Talking-Forex.com
Talking-Forex.com
Overview
It was an extremely choppy month end session in FX today, though one where the USD was again targeted, but only losing out against certain pairings. USD/JPY had the added risk factor from Japanese (fiscal) year end, but managed to hold the lows from yesterday, to recover into the mid 112.00’s. The crosses fared better, though more so the EUR rate, where we traded through 128.00. This was with the aid of a EUR/USD move through 1.1400, and although showing limited mileage beyond the figure, sets up a later move on 1.1500. EUR/GBP also made decent gains, pushing up to highs just shy of .7950, with good offers ahead of .8000 containing the move for now. An upward revision in Q4 UK GDP gave GBP a brief bid, but proved short lived as cross rate buying won out in the end. Nevertheless, Cable managed to push back into the 1.4400’s again, but was met with strong selling ahead of the 1.4450 area. Canadian GDP came in stronger than expected to send USD/CAD through the 1.2910-20 lows seen over the last few days, but the move was contained ahead of the next key support point – 1.2827 from mid Oct last year. The pair is comfortably back through 1.2900 once again. New long term highs for AUD and NZD, trading to .7721 and .6966 respectively, but in both cases coming off sharply to highlight just how choppy trading was today. Pre non-farm payrolls is usually a quiet affair, but not today. The USD index did find some light reprieve ahead of the London fix.
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