorts into tomorrow's ECB policy decision. A steady hand is widely expected, while Draghi should maintain a dovish stance, which will keep EUR heavier. There is a reasonable chance that EUR will trade at new 2013 lows tomorrow through 1.2965. Note, option barriers at 1.2950, 1.2925 and 1.2900.

[USD, JPY]
USD-JPY gains slowed as large option strikes at 93.50 attract ahead of the N.Y. cut. It was also in territory where exporters and funds names had previously bought JPY ahead of the fiscal year-end. Later, USD-JPY edged over 94.00 tripping light stops at 93.70 in the process. A large U.S. shop raised its guidance for USD-JPY to 94 for year end, though more recently, a Swiss name lowered its forecast to 85 from 100. Apparently not much reaction to the forecast shifts, as dealers said the trend had been firmly higher since the Asian session last night, as it appears there has been good pre-BoJ related buying underway.

[GBP, USD]
Cable triggered stops through 1.5100 to eventually reach under 1.5020 lows. There are suggestions amongst FX sources that the dollar is gaining ground after yesterday's surge in U.S. stocks, which saw the Dow post a record close. With central bank policy meetings due from the BoE and ECB tomorrow short term accounts are placing their faith in the dollar and the U.S. outlook. The long term risk for Cable is still under 1.5000, but we think Cable could rally tomorrow if the BoE leaves policy unchanged, which is now the outlook after yesterday's robust U.K. services PMI reading.

[USD, CHF]
EUR-CHF broke higher after a model fund fished for stops through 1.2300. A series of resistance levels gave way and it extended through 1.2310. With EUR-USD fairly static around 1.3000, USD-CHF has taken off from 0.9405 and pushed back over 0.9480, and through option barrier exposure at 0.9450. EUR-CHF should be supported on dips now after the bullish break and with risk holding up, though EUR longs may be a bit restrained ahead of tomorrow's ECB meeting.

[USD, CAD]
USD-CAD spiked up to 1.0330 following the BoC announcement, where rates were left unchanged, as expected. The dovish tone of the statement had been anticipated over the past couple of days, some of which was likely priced in ahead of time. The statement included "somewhat more" subdued inflation versus the January forecast, and "material exess capacity". All in all, not indicative of tightening any time soon. Option barriers at 1.0350 were defended into the highs of 1.0337, and the pairing subsequently eased back to 1.0300 before stabilizing.

The article above is about breaking forex and currency news regarding XE Market Analysis: Asia - Mar 06, 2013, if you have any question about it. Please contact us by using the link below. Thanks for your patience.

  1. Surprise PMIs Offer EUR/JPY, EUR/USD ST Reversal Opportunities
  2. NZD/USD Woes May Continue With Reversal Signals Lacking
  3. AUD/USD Doji Indicates Hesitation Following Upside Breakout
  4. GBP/USD Recovery Doubtful With Void Of Bullish Candlesticks
  5. EUR/USD Retest Of 1.3500 To Offer New Short Entries
  6. EUR/USD Hits A Session High After Eurozone PMI Surpises
  7. Gold, Crude Oil Vulnerable As Traders Look Past Ukrainian Tensions
  8. Gold Prices Resume Down Move, Eyeing July Swing Bottom
  9. Euro Selloff May Continue as PMIs Fuel Bets on More ECB Stimulus
  10. Dollar Fails to Leverage Key EURUSD Break
  11. US Dollar Technical Analysis: Rally Pauses at 1-Month High
  12. Dollar Fails to Leverage Key EURUSD Break
  13. EUR/USD Technical Analysis: Digesting Losses at 8-Month Low
  14. USD/JPY Technical Analysis: Yen Remains on the Defensive
  15. Forex Trading Widsom: The Biased Trader
  16. GBP/USD Technical Analysis: Pound Drifts to 1-Month Low
  17. USD/CHF Technical Analysis: June High in the Crosshairs
  18. Forex Video: Long-Term US Dollar Outlook 07.24.2014
  19. USD/CAD Technical Analysis: Looking for Fuel Below 1.08
  20. EUR/GBP Technical Analysis: Oscillating in Familiar Range
  21. Yuan, Aussie Dollar Rise as HSBC Reports Strong Chinese PMI Figures
  22. AUD/USD Technical Analysis: Rising Toward July Swing High
  23. NZD/USD Technical Analysis: Kiwi Drops to 6-Week Low
  24. Trading Video: Markets Diverge, Dollar and Risk Struggle, NZD Drops on Rate Hike
  25. EUR/JPY Technical Analysis: Selloff Stalls at Channel Floor
  26. GBP/JPY Technical Analysis: Range-Bound Trade Continues
  27. Strategy Video: Are EURUSD, S&P 500 Leading the Market?
  28. New Zealand Dollar Falls Sharply as RBNZ Signals Rate Hike Pause
  29. Add Pivots to Your Chart in 3 Easy Steps
  30. GBP Crosses Sitting at Support Following BoE- U.K. 2Q GDP in Focus