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28 Mar 2013

Forex: EUR/USD back above 1.2800 after Cypriot banks re-opening

FXstreet.com (Barcelona) - After the release of German unemployment data and EMU money supply, the EUR/USD completed its European opening fall to 1.2755 low. Then, news of Cypriot bank re-opening with capital controls in place successfully have pulled the pair back to the 1.2800 mark.

PD’s Bersani meeting with Italian President Napolitano will also be eyed by investors as they look for news of a coalition or new elections. Italian economic minister Grilli dismissed rumors of a possible downgrade to Italy.

There were 13K more unemployed people in Germany in March, instead of 4K less as expected. The unemployment rate remained at 6.9%. German retail sales rose 0.4% in February (MoM), beating -0.1% consensus, but annualized data fell from +2.5% to -2.2% (consensus of 0.4%). EMU money supply (YoY) eased from 3.5% to 3.1% in February, beating consensus of 3.3%. Private loans remain at -0.9%, as expected.

“The downtrend here is absolutely intact and current rebound above 1.2748 low should be considered corrective in nature, preceding next leg downwards, to 1.2700 area”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to intraday resistance at 1.2820 and crucial on the upside is 1.2890.
Mar 28, 2013

Forex: GBP/USD recovers from lows below 1.5120

The sterling dropped more than 50 pips to fresh intraday lows below 1.5120 on Thursday, although bidders contained the decline and are now pushing the cross back to the 1.5130/35 region...
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Mar 28, 2013

Forex: USD/CHF back at lows in mid-European morning

Today’s strength was limited below 0.9550 and as the European session opened and headlines coming from Cyprus revealed a successful reopening of the Cypriot banks with capital controls in place, the USD/CHF dropped back down to its lows around 0.9515/20, where it has been finding support since the Asian session.
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