Daily Financial Market News
18 Oct 2012
EUR/USD – A successful bond sale in Spain attempted to reinforce recent risk appetite, but failed as investors used Google’s premature release of disappointing earnings data as an excuse to profit take on the euro. This left the pair back at US$1.3056, off the week’s highs.
USD/JPY – Further speculation that the BoJ would undertake additional easing at next week’s meeting prompted another round of yen weakness that saw it hit a two-month low against the dollar of ¥79.46, before settling back at ¥79.25.
GBP/USD – UK retail sales data, coming in at 0.6% against 0.4% forecast, initially left the pair higher at US$1.6170. This did not last as the Google earnings sent the pair crashing down as it moved in tandem with the euro. It eventually found support at US$1.6040.
AUD/USD – The Aussie dollar found a 3-week high of US$1.0411 early in the European session. After struggling to maintain its recent momentum, it edged back to close near US$1.0365.
17 Oct 2012
EUR/USD – Broader risk appetite extended for a second day to see the euro climb to US$1.3139, within touching distance of the pairs post-QE3 levels. The main driver continued to be the prospect of a Spanish bailout, however the country remained coy on the likelihood of this.
USD/JPY – Having dipped to ¥78.62, the pair made a strong recovery, racing back to a ¥79.05 high as a result of better U.S. housing data and a spike higher in U.S. Treasury yields.
GBP/USD – A claimant count change figure of -4,000 aided sterling in its move to a near two week high of US$1.6178. MPC meeting minutes showed members voted unanimously to hold interest rates and the asset purchase program, as expected.
AUD/USD – The Aussie dollar took full advantage of the risk updraft as an impulsive move resulted in a US$1.0389 high for the day.
16 Oct 2012
EUR/USD – A continued focus on Spain saw the euro drive even higher during the day. Initially speculation the country was drawing closer to seeking a bailout helped the euro, before Moody’s vote to keep Spain’s credit rating above junk led the pair to US$1.3098 after the NY close.
USD/JPY – In what was generally a choppy session for the pair, it did manage to creep to a near one-month high of ¥78.96 before sliding back to ¥78.50.
GBP/USD – An erratic days trading for Cable eventually left it near US$1.6123. September CPI came in line with expectations at 2.2%, representing a fall from the previous month. Markets took little notice of the number and spiked to a US$1.6134 high late in the day off news from Spain.
AUD/USD – The Aussie dollar left it late in the day to race above US$1.0300. It had spent the day bounded in a reasonably tight range before news that Moody’s held Spain’s credit rating lifted the pair.
15 Oct 2012
EUR/USD - A consistent lack of clarity regarding Spain’s formal request for a bailout left the pair bouncing around in range. Having plunged to US$1.2890 overnight, the euro recovered back to reach a US$1.2978 intra-day high.
USD/JPY - The dollar reversed some of its recent losses against the yen after better than expected retail sales data in the U.S., coming in at 1.1%, sent the pair to a ¥78.58 high.
GBP/USD - With the UKs fiscal situation creeping back into the spotlight, the fear of additional QE weighed on sterling. During the day the pair sank to US$1.6043, but eventually recovered back to US$1.6077.
AUD/USD - Bouncing smartly away from US$1.0200 support, the pair chopped its way to a US$1.0259 high ahead of the release of the RBA’s policy meeting minutes.
24 Sep 2012
EUR/USD – The euro hit a session low of US$1.2889 its lowest in more than a week Monday. German business sentiment and uncertainty about debt-plagued Spain added to concerns about on the EZ’s slumping economy.
USD/JPY – The dollar retreated against the yen trading at ¥77.84, down 0.4% with risk aversion sited as the main cause of decline.
GBP/USD – Sterling was down 0.2% at US$1.6194 off a 13-month high of US$1.6310 reached Friday when it was helped by better than expected British borrowing.
AUD/USD – Fell to a low of 1.0385 at the beginning of the NY session where support was found despite the risk-off sentiment that dictated markets for the day.
19 Sep 2012
EUR/USD – Major central bank activity has encouraged investors to take on more risk pushing the euro higher against the dollar with the single currency last trading at US$1.3056.
USD/JPY – The Yen gained across the board Wednesday with investors seeing the BOJ-QE announcement as less aggressive than other central banks. The greenback last bought ¥78.33.
GBP/USD – Sterling fell 0.1% to US$1.6219 Wednesday as investor appetite to take on risk eased slightly and some took profits on the pound's recent rally to a 4-1/2 month high.
AUD/USD – The AUD is higher after US stocks made small gains on the back of encouraging US housing data, it is currently buying US$104.83.
18 Sep 2012
EUR/USD – The euro was 0.6% lower at US$1.3038 Tuesday as some investors bet the currency had risen too much, too quickly especially with renewed high-expectations that the Spain will require ECB help to finance its debts.
USD/JPY – The dollar climbed late in the NY session rising 0.2% to ¥78.85 with continued speculation the BOJ may ease policy weighing on the yen.
GBP/USD – Pound was slightly lower at US$1.6230 with inflation data that did little to change expectations over whether the BOE will increase its asset-buying programme later this year.
AUD/USD – The AUD down 0.3% to US$1.0439, pressured by worries that slow Chines growth will adversely affect the terms of trade.
17 Sep 2012
EUR/USD – Bounced off a session low of US$1.3082 as investors were still cautious from the Feds aggressive easing program announced last week. Later traded at US$1.3172 only to drift back down in afternoon trade as a selloff in Oil sparked risk aversion.
USD/JPY – The dollar gained 0.41% to ¥78.710, mainly due to a downgrade of Japan's economic outlook as well as a widening view that the BOJ may move towards QE.
GBP/USD – Sterling hit a 4-1/2 month high of $1.6262 Monday on expectations the Fed's new round of economic stimulus will continue to drive down the U.S. currency.
AUD/USD – Trading at $US1.0472 intraday the AUD was down after data showing that manufacturing activity for the New York region fell for a second consecutive month in September.
12 Sep 2012
EUR/USD – Wednesday saw the much awaited ruling from Germany’s constitutional court where approval was granted on the EZ rescue fund which has helped lower borrowing costs for Spain and Italy. Attention is now completely centred on Feds two day meeting ending on Thursday will provide any indication of QE3. The pair hit a four month high of US$1.2996 after the ruling.
USD/JPY – against the yen, the dollar traded up 0.1% at ¥77.84. With fed action and BOJ intervention predicted to keep pressure on the dollar for the near term.
