Active correlated risks remain well supported for now Euro see even higher to renewed before 1.3000 traders retail sale of positioning is exceptionally balanced g-20 project release offer some encouraging statements takes some pressure off German ZEW BOE this impressive much lower than expected UK inflation data while many merchants of risk has been discouraged by the lack of follow after open weekthe net result was not discouraging that with more or less the market consolidating recent gains since the end of the previous week. Bond yields in the European record levels and the ongoing tensions in Greek political life as coalition attempts are made, kept markets to get too optimistic, but at the same time, risk of remain active correlated very well supported for the moment.
Technically, this continues to support our view that the Euro should see a rally towards 1.3000 before fizzling eventually. This gathering must in turn open the door to gain additional in other currencies, at the same time weighing most heavily on the Yen and the U.S. Dollar. Interestingly enough, retail traders are essentially NET also short and long-term all major currencies, with only USD/JPY pairs, showing a clear report for long. But even here we see a drastic reduction in the long positions of 10: 1 down to 5: 1.
Relative performance against the USD Tuesday (from 11: 00GMT)
NZD + 0.35 %
EUR + 0.30 %
CHF + 0.29 %
AUD 0.28 %
JPY + 0.25 %
CAD + 0.17 %
GBP + 0.02 %
Given risk markets has also been a communiqué of the g-20 project said a commitment to support the world economy by strengthening growth and restore confidence. We have seen a number of comments in recent weeks to support this statement and the notion of a global coordinated action is very realistic. Furthermore, UK inflation data come more fresh that weighed a little on the book following the publication but was certainly good news for the Bank of England. Meanwhile German ZEW a worse than expected, but release does a really weigh on the Euro, as the currency single, sustained, perhaps on the expectations of another series of Government proponomics a broader macro.
Earlier today, the RBA released one Minutes not as Dove, regarding the comments on the strength of the Yen by FinMin Azumi is not to influence the action of the price. In the future, the market players will begin to focus on the highly anticipated future Fed rate decision. There have been many speculations autour that the Fed could do so and if the new measures will be takes to offer additional stimulation to the United States and global financial markets.
ECONOMIC CALENDAR
TECHNICAL OUTLOOK
EUR/USD: the market is correcting some oversold levels after the breakdown of yearly lows little less 1.2300. While our global perspective is clearly downward, by we see still place upside in the short term before a high low is wanted. Look for the positive in the last week has close to open the door for an acceleration in the region of 1 2800 - 1 3000, where new offers are likely to re-emerge. Setbacks must be well supported ahead of 1.2400.
USD/JPY: the recent setbacks have been quite intense, the market collapse by the ADM, 200 days before finally finding support by 77.65. We have since seen attempts at recovery and we support that the market should continue to break higher, with views finally fixed on a retest and rupture of 2012 senior by UST up more. However, at this stage, we need to see a break and close above 80.00 back to alleviate the pressures weighing officially and to reaffirm the optimistic prospects.
GBP/USD: Daily studies are now correct oversold and risk CIHI appear inclined upside down to allow a corrective bounce short term necessary after the setback down just shy of the 2012 bottom of January. Look for additional upside to the 1 5800 - 1 6000 where a top most significant lower is sought bearish resumption before.
USD/CHF: while we retain a broader upward perspective for this pair, with the market seen to establish above parity in the weeks to come, short-term risks are a corrective withdrawal to allow the market to establish a fresh plu bass. Thus, we see risks of weakness in the next sessions to the 9200 0 - 0 9300 area before the market seeks to reaffirm its upward momentum and broader uptrend.
Technically, this continues to support our view that the Euro should see a rally towards 1.3000 before fizzling eventually. This gathering must in turn open the door to gain additional in other currencies, at the same time weighing most heavily on the Yen and the U.S. Dollar. Interestingly enough, retail traders are essentially NET also short and long-term all major currencies, with only USD/JPY pairs, showing a clear report for long. But even here we see a drastic reduction in the long positions of 10: 1 down to 5: 1.
Relative performance against the USD Tuesday (from 11: 00GMT)
NZD + 0.35 %
EUR + 0.30 %
CHF + 0.29 %
AUD 0.28 %
JPY + 0.25 %
CAD + 0.17 %
GBP + 0.02 %
Given risk markets has also been a communiqué of the g-20 project said a commitment to support the world economy by strengthening growth and restore confidence. We have seen a number of comments in recent weeks to support this statement and the notion of a global coordinated action is very realistic. Furthermore, UK inflation data come more fresh that weighed a little on the book following the publication but was certainly good news for the Bank of England. Meanwhile German ZEW a worse than expected, but release does a really weigh on the Euro, as the currency single, sustained, perhaps on the expectations of another series of Government proponomics a broader macro.
Earlier today, the RBA released one Minutes not as Dove, regarding the comments on the strength of the Yen by FinMin Azumi is not to influence the action of the price. In the future, the market players will begin to focus on the highly anticipated future Fed rate decision. There have been many speculations autour that the Fed could do so and if the new measures will be takes to offer additional stimulation to the United States and global financial markets.
ECONOMIC CALENDAR
TECHNICAL OUTLOOKEUR/USD: the market is correcting some oversold levels after the breakdown of yearly lows little less 1.2300. While our global perspective is clearly downward, by we see still place upside in the short term before a high low is wanted. Look for the positive in the last week has close to open the door for an acceleration in the region of 1 2800 - 1 3000, where new offers are likely to re-emerge. Setbacks must be well supported ahead of 1.2400.USD/JPY: the recent setbacks have been quite intense, the market collapse by the ADM, 200 days before finally finding support by 77.65. We have since seen attempts at recovery and we support that the market should continue to break higher, with views finally fixed on a retest and rupture of 2012 senior by UST up more. However, at this stage, we need to see a break and close above 80.00 back to alleviate the pressures weighing officially and to reaffirm the optimistic prospects.GBP/USD: Daily studies are now correct oversold and risk CIHI appear inclined upside down to allow a corrective bounce short term necessary after the setback down just shy of the 2012 bottom of January. Look for additional upside to the 1 5800 - 1 6000 where a top most significant lower is sought bearish resumption before.USD/CHF: while we retain a broader upward perspective for this pair, with the market seen to establish above parity in the weeks to come, short-term risks are a corrective withdrawal to allow the market to establish a fresh plu bass. Thus, we see risks of weakness in the next sessions to the 9200 0 - 0 9300 area before the market seeks to reaffirm its upward momentum and broader uptrend.
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