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3 May 2013

Forex: EUR/USD around 1.3100 on Nowotny comments

FXstreet.com (Barcelona) - The single currency picked up pace to re-test the key resistance at 1.3100 on Friday after ECB’s E.Nowotny tried to talk down the likeliness of negative interest rates on deposits, arguing that the markets ‘overinterpreted’ Draghi’s words.

In light of the NFP due later, John Kicklighter, Senior Currency Strategist at DailyFX, commented “We don’t have to hit the Fed’s target 6.5 percent mark to see an easing in QE purchases – that is the milestone for rate cuts. Below 7.5 percent, there may be enough evidence to carry the argument to reduce the monthly, $85 billion purchases of Treasuries and MBS”.

The cross is now up 0.19% at 1.3091 facing the next hurdle at 1.3220 (high May 2) ahead of 1.3232 (daily cloud top) and then 1.3243 (high May 1).
On the flip side, a breakdown of 1.3037 (low May 2) would open the door to 1.2988 (low Apr.25) and finally 1.2968 (MA200d).
May 3, 2013

Forex: USD/CHF pressured ahead of European opening

The USD/CHF was under a narrow range trade around 0.9350 since ECB Draghi’s press conference, admitting the readiness for negative deposit rates if needed. Ahead of the European opening, the pair fell to 0.9327 low. The Economic Growth Forecasts by the European Commission are the main attraction of the morning, before the market hands it over to the US and awaits for Nonfarm Payrolls.
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May 3, 2013

Forex: USD/CAD trading at resistance at 1.0119/24

The USD/CAD has been relatively constrained Friday of any broader attempt at the upside, however the pair does seem to be intent on rising steadfastly ahead of a rather busy US session later today. Building on yesterday’s uneven performance, the cross is now settling at 1.0119/24, slightly off its highs of 1.0134 earlier today.
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