GBP/USD – Sterling again up 0.4% to US$1.6132 with positive EZ news and potential action by the Fed this week, though also better than expected unemployment figures added to the bullish sentiment.
AUD/USD – Having climbed to a three month high of US$1.505 in intraday trade the pair is awaiting further direction from Chinese data and QE3.
10 Sep 2012
EUR/USD – The Euro retreated 0.4% to US$1.2758 as investors nervously await a German court ruling on whether the EZ’s biggest economy will support the EZ’s rescue fund. The pair is off a four month high after Fridays negative jobs number increased expectation on QE3 in the US.
USD/JPY – The dollar last traded up 0.1% at ¥78.28 yen, with attention now on whether the BOJ will move in step with the Fed if stimulus measures are taken.
GBP/USD – Sterling was off its four month high down 0.1% to US$1.5592 though losses were capped on the possibility of more monetary easing in the US. With investors now waiting for Wednesdays court ruling in Germany for further direction.
AUD/USD - The AUD traded at US$1.0350 intraday as investors are still attracted to its higher yields, though analysts believe it could come under pressure with the RBA expected to cut rates by 100 basis points in the next year.
07 Sep 2012
EUR/USD - The euro rose 1.4% to US$1.2814 after a smaller-than-expected rise in U.S. jobs report reinforced the view the Fed will inject more stimulus into the sluggish economy.
USD/JPY - The jobs data also gave a huge boost to the yen. The dollar fell 0.8% to ¥78.24.
GBP/USD - Sterling hit a 4 month high Friday as NFP disappointed the market and bolstered speculation of more QE in the US, The pound rose to US$1.6010.
AUD/USD - The AUD rose 1.1% to US$1.0400, adding to Thursday's gains. With attention now on a raft of Chinese data out Monday that could put the aussie back under pressure.
06 Sep 2012
EUR/USD – Backing up his promise to do “whatever it takes” to defend the euro, ECB’s Draghi announced a potential unlimited bond buying programme to lower borrowing costs of troubled EZ countries, the euro rose as far as $1.2652.
USD/JPY - The greenback jumped against the yen, thanks in part to higher U.S. Treasury yields as well as the a flurry out safe haven assets. It hit two-week highs of ¥79.04.
GBP/USD – Sterling was close to flat against the dollar at $1.5902, retreating from Wednesday's 3-1/2 month high of $1.5940 as both currencies reacted to ECB’s announcement.
AUD/USD - The AUD jumped nearly 1% to $1.0300, posting its biggest one-day gain in a month, as markets cut bearish positions in the commodity currency.
05 Sep 2012
EUR/USD – The Euro rallied 0.3% to US$1.2602 on talk the ECB was putting in place an unlimited bond buying programme aimed at lowering borrowings costs for Spain and Italy.
USD/JPY - The dollar was unchanged against yen at ¥78.42.
GBP/USD – The pound rallied to a three and a half month high of US$1.5933 on the momentum in the Euro as talks a bond buying program at will be announced at the ECB’s Thursday meeting.
AUD/USD - The AUD was at its lowest level in 8 weeks on speculation the RBA will cut interest rates to cushion the economy from falling commodity prices. It was last down 0.4% at US$1.0190
04 Sep 2012
EUR/USD – The Euro slid on the greenback Tuesday as investors took caution against a possible yet characteristic lack of details by the ECB at its Thursday meeting on plans to tackle the EZ debt crisis. The single currency was down 0.2% at US$1.2566.
USD/JPY - The dollar was firmer against the yen up 0.2% at ¥78.42, helped in part by more buying from Japanese importers.
GBP/USD – Sterling hit a two-week high of US$1.5910 against the dollar Tuesday after better-than-expected PMI data for the services sector added to speculation the UK economy may be emerging from recession.
AUD/USD - The AUD has fallen to $US1.0225 intraday as US economic data showed its manufacturing sector contracted for the third straight month giving the greenback some safe haven status.
03 Sep 2012
EUR/USD - The Euro was flat Monday to last trade at US$1.2569 as investors await Thursdays ECB meeting were it is eagerly anticipated plans to stem the EZ’s flagging economy will be unveiled.
USD/JPY -The dollar has been weaker on the yen since Bernanke spoke Friday though has found support from Japanese importers above the ¥78 level. The Yen recently traded at ¥78.31.
GBP/USD - Sterling reached a two week high of US$1.5906 with the UK manufacturing PMI survey leading investors to take a slightly brighter view of the economy.
AUD/USD - The AUD has fallen to US£1.0233 near a six week low with poor domestic data adding to the downward pressure that recent Chinese data has provided.
31 Aug 2012
EUR/USD – The Euro rallied 0.6% to US$1.2578 as Bernanke expressed “grave concern” for the unemployment rate and that the US economy faced “daunting” challenges and reiterated to possibility of QE in saying the Fed would act “as needed”.
USD/JPY - The dollar fell 0.4% to a two-week low of ¥78.30 on Bernanke’s speech though selling of the greenback was capped with no imminent indication of action.
GBP/USD – The pound was 0.5% higher at US$1.5896 in a volatile trade Friday as market participants digested the Jackson Hole speech. Gains in sterling are said to come under pressure this week with the release of UK data.
AUD/USD - The AUD has fallen to $US1.0286 in intraday trade after Chinese data showed the country’s manufacturing sector contracted in August.
30 Aug 2012
EUR/USD - The euro was little changed falling 0.1% in thin trade to US$1.2509 as traders sat on the side lines ahead of Bernanke’s speech Friday and next week’s ECB policy meeting.
USD/JPY - The greenback fell 0.1% to ¥78.61 as investors prefer the higher yielding yen ahead of uncertainty over US monetary policy.
GBP/USD – Sterling was down 0.1% to US$1.5809 in cautious trade ahead of Jackson hole with any hint of the Fed signalling another round of asset purchases likely to provide strength in the pound.
AUD/USD - The AUD was down 0.4% to a five week low of US$1.0305 as commodity currencies took a beating on growing concerns of a flagging Chinese economy.
29 Aug 2012
EUR/USD - The euro declined 0.3% to US$1.2527 on positive housing and retail data out of the US though losses were limited with some investors betting the ECB will act decisively to tackle the debt crisis.
USD/JPY - The dollar rose 0.2% to ¥78.67 as the Fed Beige Book indicated gradual expansion and improved retail and loan demand.
GBP/USD – Sterling was up 0.1% to US$1.5830 with traders citing Central Bank demand providing support, analysts believe that this type of activity in the Pound could start to slow pending ECB announcements
AUD/USD - The AUD is slightly lower at US$1.0353 intraday as the market awaits Bernanke’s speech Friday.
