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Talking-Forex.com
It has been a difficult week for FX traders, with plenty of conflicting signals to contend with and plenty of volatility. Friday’s early focus was on GBP again, paid up aggressively against the EUR and the USD to send Cable through 1.4000 again, but facing fresh selling interest ahead of 1.4050. EUR/GBP sales were all inside well-worn ranges, but enough to knock EUR/USD lower, fresh from taking out resistance in the 1.1050-55 area. Later in the day, the US GDP numbers were far better than expected, and the market stuck with the early selling focus, hitting EUR/USD hard through 1.1000 and later 1.0950. EU sentiment indices were on the softer side of expectations, so along with the prospect of ECB easing ahead, the move followed the fundamental backdrop. USD/JPY buying was extended through the Asia highs at 113.22, and this extended higher on the US numbers with positive stocks also assisting. Strong support at 111.00 set the stage for the strong rally here. A very resilient CAD seen today after aggressive midweek buying against the USD through 1.3670-40 support. Despite the strong US data, the spot rate continues to stay in touch with the 1.3500 level, despite Oil coming off better levels also. AUD and NZD following the rest of the majors, but with much less volatility. AUD is back in the mid .7100’s, while NZD gave up all of its overnight gains (on healthy trade numbers) and some.
Looking into next week, the focus is on the US payrolls on Friday, but ahead of this we have the RBA meeting on Tuesday, with Feb PMIs across the board also a key theme.
Looking into next week, the focus is on the US payrolls on Friday, but ahead of this we have the RBA meeting on Tuesday, with Feb PMIs across the board also a key theme.
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