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18 Mar 2013

Forex: EUR/USD orbiting around 1.2930/35

FXstreet.com (Barcelona) - The bloc currency is grinding lower on Monday while traders continue to watch closely the developments in Cyprus and the debt markets in Spain and Italy.

”Notably, the reminder that investors are not being kept insulated from losses could lead to a widening of peripherals’ spreads and weigh on the euro. Even though confidence in the ECB's OMT and the fact that speculators are already net short euro should limit the downside in EUR/USD”, remarks K.Kirkegaard, Senior Analyst at Danske Bank.

As of writing, the cross is down 1.095 at 1.2932 facing the next support at 1.2881 (low Dec.10) would expose 1.2878 (low Dec.7) and finally 1.2848 (Lower Bollinger).
On the flip side, resistance levels are located at 1.3013 (MA10d) en route to 1.3090 (MA21d) and then 1.3129 (MA100d).
Mar 18, 2013

Forex Flash: CAD correlation to oil and stocks rises – TD Securities

TD Securities analysts noticed that CAD correlations with crude oil and stocks has strengthened (CAD/S&P 500 correlation nearing +48% in our rolling 22-day study) while correlation with (less CAD-supportive) short-term Canada-US interest rate spreads has weakened.
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Mar 18, 2013

Forex Flash: Can initial damage to Cypriot investors be salvaged? – UBS

Investors in Cyprus are calling the rapidly deteriorating situation as a "rank violation of the spirit of deposit insurance". The agreement is not yet set in stone and there is still time to re-design the plan so that small depositors are spared. However, “it seems faith in the protection offered by deposit protection schemes has already been shaken by weekend events, and it is unclear if pulling back from the brink now would be enough to undo the damage.” writes Research Analyst Gareth Berry at UBS.
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