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6 Mar 2013

Forex: EUR/USD clings to 1.3000

The sentiment surrounding the euro remains depressed on Wednesday, although the single currency has managed to leave behind session lows in the area of 1.2985/90 and advance to the region of the 1.3000 handle.

“Initial support is 1.2885/76 – the 7th December low and 78.6% retracement. We have short-term downside target to 1.2679/61, this is the 61.8% retracement of the move up from July 2012 and the November 2012 low”, writes Karen Jones, Head of FICC Technical Analysis at Commerzbank.

At the moment, the cross is down 0.42% at 1.2996 and a dip beyond 1.2988 (low Mar.6) would open the door to 1.2982 (low Mar.4) and then 1.2966 (2013 low Mar.1).
On the upside, a breakout of 1.3075 (high Mar.5) would expose 1.3080 (MA10d) and then 1.3101 (high Mar.1).
Mar 6, 2013

Forex Flash: Growth shocks in US unlikely to trigger downside for CAD – UBS

Canada's key export sectors - manufacturing and energy - are not enjoying the best of demand conditions, and given the heavy exposure to the US, any growth shocks arising from sequestration in the US would be strongly felt by the Canadian labor market. Canada's current account - although at manageable levels - is struggling to recover and this serves as an immediate deterrent to longer-term investors.
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Mar 6, 2013

Euro falters ahead of ECB announcement

The positive mood enjoyed by global financial markets failed to materialize in the FX market as the US dollar stands as the best performer across the board. European currencies weakened despite positive economic data as the upcoming ECB and the BoE announcements present modest downside risk for the euro and pound respectively.
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