28 Aug 2012
EUR/USD - The euro rose 0.5% to $1.2567 on hopes of bond-buying by the ECB and expectations of further indications of QE from the Fed with Bernanke speech coming this Friday.
USD/JPY - The dollar fell 0.2% to ¥78.51 with the pair range bound in tight trade between ¥78.77 and ¥78.44.
GBP/USD - The pound struggled against the greenback Tuesday due to the soft UK economic outlook strengthening chances of more QE later in the year. Sterling traded at US$1.5805.
AUD/USD - The commodity-linked AUD hit an almost five-week low on continued worries of a slowing Chinese economy to trade at US$1.0384.
27 Aug 2012
EUR/USD - The euro fell 0.1% to a session low of US$1.2488 in thin trade after a drop in German business sentiment even as it raised hopes in some that the EZ’s largest economy will do more to revive the bloc's growth.
USD/JPY - The dollar was up 0.1% to ¥8.74 with continued strength expected ahead of Bernanke’s speech on Friday.
GBP/USD - Sterling fell 0.2% to US$1.25826 after revised UK GDP figures pointed to a shallower recession in line with expectations, surprising some market players who had expected an even smaller downturn.
AUD/USD - The AUD was last down 0.3% at $1.0373 on fresh concerns about the growth of China's economy.
24 Aug 2012
EUR/USD - The Euro rose to a seven week high of US$1.2564 on reports Spain is negotiation the EZ over conditions for aid. This news along with the increased risk sentiment after the Fed hinted to more QE aided the single currency.
USD/JPY - The Greenback traded down 0.1% to ¥79.48 as investors have taken a more risk on approach in recent days
GBP/USD - Sterling traded near 3 month high to US$1.5912as traders opted bought perceived riskier currencies after the Fed indicated it could opt for more stimulus “fairly soon”.
AUD/USD - The AUD extended overnight losses to touch $US1.0434, near its lowest level since late July on concerns over Chinese growth.
22 Aug 2012
EUR/USD – The euro, after bumbling around during the day, raced higher following dovish Fed minutes that suggested the central bank would act if conditions in markets did not markedly improve. The pair hit a US$1.2538 high following the news.
USD/JPY – The pair, much like the rest of the market, held in a tight range pre-FOMC minutes. Once the minutes were released, investors shunned the dollar and the pair dumped nearly 90 pips to touch ¥78.29 low.
GBP/USD – Cable traded in line with the general risk-on sentiment as FOMC rocked the markets hinting at conditional action. It renewed recent highs, reaching a 3-month US$1.5874 high.
AUD/USD – The yo-yo week continued for the Aussie dollar when it shirked earlier losses to rally on risk late in the day, capping gains at US$1.0517 before settling.
21 Aug 2012
EUR/USD - The euro rose again in low volume trade by 0.1% to US$1.2348 upon speculation the ECB will restart its bond buying program to lower EZ country borrowing costs.
USD/JPY - The Greenback was down 0.2% to ¥79.38 with analysts predicting short term strength on the back of a raft of positive US data.
GBP/USD - Sterling held steady against the dollar at US$1.5695 with analysts citing an expected upward revision in Q2 GDP later in the meek as the support.
AUD/USD - The AUD rose to $US1.0478 in late trade as the RBA kept rates on hold at 3.5% and gave no hints towards its next move.
EUR/USD – Hope of imminent ECB action off the back of a number of news articles was enough to spur the euro to a near one-and-a-half month high of US$1.2487.
USD/JPY – The dollar dripped lower against the yen after rallying in the European session to ¥79.53 to close back near ¥79.22 intra-day low.
GBP/USD – Anticipation of ECB intervention dragged Cable higher with the dollar, as it broached US$1.5800 for the first time since May, although it failed to hold above the level, closing back at US$1.5780.
AUD/USD – The Aussie dollar jumped on the risk bandwagon early on to hit a US$1.0522 high, but was overcome late on by rally in EUR/AUD as it stumbled back to US$1.0469.
20 Aug 2012
EUR/USD - The euro was down 0.26% at US$1.2322 in a day where volume was unusually low. Strong US data and expectations the ECB will buy Spanish and Italian bonds next month supported the single currency.
USD/JPY - The Greenback rose to a five-week high of ¥79.57 after a survey showed U.S. consumer sentiment improved in August to its highest level in three months.
GBP/USD - Sterling was down 0.3% to US$1.5686 with the dollar broadly firmer after U.S. data lowered expectations for more QE from the Fed. However, positive UK data supported the pound above its 200 day moving average.
AUD/USD - The AUD was lower at US$1.0411 as the market discounted chances of further US QE. News the RBA may cut interest rates to induce weakness on the currency if and when needed as opposed to FX intervention also contributed to weakness.
16 Aug 2012
EUR/USD – As has become typical of recent months, noise from Merkel propelled the euro higher as she backed the ECB’s Draghi’s recent comments. Disappointing U.S. data refuelled QE hype adding to the euro’s rally and it capped gains at US$1.2372.
USD/JPY – The yen endured a choppy session as it was dragged off a fresh one-month high of ¥79.40 as vaguely disappointing U.S. jobless claims and housing starts weighed on the dollar. Having touched a ¥79.09 low, it salvaged gains to finish near ¥79.36.
GBP/USD – Cable rallied strongly from an early dive to US$1.5637 to end the day around US$1.5735 after better-than-expected July retail sales data, coming in at 0.3%, launched the pair higher along with broader dollar weakness.
AUD/USD – The pair bounced round throughout the European morning, eventually driving higher on greenback weakness later in the day to reach 1.0525 high.
15 Aug 2012
EUR/USD – The euro plunged to a US$1.2264 low early in the NY session after further positive U.S. data added to move earlier attributed to ECB euro selling. The pair did claw back some losses, before engaging in tight range.
USD/JPY – After creeping up to a one-month ¥79.05 high, the crashed to ¥78.59 on the release of U.S. CPI data that came in at 0.1%. Better data in the afternoon did help the pair recover and it finished back near ¥78.90.
GBP/USD – A surprise change in the claimant count coupled with minutes from the BoE saw Cable reach a US$1.5701 high during the day. A lack of talk about an interest rate cut by the MPC gave the pair a boost, but it could only finish the day with meagre gains near US$1.5683.
AUD/USD – Positive news out of the U.S. gave the Aussie dollar an unexpected boost as the data cooled QE3 hype another peg. The pair rebounded from a US$1.0455 low to hit a US$1.0515 high.
