FX Markets today: 1.30 wall will not tumble for euro dollar rate, new assault by pound dollar rate unlikely
Written by Rob Samson Monday, 19 March 2012 15:27
UK Money Transfer: Foreign exchange markets are looking to normalise after a huge profit-taking on Friday hit the USD vs. the other FX majors.
A light data calendar for today should keep trading choppy UniCredit tells UK Money Transfer.
Looking at the euro we see that the EUR-USD pullback above 1.3144 suggests that the 1.30 wall will not easily tumble. However, EUR-USD needs to climb back above 1.3244-1.3325 to start rejecting the recent slide.
"Otherwise, selling-intorally strategies ahead of another assault on 1.30 remains recommended," say UniCredit.
Regarding the pound sterling, "We doubt that a new cable assault on 1.59-1.60 will easily occur, despite its pullback on Friday. We therefore still favour selling-into-rally strategies here too. In turn, EUR-GBP should remain unaffected by the EUR-USD and cable moves, remaining stuck above 0.83," says the Italian bank.
Pacific Rim Currencies: The retreating USD offered both the Aussie and the Kiwi dollar some relief too. We still favor buying-on-dip strategies in both cases as early as at around 1.0550 and 0.8250, respectively.
Nordics: "We consider the recent EUR-NOK spikes above 7.50 following the Norges Bank’s rate cut last week to be excessive. Thus, investors should consider buying a 9M put spread between 7.52 and 7.35," say UniCredit.
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