Daily Forex News

AUD/USD’s rally from 0.8577 extended further to as high as 0.9193 last week. While upside momentum is diminishing, another rise will remain in favor as long as 0.9053 minor support holds. Current rally is still expected to continue towards 100% projection of 0.8577 to 0.9070 from 0.8802 at 0.9295 next….

USD/CAD finally broke out from the five month range last week and dived to as low as 1.0154. The strong break of 1.0205 low invalidated our view and in turn indicates that whole medium term down trend from 1.3063 is still in progress. Initial bias remains on the downside this…

EUR/GBP edged higher to 0.9132 last week but failed below 0.9137 retreat and retreated sharply. The development suggests that consolidation from 0.9137 is still in progress and fall from 0.9132 should extend further to retest 0.8980. Nevertheless, we’d expect downside to be contained by 38.2% retracement of 0.8662 to 0.9137…

EUR/CHF finally built up some momentum last week and dived to as low as 1.4559 after SNB meeting. Initial bias remains on the downside this week and break of 1.4557 will confirm that whole fall from 1.5880 has resumed and should target 1.4315 low next. On the upside, above 1.4630…

EUR/JPY’s rebound from 119.64 extended further to as high as 125.19 last week. As the cross is now very close to mentioned 125.22 cluster resistance (38.2% retracement of 134.36 to 119.64 at 125.26), we’d stay neutral initially this week. On the downside below 123.01 minor support will indicate that corrective…

GBP/JPY’s recovery from 132.13 resumed last week and rose to as high as 138.04. Further rise could still be seen initially this week. But after all, we’d expect upside to be limited by 139.21 cluster resistance (38.2% retracement of 150.68 to 132.13 at 139.21, 61.8% retracement of 143.59 to 132.13…

The German ZEW economic sentiment could have continued deteriorating in March, as the correlated indicators sent rather negative signals. The ifo business expectations have improved, but the US ISM manufacturing index has declined. The euro has depreciated, but crude oil prices have gone up. German yield spreads have fluctuated, just…

February’s retail sales report was easily the best economic news released this week. Overall sales rose 0.3 percent during February, with strong gains reported across nearly every major category. Sales excluding gasoline, building material and automotive dealers, which is a category that tends to track the personal consumption data, rose…

It looks good so far, but mostly just on paper. As of yet, the recovery from the Great Recession has largely been a balance sheet affair. This week marked the one year anniversary (March 9th) of the stock market lows. Equities have rebounded by a stunning 60% since then. As…

As we suggested last week, risk appetites improved a bit further this past week and most risky assets advanced, with the notable exception of precious metals and commodities. In FX, the clear standouts were the JPY crosses, like EUR/JPY, CAD/JPY and AUD/JPY, which all moved above recent highs. Solid data…