The following are the intraday outlooks for the USD Index, EUR/USD, NZD/USD, USD/CAD, and EUR/CHF as provided by the technical strategy team at SEB Group. USD INDEX: Starting to correct the stretch.
German 10-year yields are down 4 bps to a record low 0.898%. Only 40 basis points to go to match Japanese 10s.
Since the USD/CAD pair failed to show enough bullish momentum above 1.1200 during the last visit on March 20, the pair has been downtrending within the depicted bearish channel, which managed to push towards the price zone between 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) where a prominent congestion zone was established. Bullish rejection was expressed at retesting the lower limit of the bearish channel around 1.0630 (It’s the origin of the previous bullish impulse initiated in December 2013 as well). This enabled the bulls to achieve a bullish breakout off the depicted channel
The dollar is trading a little below levels seen in late North American session yesterday, but that is after it initially extended its gains in Asia. The news stream is light, and unlike yesterday, there is no US economic data outside of the MBA’s mortgage application report.
One month ago, the bears initiated a bearish trend off price levels around 1.7150-1.7190. Since then, the GBP/USD pair has been declining within the depicted bearish channel. The price levels of 1.7050 – 1.7000 failed to provide enough support for the pair.
Fonterra Cooperative Group Ltd. (FCG), the world’s biggest dairy exporter, said it will pay NZ$615 million ($515 million) for a stake in a Chinese infant formula maker as it seeks to tap the nation’s lucrative baby milk market. The New Zealand company will buy a stake of as much as 20 percent in..
The UK Competition and Markets Authority (CMA) has become the latest regulator to investigate the global foreign exchange market following allegations of rigging, the Wall Street Journal reported on Tuesday, citing two people familiar with the matter. The antitrust watchdog recently shared infor…
On yet another strong day for the dollar, Wall Street posted record gains after a jump in the durable goods data and multi-year highs in consumer confidence suggested continued strength in the US economy. The S&P 500 has closed above 2000 for the first time as equity markets continue to push higher…
With the U.K. markets back online today after a holiday long weekend, playing catch-up is the order of the day. European credit markets are trading firmer this morning despite the non-rapturous applause in Asia that saw the Nikkei, Shanghai Composite Index, and Hang Seng Index close in the red after some quick profit-taking on the back of a strong rally over the past few weeks.