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22 Feb 2013

Forex: USD/JPY stalls below 93.50

USD/JPY is currently at 93.11, off fresh weekly lows at 92.77 printed by mid NY session, now finding some resistance around Wednesday's Asian session lows. The pair is down -0.42% for the week so far, retracing from yesterday's Asian session highs at 94.05, following a Nikkei close yesterday down -1.39%, and SP500 close Thursday with -0.63%. No major local news are expected for the coming session.

As FXWW founder Sean Lee notes: “USD/JPY has quietened down into a consolidative mode and I expect that we will see more of the same broadly between 92/95 over the next few weeks,” the4 analyst says, adding: “The bullish bias remains but hedge funds are very long and happy to sell rallies and Japanese corporates are over-hedged and need to buy dips.”

Immediate support to the downside for USD/JPY lies at recent fresh weekly lows 92.77, followed by Feb 08/15 lows at key 92.20, and Feb 05 lows at 91.95. To the upside, closest resistance comes at Feb 06/19 lows 93.30, followed by Feb 15 highs at 93.83, and Feb 06/20 highs at 94.05.
Feb 22, 2013

Forex Flash: Hope for a weaker Pound will succeed - Societe Generale

The pound is likely to continue falling, so says Societe Generale FX strategist Sebastien Galy, noting that "it does have the blessing of the UK’s MPC and the Chancellor."
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Feb 22, 2013

RBA Stevens strikes not so dovish tone; good deal of rate cuts in pipeline

RBA Governor Stevens is testifying before the House of Representatives Standing Committee on Economics, and if one is to make an judgement on his language, it seems as though he is sounding much more hawkish than the market was expecting, which has led to an important boost on the Australian Dollar.
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