Market Update
The EUR/USD remained bid in London morning trading on Wed., with the $1.4160+ zone probed in Asia, no real joy in pullbacks thus far though. The big mover in London was the yen, pushing back through Y115 which is leaving Y116 open for Y118 and higher. See if dips can hold Y114.60/30 now, with Y114/113.85 expected to offer USD support on dips. A turn through the latter would leave 112/111.60 open for a bigger test of the downside, possible but not really favored. Instead, aiming for a pullback towards 117.20+ still, early days and regaining 115 on a sustained basis would help to keep the focus on the USD upside. The CAD is a touch weaker, with the USD holding up and the EUR and other crosses finding buyers. The EUR/CAD turn is interesting and should be able to clear 1.4260/80 for 1.4460 and then a lot higher, if the CAD turn is ‘for real’. Watch the 1.4180/1.4140 area as chart support just now, with 1.40 area key support marking m/t risk for the next leg lower on a break. The USD/CAD probe below 1.00 failed to draw in fresh sellers (so far) and the risk has to be that with so much good news priced into the CAD a pullback towards 1.0180 unfolds, then up and running to 1.03+. Early days… Cable? Still struggling to bounce, favoring $2.01 to give way for $2.00 and lower, while EUR/GBP is still bouncing, 0.7250 looks open as long as the move above 0.70 keeps gathering momentum. EUR/USD? Up, new highs are tough to fight, 1.43+ is open with $1.41 serving as support now, interesting to see ECB members on the wires opposing ‘brutal’ moves in the FX markets. Pundits have given up on guessing where the ECB will intervene in the FX market, with many probably thinking that $1.50+ levels would be needed to give the ECB a nudge.
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