14 Aug 2012
EUR/USD – The dollar gained against the euro after QE3 expectations were cooled following better-than-expected core retail sales data out of the U.S. The data came in at 0.8% and the pair dropped from US$1.2385 to an intra-day low of US$1.2317.
USD/JPY – On the back of the positive retails sales data, investors opted out of a the safety of the yen and drove the pair to ¥78.93 high, although the pair did track lower through the NY session.
GBP/USD – Cable ended the day almost unchanged near US$1.5685 after a surprise uptick to 2.6% in CPI led the pair to a fresh two-week high of US$1.5728.
AUD/USD – The riskier currency pair shifted a leg lower, falling in line with the broader dollar strength which left the pair languishing near US$1.0490.
13 Aug 2012
EUR/USD – Another uninspiring session left the euro higher after some position squaring led it to a US$1.2374 high. Thin market conditions prevailed as a distinct lack of fresh impetus left markets listless.
USD/JPY – Troubling data for Japan in the form of a weak preliminary GDP figure, coming in at 0.3%, did little to move the pair that bounced off a ¥78.16 low to close near ¥78.35.
GBP/USD – Expectations of imminent ECB action boosted Cable as it hit a two-week US$1.5717 high, although with a big week of data ahead, it failed to hold onto gains, sliding late in the day to US$1.5680.
AUD/USD – The Aussie dollar chopped around early in the day, before sealing a move lower as it again found good support at the US$1.0500 level.
10 Aug 2012
EUR/USD – The euro initially extended its losses as faith continued to wane in the ECB. After collapsing to US$1.2241, seasonally illiquid markets saw a sharp reversal which sent the pair to a US$1.2317 high.
USD/JPY – Following a tumultuous week for the pair, it was eventually resigned to a loss after a prolonged sell-off from ¥78.61 to a low of ¥78.16.
GBP/USD – Weak Chinese data overnight had dragged Cable lower to US$1.5576, before an unbridled rally during the NY session catapulted the pair to a US$1.5701 high.
AUD/USD – The pair completed a perfect U-turn during the day having sold-off to briefly dip sub-US$1.0500 early on, it caught the general updraft late in the day to extend back to US$1.5776.
09 Aug 2012
EUR/USD - Euro retreated Thursday on profit taking, with losses limited on hopes of ECB action to ease the pressure on Spain and Italy. The euro fell 0.5% to US$1.2299.
USD/JPY - The dollar rose 0.2% to ¥78.58 following better than expected US data.
GBP/USD - Sterling was down 0.3% at US$1.5610 on Thursday, as speculators bet the Bank of England may soon resume QE to help stimulate the UK economy.
AUD/USD - The Aussie rose 0.1% to US$1.0576, drawing support from surprisingly strong employment data.
08 Aug 2012
EUR/USD - Soft German data pulled the Euro lower with losses limited to 0.3% at US$1.2359 amid optimism the ECB may soon lower EZ country borrowing costs.
USD/JPY - The greenback slid 0.1% to ¥78.46 as investors continue to factor for more monetary easing from the Fed.
GBP/USD - Sterling was up 0.2% to $1.5653 as BOE indicated no immediate intentions of QE. Though analyst believe the pound is likely to fall in coming weeks due to the weakening UK economy.
AUD/USD - It was a relatively quiet session for the AUD gaining just 0.05% to US$1.0573 as the market awaits inflation, industrial and retail figures out of China Thursday.
07 Aug 2012
EUR/USD - There was little movement in the Euro after a two day rally on optimism the ECB will act on high borrowing costs for troubled EZ countries. The euro traded at US$1.2399 at the NY close.
USD/JPY - The greenback rose 0.5% to ¥78.62 as investors remain focussed on Thursdays BOJ press conference.
GBP/USD - Sterling gained 0.35% toUS1.5660 with better than expect IK manufacturing and industrial data. Though gains are expected to be capped ahead of the BOE inflation report Wednesday.
AUD/USD - The RBA chose to leave rates on hold at 3.5% causing in intraday rally, though short lived, now trading 0.1% lower than this time Monday at US$1.0553.
06 Aug 2012
EUR/USD - The euro extended last week’s gains as notions the ECB will move towards lowering borrowing costs for Spain and Italy continued. The pair hit a peak of US$1.2443.
USD/JPY - The USD dollar has lost ground to ¥78.24 with investors convinced the BOJ will refrain from further easing this week.
GBP/USD - The pound was down 0.4% to US$1.5584 as traders preferred to focus on weak UK fundamentals increasing further BOE easing rather than renewed optimism in its largest trading partner the EZ.
AUD/USD - The AUD was again higher at US$1.0560 ahead of Tuesdays RBA meeting where it is expected the cash rate will stay at 3.5%.
03 Aug 2012
EUR/USD - The Euro rallied 1.6% to US$1.2378 Friday with the release of a better than expected NFP number sparking a risk off rally. This was coupled with renewed optimism that EZ authorities could contain the regions debt crisis.
USD/JPY - The dollar gained 0.4% ¥78.54 as traders look to buy the greenback on positive jobs data.
GBP/USD - Sterling gained against the greenback, however, tracking gains in equities and riskier currencies after NFP and U.S.manufacturing data. Sterling was up 0.5% at US$1.5595.
AUD/USD - The AUD also traded higher Friday at US$1.0495 as traders were more prepared to take on risk.
02 Aug 2012
EUR/USD - Euro slumped in volatile trade as Draghi failed to mention any immediate purchasing of Spain or Italy bonds instead saying ECB will draw up plans in coming weeks to stabilize EZ borrowing costs. The single currency hit a low of US$1.2132 as the news was digested.
USD/JPY - The dollar traded 0.3% lower to ¥78.20 with attention now turning to Fridays NFP number.
GBP/USD - Sterling weakened against the greenback as investors moved out of perceived riskier assets across the board on Draghis comments it was last trading at US$1.5514.
AUD/USD - The AUD is recently trading at US$1.0466, slightly lower after the ECB disappointed by taking no immediate steps to fight the EZ debt crisis.
01 Aug 2012
EUR/USD - The euro was down 0.6% to US$1.2224 as Fed states no immediate QE though stand ready to act and have a close eye on economic data. Attention will now be on Thursdays ECB Conference.
USD/JPY - The greenback strengthened to ¥78.42 the Fed news. Analysts say the pair should find support/resistance at the ¥78.04/¥79.13 levels respectively.
