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Some analysts have the view that if Greece is stabilized it will prove the euro has passed a major test, and lead to a fresh new rally against the US dollar. Of course we can never say never when it comes to trading/investing, but it seems an unlikely……
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The EUR/USD bounced back during the early European trade and crossed above the 20-Day SMA (1.3632) to reach a high of 1.3665, and the pair is likely to maintain the narrow range carried over from the previous week going into the North American as the Euro…
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Trading in a defined down trend channel that is has been inside for the last 90 trading session since it made the high December (1.5140). The CI has crossed up, but no real up move has followed so far, which underlines the strong downtrend we have seen……
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Canadian dollar support was already strong following the better than expected GDP report and speculation that the BoC would look to raise rates in the second half of the year. Policy makers are committed to remain on hold until June but have seen their flexibility diminish as inflation has begun to rise.
Student’s Question:
The U.S. dollar is likely to face increased volatility over the next 24 hours of trading as economists forecast non-farm payrolls to slump 63K in February, and the ongoing deterioration in the labor market could instill a weakened outlook for the world’s largest economy as private-sector spending remains one of the leading drivers of growth.
The Canadian dollar remains the best performing currency against the greenback on Thursday following the four-day rally, while the New Zealand extended the decline from earlier this week and continued to underperform amongst the major currencies.
EURUSD – Euro Forecast Remains Unclear Ahead of NFPs
GBPUSD – British Pound Outlook Remains Bearish
USDJPY – Japanese Yen Forecast to Rally Further
USDCHF – Swiss Franc Expected to Recover
USDCAD – Canadian Dollar Forecast to Appreciate Against USD
GBPJPY – British Pound Forecast Bearish versus Japanese Yen
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