Fx

EUR – USD It should register further gains to 1.2743 while 1.2660 - 1.2623 caps downside attempts. Stop loss below 1.2578 zone. USD – CHF Uptrend is still intact. It should continue to rally to 0.9514 or 0.9547 if supports at 0.9454 - 0.9440 area hold. Stop loss below 0.9426. GBP – USD Market should not go lower than 1.5715. After this move down it should go up to 1.5891 area. USD – JPY Market should not go lower than 79.21 - 78.81. After this move down it should go up to 79.83 - 80.07 area. USD – CAD Uptrend is still intact in a triangle configuration. It should continue to rally to 1.0238 or 1.0226 if support around 1.0166 hold. After which a pullback to 1.0166 - 1.0150 zone is possible. NZD – USD Market should not go lower than 0.7628 - 0.7610. After this move down it should go up to 0.7657 - 0.7668 area. AUD – USD There is bearish potential for a fall to 0.9886 - 0.9860 while 0.9912 - 0.9926 resist. After this fall a recovery up to 0.9926 or 0.9940 is ...

European Nations Observe Ascension Day; So Do the USD and JPY 5/17 - Banks are closed for European nations observing Day of Ascension, a Catholic holiday that commemorates the rise of Jesus into heaven after being crucified. US banks however are open. During the European session, there was certainly a continuing ascension of the safe haven currencies - USD and JPY as the market continues to unwind risk. EUR/USD saw another corrective rally attempt before that stalled in the 5/17 Asian session, and then fell sharply again in the European session. Gearing up for the US session, the market is trading it at about 1.2680. The 1.2625 support is still in sight . EUR/JPY broke down new lows and continues its March at least toward the 100 psychological level. The sterling (GBP), which was resilient before the Bank of England inflation report during the 5/16 session, is now catching up to the slide against USD and JPY. GBP/USD broke into new lows trading near 1.5850 ahead of the US session. ...

Loonie Drops On Speculation Of Worsening Turmoil In Europe Tradervox (Dublin) - The Canadian dollar has weakened to its lowest last seen in January after the European central bank indicated that it is going to reduce its lending to some banks in Greece to reduce its risk. Investors have taken this to mean that Greece might lose its position in euro zone which has caused risk aversion. Earlier, the loonie had erased some of the losses it had experienced against the dollar after economic data showed positive economic outlook for North American region lending support to sentiments that Bank of Canada might increase interest rates. However, the crisis in Europe has led to a decline in crude oil prices which is the biggest export commodity from Canada hence forcing the nation's currency to drop. According to Lutz Karpowitz who is a senior Currency Strategist at Commerzbank in Frankfurt said that the current trend has been caused by the market's inability to predict what will happen next ...

Consolidation Continues Post The Spanish Bond Auction The big event of the morning was the Spanish bond auction, however it failed to generate anything more than an immediate ripple in the FX market. The auction raised just below the top of its target amount of EU2.5bn, at EU 2.49bn. Although demand was strong, Madrid had to pay up to attract investors to its debt. The yield on the 2015 debt it sold jumped to 4.375% vs. 2.89% at an auction in April, the 2016 debt sold with a yield of 4.876% vs. 4.037% at an auction earlier this month. Will Germany soften its stance? In the aftermath, EURUSD is down about 20 pips but it remains above 1.27, while Spanish bond yields have actually fallen. The consolidation period in the market may continue as we lead up to the G8 summit in the US this Friday as there is some speculation that the European authorities will concentrate on growth and potentially consider amending the Fiscal Compact that could allow Greece to stay in the currency bloc. The ...