GBP/USD - The pound retreated 0.35% to US$1.5618, with the release of weak UK manufacturing data that increases chances of future stimulus measures from the BOE.
AUD/USD - Intraday trade saw the AUD buying US$1.0459 down half a cent on Fed comments as attention now turns to Thursday trade data then ECB.
31 Jul 2012
EUR/USD - The euro rose as high as US$1.2329 Tuesday on month end central bank demand as well as successful EZ bond sales, though gains were capped as concerns remain over what actions the ECB will announce at its conference later in the week.
USD/JPY - Against the yen, the dollar was flat at ¥78.14.
GBP/USD - Sterling dropped 0.3% to US$1.5657 Tuesday in rage bound trade as investors await Wednesdays outcome of the two day Fed meeting and Thursdays ECB Conference.
AUD/USD - The AUD ended a 3 day rally as traders nervously awaited the release of Chinese manufacturing data. At the New York close the currency was buying US$1.0503.
30 Jul 2012
EUR/USD - The euro dropped to 0.5% to US$1.228 amid fears the ECB may not be capable taking strong enough measures to contain the regions debt. Investors were also cautious ahead of Wednesdays FOMC statement which is expected to provide direction on future stimulus intentions.
USD/JPY - The greenback retreated 0.3% to ¥78.18 as traders hedged against the uncertainty of USD debasement.
GBP/USD - The pound lost 0.4% to US$1.5685, mainly due to the depreciating euro though poor UK data was also responsible.
AUD/USD - The AUD hit an intraday high of US$1.0510 outperforming other currencies across the board ahead of the ECB and Fed meetings later in the week.
27 Jul 2012
EUR/USD - The euro rose high as US$1.2389 in choppy trade Friday after Draghi commented the ECB would do “would do whatever it takes” to contain a spreading EZ debt crisis.
USD/JPY - the dollar advanced 0.5 % to ¥78.56 and was up 0.2% for the week after the Commerce Department reported that U.S. economic growth slowed, as expected, in the second quarter.
GBP/USD - Sterling hit a 5 week high of US$1.5768 tracking in Friday’s risk-off trade which prompted investors to cut short positions in the pair. Analysts now expect further gains to be dependent upon the prospect of more QE.
AUD/USD - The rally across the board lifted risk appetite pushing the AUD to a three month high of US$1.0479
26 Jul 2012
EUR/USD - The euro was up more than 1% at US$1.2329 Thursday after ECB chief Draghi said the bank would do whatever it takes to protect the EZ from collapse and preserve the single currency.
USD/CHF - The greenback fell to a two week low of CHF0.9740 after the rally was triggered in the Euro
USD/JPY - The yen did a text book bounce of the ¥78.00 level to end the day 0.1% higher at ¥78.20
GBP/USD - The pound jumped 1.4% against the safe haven dollar to US$1.5724 Thursday with Draghi’s comments sending a strong signal to investors
AUD/USD - The AUD gained 0.9% to US$1.0398 intraday as investor increased their risk appetite on positive news out of Europe
25 Jul 2012
EUR/USD - The euro was last up 0.8% at $1.2154 after a European Central Bank official said he could see grounds for giving the EZ bailout fund a banking license that would increase its crisis fighting power.
USD/JPY - The dollar was little changed from yest against the Yen las at ¥78.15.
GBP/USD - The pound fell to as low as US$1.545 Wednesday after data showed the British economy contracted by more than three times the rate it was expected, increasing the prospect of more QE by the BOE.
AUD/USD - The AUD was trading more than half a US cent higher at US$1.0309 intraday with renewed optimism out of the EZ.
24 Jul 2012
EUR/USD - The euro tumbled to a two-year low of $1.204 Tuesday, as the Manufacturing sector in Germany, the EZ’s biggest economy, contracted at its fastest pace in more than three years and its service sector also shrank.
USD/JPY - The dollar lost 0.2% to ¥78.18 with Yen being the major beneficiary of the risk averse markets today.
GBP/USD - Sterling firmed 0.15% to US$1.5582 against the greenback with weak PMI data out of the US and EZ, though analysts warn that continued weak data from developed nations could push investors back to the safety of the dollar and Yen.
AUD/USD - The AUD was trading lower at US$1.0240 in intraday trade on continuing worries about EZ debt.
23 Jul 2012
EUR/USD - The euro fell to a two-year low of US$1.2067 on fears Spain is edging closer to needing a full-scale bailout that is widely believed the EZ cannot afford. The pair ended the euro session at US$1.2125 down 0.3% for the day.
USD/JPY - The dollar fell to a seven-week low of ¥77.95, before rebounding to ¥78.43, ending the day more or less unchanged.
GBP/USD - Sterling hit a week-low of US$1.5486 down 0.8% Monday, pulled down by EZ weakness as worries over Spain and Greece drove investors to the safety of the greenback.
AUD/USD - The AUD has fell to US$1.0312 intraday, down from US$1.0409 Friday amid renewed fears about the European government debt crisis.
20 Jul 2012
EUR/USD - The euro fell as low as US$1.2143, its weakest level since June 2010 after the Valencia region in Spain seeks Govt help to repay debts, increasing fear the EZ's fourth largest economy may need a full-scale international bailout.
USD/CHF - The deteriorating situation in Spain has lifted the USD against the Franc during afternoon trade with the pair currently trading at CHF0.9866.
USD/JPY - The Yen is trading at ¥78.50 in late European trade with analyst calling BOJ intervention at a level below ¥77.65.
GBP/USD - Sterling fell against the greenback, tracking falls in the EUR/USD. It was last down 0.6% at $1.5630, pulling away from a one-month high of $1.5738 hit on Thursday.
AUD/USD - The potential of more QE from the Fed has helped the AUD to almost three month highs with the pair currently trading at US$1.0378.
19 Jul 2012
EUR/USD - Weak U.S. data and Germany's fresh warnings about Spain's caused a flight to safety Thursday. The euro was at $1.2227 in the wake of Schaeuble's comments and last traded at $1.2256 down 0.2% for the day.
USD/CHF - The Dollar is traded higher against the Swiss Franc to finish the session at CHF0.9783
USD/JPY - The greenback fell to a six-week low against the yen of ¥78.42, with investors preferring the Yen due to the chance of more U.S. monetary easing
GBP/USD - Cable was up 0.3% at US$1.5707. Gains versus the euro propped the pound up against the safe-haven greenback, which strengthened broadly against other currencies as investors to a risk off approach.
AUD/USD - The AUD/USD shot up to a three month high above 1.0430 as risk appetite increased.
