FX Markets Today: Traders take a breather after hefty falls registered in yesterday session, GBP-EUR and GBP-AUD hold ground
Written by Rob Samson Wednesday, 07 March 2012 16:11
According to analysts at Italian bank UniCredit, chart signals amplified the impact on FX majors of the big sell-off of risky assets that emerged yesterday.
UK Money Transfer notes that nervous and choppy trading should stay of reference ahead of the Greek PSI outcome tomorrow evening. We note both the pound euro and the pound Australian dollar exchange rates are trading flat.
Looking at the British pound analysts say the pound dollar rate was a casualty of the USD rally and it is still targeting the 1.5680-1.5640 area.
On the other hand, cross dynamics should lock EUR-GBP close to 0.8350 for now.
Elsewhere, the break of the key 1.3144 threshold generated a strong bearish signal for EUR-USD.
A positive Greek PSI result may offer some relief, but the margin for a further slump to 1.30 and below has now increased.
EUR-JPY tracked the EUR-USD fall and should now target 105 in the lack of a quick return to 106.80. In any case, USD-JPY should be able to contain losses above the 80 threshold.
As EUR-CHF is still stuck at around 1.2050 despite the tumbling EUR-USD, USD-CHF should climb even further ahead of a 0.93 target.
Looking ahead, the RBNZ should also keep the OCR steady at 2.50% tonight, but the sell-off of risky assets should weigh on the NZD. UniCredit doubt that new purchases may resume before the 0.8050 area at best.
Check back again tomorrow for the latest FX updates from UK Money Transfer.
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