XE Market Analysis: Europe - Mar 07, 2013
Here you can find all the latest breaking forex and currency news about XE Market Analysis: Europe - Mar 07, 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 rebounded moderately after making a fresh three-month low yesterday just under 1.2965. Short covering took it back over 1.3000, but selling pressure is likely on upticks as market participants a dovish spin from ECB chief Dragh at today's ECB press conference. The bear trend was perhaps due for a rebound, and trend resistance is now seen at 1.3030, and again at 1.30-45-50 and 1.3070 (yesterday's high).
The JPY was unphased by the as-expected BoJ decision. USD-JPY consolidated just of trend highs in a tight range centered around 94.00. Trend support is noted at 93.20-30, which encompasses both a trendline and the 20-day moving average. The BoJ has ample reason to ease policy further, but held fire ahead of the new BoJ policy board takes place for the early April meeting. Governor Shirakawa will step down March 19, prior to the end of his term on April 8. ADB Governor Kuroda is on his way to being confirmed as the next Governor, who is a strong advocate of aggressive easing.
The beleaguered GBP managed a modest recovery versus the dollar, tracking the direction of EUR-USD, after hitting a fresh trend low of 1.4966 (Reuters indicated price low). A report in the FT apparently helped sterling's cause, as it argued that BoE Governor designate Carney will be given more powers at BoE. However, Cable still remained just shy of 1.5000 at the time of writing, while EUR-GBP was sitting just of one-week highs at 0.8660.
EUR-CHF broke higher after a model fund fished for stops through 1.2300 on Wednesday. A series of resistance levels gave way and it extended through 1.2310. The next level of important resistance lies at 1.2345 and may cap in the near-term. 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. However, option defensive selling is expected to pick up due to outstanding 0.9500 barriers. 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 today's ECB meeting.
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: Europe - Mar 07, 2013, if you have any question about it. Please contact us by using the link below. Thanks for your patience.
- 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
- DailyFX Technical Focus: 4/16/2014
- USD/CAD is Near Term Bullish above 1.0975
- USD/CHF Outside Day; .8845 is Resistance
- Gold Stable after Wipeout
- Crude Spikes Higher; Closes Unchanged
- USD/JPY 4 Days Up; 102.50/70 is Resistance
- GBP/USD Registers Best Daily Close Since November 2009
- Develop a Scalping Strategy in 3 Steps
- Equities Rally on More of the Same From Yellen, Fed Beige Book
- A EUR/GBP Set-up with Confluent Long Signals
- USD/CAD & GBP/CAD Clear Resistance Ahead of Canada CPI
- USDCAD: Bank of Canada, Poloz Comments Weaken Canadian Dollar
- Key Risks to USDJPY Warn Against Chasing Gains
- Industrial Production Figures Beat After Weak Housing Data