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18 Feb 2013

Forex: EUR/USD bouncing off lows, around 1.3345/50

The single currency traded with an offered tone overnight, dipping to the area around 1.3320/25 after opening around 1.3350
The G20 gathering ended without any surprise and in line with the prior G7 statement, although the political noise is expected to continue during the rest of the session.

The only release in the euro zone today would be the Current Account figures, ahead of ECB’s Draghi’s speech.

At the moment, the cross is flat at 1.3348 with the next resistance at 1.3415 (hourly high/lows Feb.14) followed by 1.3440 (MA21d) and finally 1.3456 (high Feb.14).
On the flip side, a breach of 1.3306 (low Feb.15) would expose 1.3286 (low Jan.24) and then 1.3266 (MA55d).
Feb 18, 2013

Session Recap: G20 statement, Japan headlines knock the Yen down

The Yen was the weaker currency across the board in Asian hours. The non-threatening G20 statement was an early catalyst that saw Yen sellers active in inter-bank trading, with then headlines from Japan's Prime Minister Mr. Abe on the possibilities to buy foreign bonds as an option by the next BoJ governor, giving all Yen crosses the excuse for a further boost. Late in Asia, the Yen managed to stall the fall, although just fractionally. The British Pound and the Australian Dollar had also a performance below average, yet the latter was able to fill its downgap. The Euro, meanwhile, has operated with little buying interest, with fundamentals / technicals still failing to communicate a reversal looms.
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Feb 18, 2013

Japan's Nikkei rallies as BoJ independence is put into question

As Japan wasn't a direct target of criticism for its monetary policy intentions at the G20 meeting, the Yen started the week weaker, lending Nikkei Stock Average the opportunity to rally, by +2.09%, as Prime Minister Abe suggested to the Parliament that he considers removing the BoJ’s independence should the central bank fail to achieve 2% inflation. China's Shanghai Composite eased -0.22% and Hong Kong's Hang Seng dropped -0.24%, while Australia's S&P/ASX 200 rose +0.59% and South Korea's Kospi gained +0.04%.
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