18 Jul 2012
EUR/USD - The euro fell 0.2% to US$1.2266 and went as low as US$1.2215 as comments from Angela Merkel that EZ ministers “have not yet shaped the European project in a way that everything will turn out well".
USD/CHF - The franc traded as high as CHF.9829 and then clawed back gains in afternoon trade as investors listened to comments from Fed Chairman Bernanke.
USD/JPY - The dollar slipped 0.3% to ¥78.75 as Bernanke re-iterated his stance on QE3 in his second day of testimony to the U.S House.
GBP/USD - The pound fell to as low as US1.5582 as BOE minutes showed that the committee members voted 7-2 in favour of increasing asset purchases by £50 mil. The pair clawed back losses in later trade as the Fed Beige indicated a weaker US economy sparking concerns that QE3 may still be on the table,
AUD/USD - The AUD has again managed to gain, hitting a two month high of US$1.0373 as the Fed Beige hinted towards a weaker US economy.
17 Jul 2012
EUR/USD - It was a choppy day for the pair losing almost 100 pips to US$1.2187 in mid-session trade as Bernanke testified, only to recover ground during the following Q&A session as he failed to specify on how he would aid the sluggish recovery. The pair finished the day little changed at US$1.2776.
USD/CHF - The dollar also traded little changed against the franc at CHF.9787.
USD/JPY - After hitting one month lows yesterday the greenback firmed 0.2% to ¥79.05 with gains capped as Japanese finance ministers hinted the govt was prepared to intervene any excessive rallies in the pair.
GBP/USD - Sterling declined 0.4% to US$1.5578 with Bernanke giving no clear view on his QE stance. This considered along with QE already being implemented by the BOE gave investors clear direction for the session.
AUD/USD - The AUD rose to as high as US$1.0259 Monday after the weak U.S. data sparked another round of speculation about QE.
16 Jul 2012
EUR/USD - The euro rose 0.2% to US$1.2277 with investors temporarily shifting their focus to the U.S. economy after Monday's weak data out of the U.S. and Bernanke testimony on monetary policy Tuesday. Meanwhile, Germany's Constitutional Court has announced it will not rule until 12/09/12 on whether the euro zone's bailout is compatible with German law.
USD/CHF - The pair rose to a session high of CHF0.9862 early in the day due mainly to some initial strength in the greenback pre-data release.
USD/JPY - The dollar fell to a one-month low of ¥78.67 Monday after poor data cast yet more uncertainty over the pace of the U.S. economic recovery.
GBP/USD - The pound managed to gain 0.2% to US$1.5596, despite the IMF slashing its UK growth forecast after U.S. retail sales unexpectedly fell, adding to speculation the Fed may opt for another round of QE to boost growth.
AUD/USD - The AUD rose to as high as US$1.0259 Monday after the weak U.S. data sparked another round of speculation about QE.
14 Jul 2012
EUR/USD - The euro had its biggest one day rally in two weeks, up 0.3% to US$1.2235 Friday, bolstered by a rebound in markets after China's GDP growth came in better than expected. The currency's outlook remains weak due to the region's on-going debt problems.
USD/CHF - The pair traded lower to CHF.98004 as the SNB reaffirmed the 1.20 'floor' for the euro-franc exchange rate.
USD/JPY - The dollar fell to its lowest level in 3 weeks against the yen to close at ¥79.17. The yen continued to gain strength after the BOJ decided last week to tweak its asset purchasing rather than implement easing measures.
GBP/USD - Sterling was up 0.8% to $1.5541 against the dollar as a rise in equity markets attracted a more risk off sentiment for the day. Though analysts believe sterling will be vulnerable against the dollar as Eurozone and global growth concerns arise.
AUD/USD - The pair has continued to recover as the aussie has benefited from a combination of mixed Chinese data, risk appetite, and subpar American economic data. The pair is trading at US$1.0224.
13 Jul 2012
EUR/USD - The euro fell 0.4% to $1.2185 Thursday with fears of a global slowdown pushing investors to seek the safety of other currencies. Some market players are also on the side lines awaiting release of economic data in China that will indicate the pace of growth in the world’s second biggest economy.
USD/CHF - The cross was trading at CHF.09852 at the end of European trade.
USD/JPY - The dollar slipped 0.6% to ¥79.28. The Bank of Japan held has decided against any immediate policy easing in the belief that domestic activity will keep Japan's recovery on track.
GBP/USD - Pound dropped to a five-week low of US$1.5393 against the dollar Thursday on the back of positive jobs data out of the US and continued strength of the greenback since the release of the Jun Fed minutes, which unlike the UK indicates there will be no immediate QE in the US.
AUD/USD - After falling on the back of negative jobs data the AUD continued its downward trend losing 1.62% of its value to trade at an intraday low of US$1.0101 as investors choose to keep away from commodity currencies.
12 Jul 2012
EUR/USD - The Euro was down 0.1% at US$1.2237 due mainly to the FED June minutes that showed further QE is only likely if US economic conditions worsen. Although uncertainty over how and when the German Constitutional Court will rule on the compatibility of the EZ bailout fund with German laws continues to weigh on the single currency.
USD/CHF - The pegged currency finished the European session trading at CHF0.9806.
USD/JPY - The dollar was up 0.3% to ¥79.64, as investors eagerly await the outcome from the Bank of Japan's two-day policy meeting that started on Wednesday where it is expected the will hold off on easing measures.
GBP/USD - The pound was up 0.3% at US$1.5562 with US corporate earnings coming in lower than initially expected weighing on the pair. Meanwhile, Sterling has hit a 3.5yr high against the Euro as investors view the pound as relatively safe compared to its continental counterpart.
AUD/USD - The AUD last traded at US$1.0245 hovering above the 200-day Moving Average as investors appear to be on the side-lines ahead of the June employment report due out at 1.30am GMT.
11 Jul 2012
EUR/USD - The euro reached yet another two year low of US$1.2233 on Tuesday as Euro ministers continue to struggle in easing fears surrounding the EZ debt crisis. The market appears to be disappointed on the amount ministers are making available to ailing Spanish lenders and also pessimistic on the outcome of a German court hearing that will decide whether the regions budget laws are compatible with German law.
USD/JPY - The yen last traded down .02% at ¥79.40 on after data showing household confidence declined and concerns on the slowdown of the Chinese economy.
GBP/USD - The pound was 0.2% lower at $1.5495 with analysts indicating the broad picture of the UK economy remains fragile. Minutes of the Feds June meeting to be released on Wednesday will be under the spotlight for likely indication to any further direction in Cable.
