Evening forex report
The USD remained on a back foot as rumors of big US banks needing capital injections continued to circulate, coupled with worries about whether the Fed would need to do more to shore up stock markets etc. The relative flat session in the European bourses so far though suggest that the FX market is in a tizzy of its own making, which keeps USD bulls happy enough to (nervously) bottom fish. Big levels are in play though and if the CHF loses the 1.0890 zone then 1.05 area and lower could attract in a hurry, while the EUR/USD is pressing the $1.49 zone with risk for $1.4970/1.50 clearly at risk. The AUD and NZD have pressed key USD support levels on the day at 0.90 and 0.79+ respectively, and while the USD bear trend could extend further, favoring pullback plays instead from here. The CAD has pulled back a touch, but 1.0150 area USD support should draw out some buyers with risk below 1.01, favoring a bounce back towards 1.02 for 1.04 and higher later on. Of note is the tumble in the ISK – down through 95 now on the EUR as inflation remains perky (5.9%) – 95.70 to 97.50 should cap but…
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