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14 May 2013

Forex: AUD/USD tumbles to session lows at 0.9900

FXstreet.com (Barcelona) - The AUD/USD has collapsed today, following the fate of its antipodean counterpart Tuesday. During US trading, the cross recently bottomed out at the 0.9896 level (intraday low), and is currently testing this region in these moments. At this juncture, the pair is suffering a loss of -0.45%.

Following a plunge below the 0.9946 support, Mataf.net analysts point to supportive means for the AUD/USD at 0.9906, ahead of 0.9875. Conversely, a break above the 1.0017 handle will initiate resistance at 1.0049 and 1.0088.

In the United States, The Import Price Index (YoY and MoM) fell -2.6% in April (compared with a figure of -2.7% previously) and -0.5% in April (matching expectations of -0.5%) respectively. Conversely, the Export Price Index (MoM) contracted -0.7% in April, vs. a projection calling for -0.2%.

Stronger local data calls into question when the RBA will cut again, helping limit AUD/USD downside. However, “the cleanout could easily extend to 0.9850/70 near term before bouncing back above 1.00 on stretched short positioning.” notes Global FX Strategist Sean Callow at Westpac.
May 14, 2013

Forex: GBP/USD drops below 1.5300

The pessimism surrounding the sterling is dragging the pound to sub 1.5300 levels on Tuesday, decoupling from its European counterpart...
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May 14, 2013

Forex Flash: New Zealand strategy profile – Westpac

According to Global FX Strategist Sean Callow at Westpac, “A possible peak in NZ economic momentum and record spec long NZD positions in the futures market dovetail with the stronger USD move to knock the kiwi to vulnerable territory. A clear break of 0.8260 could take the pair to the high 0.70s in coming weeks.”
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