AUD/USD - The AUD again ended the day lower as concerns grow on the slowdown of the Chinese economy with data released today indicating imports grew only half as much as anticipated. The pair was trading down 0.3% to US$1.017 in intraday trade.
10 Jul 2012
EUR/USD - The euro gained 0.2% Monday to US$1.2314 due to mainly a technical rebound after hitting a two yr low of US$1.2255 in mid-session trade. The currency continues to face challenges from the regions on going debt crisis and global growth concerns.
USD/CHF - The USD continued to depreciate against the Franc late in the European session with pair trading range bound between CHF0.9751 and CHF0.9801.
USD/JPY - The dollar slipped 0.1% to ¥79.58 yen moving away from a two week high hit last week. The BOJ holds it latest monetary policy meeting this week where details will be announced to the market Thursday.
GBP/USD - The pound ticked up 0.2% to US$1.5520. Though with the BOE’s latest round of stimulus believed to be priced into cable analysts are now eagerly awaiting for Wednesdays release of the minutes from the Fed’s June meeting to see if there may be any further hints for QE action in the US.
AUD/USD - The AUD dropped to a 6 day low of 1.0153 in intraday trade after the release of weaker Chinese CPI and PPI data.
09 Jul 2012
EUR/USD - The euro fell to a two-year low against the U.S. dollar on Friday after a report showed U.S. employers hired at a dismal pace in June, stoking strong risk aversion and a flight to safe havens that put recent central bank interest rate cuts in stark relief. The pair finished the day’s trade 0.77% lower at US$1.2296.
USD/CHF - The dollar traded up 0.73% to CHF 0.9763, off the fresh 1-1/2-year high of 0.9789 after the jobs data.
USD/JPY - While the greenback was the safe bet against the euro, investors flocked to the yen as an even safer bet, the dollar slipped 0.33% to ¥79.61 yen.
GBP/USD - The pound ended the week sharply lower against the USD on Friday, as comments by the Bank of England sparked fresh concerns over the outlook for U.K. economic growth, while lowered expectations for easing by the Federal Reserve supported the greenback. Sterling was at US$1.5485 by the end of trade.
AUD/USD - The higher-yielding Australian dollar was down 0.63% to US$ 1.0222, off a two-month high hit on Thursday following China's surprise interest rate cut.
06 Jul 2012
EUR/USD - The euro slumped Thursday hitting a one-month low of US$1.2364 after the European Central Bank cut its main interest rate to a record low and reduced its deposit rate to zero to help tackle the euro zone debt crisis.
USD/CHF - The pair was up 1.1% for the day at CHF.9693, fuelled by the ECB's announcement and better than expected US employment data.
USD/JPY - The dollar climbed 0.09% to ¥79.90 after U.S. employment data showed signs of hope for the labour market.
GBP/USD - Sterling declined 0.4% to $1.5524 erasing earlier gains after a surprise interest rate cut by China, which came at the same time as the BoE decision, as the ECB later took centre stage.
AUD/USD - The AUD rose as high as $1.033 in intraday trade after three major central banks including China’s announced moves to boost growth.
05 Jul 2012
EUR/USD - The Euro declined 0.4% to buy US$1.2555 with the release of further negative economic data, increasing the chance of the ECB cutting rates at Thursday’s meeting. Analysts predict the pair is likely to remain under pressure as investors chase higher yielding currencies.
USD/CHF - The CHF was on the back foot Wednesday as the greenback staged an impressive rally against its European counterparts to buy CHF.9581 at the end of the European session.
USD/JPY - Yen was flat at ¥79.8 on a day of very diluted trading with the US holiday. Analysts are calling Support/resistance levels at ¥79.5/¥79.80 respectively.
GBP/USD - Pound fell 0.5% to $1.5607 Wednesday as purchasing managers in the UK’s all important services industry indicated that the sector grew at a much weaker rate than anticipated, further raising expectations the BOE will announce stimulus to the economy Thursday.
AUD/USD - The AUD was steady against the greenback at AUD1.027 though rose against most other currencies due to the recent strength of the local economy and the high yield attraction.
04 Jul 2012
EUR/USD - The Euro traded 0.17% higher Tuesday to $1.2606 in thin volume ahead of the US holiday with the most significant movement coming from buyers in the Middle East. Though poor EZ data out of the session and an expected rate cut by the ECB at its meeting on Thursday, economists believe the upward trend is not likely to continue.
USD/CHF - With positive data out of the US the dollar continued to advance against the CHF albeit slightly with the pair trading at CHF.9522 at the end of the European session.
USD/JPY - A quiet day for the pair, an attempt to take out ¥80.00 quickly fizzed ahead of large orders and the pair drifted back to ¥79.80
GBP/USD - The pound was relatively flat against the greenback at $1.5676 in a day were the positive offset the negative. UK data showed that mortgage approvals fell less than expected and lending to consumers unexpectedly rose however UK construction activity declined at its fastest pace in 2.5 yrs. All attention will now turn to the BOE’s Thursday meeting where it is widely anticipated to announce another round of asset purchases.
AUD/USD - The AUD rose to 102.98 in intraday trade its highest level since May 3 amid optimism of the local economy and hope that further stimulus measures will occur in Europe.
03 Jul 2012
EUR/USD - The euro declined 0.61% on Monday to trade at $1.2581 with details emerging that Finland and The Netherlands have opposed the use of EZ rescue funds to buy distressed Govt debt as set out in last week’s summit. The pair will remain in focus as the ECB are widely predicted to implement another round of stimulus measures at Thursday’s Press conference.
USD/CHF - The CHF recovered slightly from yesterday’s fall to finish the European session at CHF.9540
USD/JPY - The dollar dropped 0.31% against the yen to ¥79.52 after falling as low as ¥79.29 when data released indicated that U.S. manufacturing contracted in June for the first time since July 2009.
GBP/USD - Sterling reached a ten day high of $1.5722 in early trade with demand coming from buyers in the Middle East, though paired gains later in the day to trade down 0.1% at $1.5688 as investors looked for safety in the U.S. currency amid worries of the EZ debt problems.
AUD/USD - The AUD hit a two month high for the second consecutive day to trade at $US102.79 in intraday activity as investors await an RBA policy meeting where the central bank is expected to keep rates unchanged.
