EU Morning Report - Currency Wars 2.0
By NikolasX | January 17, 2013 8:28 PM EST
The euro (EUR) remains at a range versus the US dollar (USD) around 1.325 as finance leaders continued rhetoric of upcoming currency wars. The view was first expressed by Jean-Claude Junker, President of the Euro Group, as he stated that the euro was trading “dangerously high”. Investors believe this was a sign that the Eurozone members may turn to currency management to promote growth along with monetary and fiscal policy. At the same time Japan’s new Prime Minister Abe has been promoting the yen into lower territory to increase its competitiveness.
§ The US500 (SPI) has been trading around the range of 1456 and 1468. Should more positive company earnings be released in the US, then we could see a move above its resistance.
§ WTI Crude (OIL) is moving higher in its pennant formation currently at 93.99. Should it move above the 95 level then oil may surge higher, as the world economy recovers.
§ The Australian dollar (AUD) has substantially dropped against the US dollar (USD) in yesterday’s session amid weaker fundamentals. We expect a correction to take place within the next few days.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.3335||SHORT @ 1.3335||34% of deals buy EUR|
|.||USDJPY||88.85||SHORT @ 88.85
||46% of deals buy USD|
|.||GBPUSD||1.6065||SHORT @ 1.6065||51% of deals buy GBP|
|.||AUDUSD||1.0540||SHORT @ 1.0540||32% of deals buy AUD|
|.||GOLD||1672||LONG @ 1672||60% of deals buy GOLD|
|.||OIL||93.10||LONG @ 93.10
||20% of deals buy OIL|
|.||USD||15:00||Philadelphia Manufacturing Index
|.||NZD||21:45||Consumer Price index q/q
The US dollar (USD) strengthened against the Norwegian Krone (NOK), the world’s strongest currency. The AAA rated Norwegian economy has attracted a lot of demand supported by its stable oil resources. In an attempt to boost the country’s competitiveness in other areas, the Norwegian government has hinted at weakening the currency, which is currently surging against the dollar at 5.56.
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