A choppy session for some of the key spot rates, with the exception of USD/JPY which has enjoyed a straight line move higher since late Asia. After basing out ahead of 112.00 overnight, we have moved steadily through 113.00, and after some brief hesitation through 113.25, the stronger than expected US ISM manufacturing print gave the pair an added boost. Once again though, the move has stalled ahead of 114.00, as it did either side of the weekend. EUR/USD has continued lower also, but now starting to find support ahead of the 1.0800 target levels anticipated. EUR/GBP is also pushing higher, and now stalling the recovery being attempted in cable. Despite the weaker than forecast UK manufacturing PMIs, cable rebounded off the low 1.3900s, to post a rally through 1.4000 again. Elsewhere, USD/CAD was back in the mid 1.3500s when the better than forecast Canadian GDP numbers prompted a hit back down through the figure level. We went on to hit lows just shy of 1.3450, but have been holding off this level since. AUD and NZD having a mixed session on the day, the former after a neutral RBA meeting gave it a modest push higher. For NZD, the GDT auction showed a rise in the index and WMP, but not as much as the futures markets had been pricing in. The spot rate was knocked back through .6600 accordingly.
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Choppy Session With Exception Of USD/JPY
Published 03/01/2016, 11:12 AM
Updated 07/09/2023, 06:31 AM
Choppy Session With Exception Of USD/JPY
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