The EUR/USD has quieted following a bout of volatility, as budget deficit issues in Greece, Portugal and Spain raised broader concerns and sparked a flight to safety. Risky assets traded lower following the Euro’s lead which was already under pressure from the bulging shortfalls of its member nations.
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The Australian labor market is expected to improve for the fifth consecutive month in January, with economists forecasting employment to increase 15.0K from the previous month, and the data could drive the exchange rate higher as the isle-nation skirts the global recession.
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Prevailing risk aversion has helped pushed the pair lower including a bearish close on the day of suspected intervention. Another down day would make in eight in a row which could open the door for a potential retrace as often occurs following a run of one-way price action.
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Trading has been choppy this morning given the absence of any economic data or major corporate earnings. With earnings season winding down and the calendar light of major data reports, traders await Ben Bernanke’s House testimony on Wednesday, when ……
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#8364; The euro appreciated vis-#224;-vis the U.S. dollar today as the single currency tested offers around the US$ 1.3710 level and was supported around the $1.3620 level. Dealers lifted the common currency during the North American session but ……
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Markets are not linear and there will be pullbacks from US dollar strength, but those pullbacks should prove corrective. Stop levels are well defined for the majors.
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The Canadian dollar continued to strengthen against the greenback and is the best performing currency on Monday, while the New Zealand dollar extended the decline from the previous week and slipped below the 200-Day SMA (0.6870) to reach a low of 0.6857.
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Forex options markets volatility forecasts continue to trend higher, pointing to major moves in the US Dollar and other major currencies through the coming weeks’ trade. In fact, implied volatility levels on 3-month Euro/US Dollar options now trade near their highest levels since July, 2009 and underline market fears of continued volatility. Given such robust expectations, we would like to position ourselves for volatility-friendly Breakout strategies and price-following Momentum trading systems. Our fast-moving Breakout systems have seen impressive performance through the past week of trade, and similar price action in the week ahead would hopefully bring similar outperformance.
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The US dollar rally likely continues this week. The rally may even accelerate, especially against the Canadian dollar.
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