01 Jul 2012
EUR/USD - The euro reached a high of 1.2692 in intraday trade after euro zone leaders agreed on measures to cap some of the weaker nations' borrowing costs and use rescue funds to support bond markets. Any sustained rally is viewed as unlikely by economists due to the vague nature of the agreement, though investors were still surprised by the summits positive outcome.
USD/CHF - The CHF traded a choppy day on the back of some mixed economic data out of the states to close the day lower at CHF94.775
USD/JPY - The dollar rose to ¥79.98 with rising US yields and strong risk appetite strengthening the currency against the Yen though failed to extend gains through what commentators are calling the key resistance level of ¥80.00.
GBP/USD - The pound rallied to its highest in a week to $1.5705 on Friday near the perceived resistance level of the 200-day moving average at $1.5750. Any moves next week for cable are likely to revolve around the release of some key economic data and BOE governor King’s comments on Thursday.
AUD/USD - The AUD rallied to its highest level since early May due to the overnight rise in risk appetite as well the currencies high yield attraction it last traded at $1.0229.
28 Jun 2012
EUR/USD - The Euro fell for its fourth consecutive day to a three week low of US$1.24073 against the dollar as investors are doubtful that European leaders will resolve the regions on-going debt crisis. Germany’s Merkel took centre stage at the EU Summit when announcing Europe would not share total debt liability. The currency only avoided a major selloff in the hope of some progress in overcoming the debt crisis.
USD/CHF - The dollar was up 0.3 % to CHF0.9677, the highest level in over three weeks as investors continue to head for safety.
USD/JPY - The dollar fell to a weekly low of ¥79.21 against the yen as Japanese exporters left monthly selling to the last minute to remain mainly flat for the majority of the day though the selloff is likely to continue into tomorrow.
GBP/USD - Sterling managed to shrug off a strong retails figure falling as low as US$1.5483, amid concerns the BOE will implement another round of QE. BOE Governor King reinforced this stating the UK’s outlook had worsened “markedly due to the deepening EZ crisis” and that policy makers may look to act as soon as July.
AUD/USD - The AUD reached an intraday high of US$1.0126 only to claw back gains in later trade as EU worries continue to buoy the pair.
27 Jun 2012
EUR/USD – The EU summit dominated markets attentions again during the day as cautious pessimism led the pair lower to US$1.2445. Whilst expectations of any definitive outcome were low, markets were hesitant to push the euro too low and, much like the previous day, the pair recovered slightly late in NY session to US$1.2467.
USD/CHF – The pair continued to soak up safe-haven flows as investors set themselves up to be disappointed ahead of a key meeting of key EZ politicians. It rallied to a CHF0.9650 high, failing to top yesterday’s high.
USD/JPY – Following a heavy few days for the dollar, it recovered some lost ground against the yen during the day, but remained well below highs set earlier in the week. The pair a ¥79.86 high as a growing political divide within Japan’s ruling party continued to hamper the safe-haven yen.
GBP/USD – A strong CBI retail sales survey could do little to halt a pronounced sell-off in Cable as it slumped to US$1.5546 as caution dominated sentiment in the run up to the two-day EU meeting.
AUD/USD – Against the general risk-based nature of the Aussie dollar, the pair crept higher today as it continued its steady ascent away from parity topping highs of US$1.0089.
26 Jun 2012
EUR/USD – Downbeat expectations of the upcoming EU meeting continued to be priced in to the euro today as it slid to a US$1.2441 low. With one eye also on Spain’s bond yields, which began to rise again, markets were clearly pessimistic, although the euro did bounce back to US$1.2500 as investors positioned themselves ahead of the two-day meeting.
USD/CHF – The pair jumped around in choppy market conditions, eventually residing near CHF0.9613 having earlier spiked at a 3-week high of CHF0.9652.
USD/JPY – Disappointment risk provided the main catalyst for a further move off earlier highs for the pair as it broke down to ¥79.24. The dollar did stage a steady recovery to close near ¥79.50 as Japan becomes entangled in a political dispute.
GBP/USD – Cable remained resilient after an early rally to US$1.5650 was cut short as more dovish comments from the MPC and a jolt higher in Spanish borrowing costs dragged the pair lower. After rebounding off US$1.5577 lows, sterling rallied back to within sight of earlier highs at US$1.5644.
AUD/USD – The Aussie dollar managed to pull itself away from the parity-mire to reach a US$1.0084 high as short-covering ahead of the EU meeting supported the riskier currency.
25 Jun 2012
EUR/USD – A formal bailout request from Spain to allow the country to recapitalise its weary banking system, followed by Cyprus, who are also looking to support their ailing banks damaged sentiment and sent the euro to US$1.2472 lows. The pair also came under pressure from dwindling expectations from the forthcoming EU summit, but did manage to close marginally above US$1.2500.
USD/CHF – The melancholy atmosphere continued to build ahead of the EU summit at the end of the week as investors headed back to the shelter of the dollar, pushing the pair to a CHF0.9629 high.
USD/JPY – The safe-haven appeal of the yen proved too tempting as the pair snapped 4 solid days of gains. The yen raced higher, eventually consolidating around ¥79.65.
GBP/USD – Persistent QE speculation and flight to safety kept Cable under pressure during the day. After slumping to US$1.5538 midday, the pair did eke out some gains to push back to US$1.5575 late in the NY session.
AUD/USD – The risk-off environment overnight and throughout the day saw the Aussie dollar unavoidably fall back through parity, at one stage reaching US$0.9969. The pair did bounce back later, ending the day precariously above the level at US$1.0008.
22 Jun 2012
EUR/USD – The euro opened lower in Europe after the previous days onslaught as markets remained rocked. In a whippy day, the pair repeatedly tested the US$1.2520 low, but found support after the ECB injected some positivity back into wavering markets. They announced they would be easing their rules over lending to make funding markets more accessible and the euro immediately jumped to a US$1.2583 high.
USD/CHF – The pair spent the day yo-yoing as it closed tentatively above CHF0.9543 lows following the news from the ECB.
USD/JPY – The dollar continued its unbridled ascent against the yen as it peaked at ¥80.59 with the all-but confirmed consumption tax hike seemingly the driving force.
GBP/USD – Cable remained under pressure during the afternoon after a brief rally in the morning took the pair to a US$1.5633 high. With the global bank downgrades and QE chatter still weighing on sentiment, the pair broke down to US$1.5557.
AUD/USD – The Aussie dollar grabbed the opportunity to stem the week’s losses as some positive news floated around the euro zone. After surviving an early test of parity, the pair rallied broadly to a US$1.0077 high.
21 Jun 2012
EUR/USD – A markedly risk-off day for the euro was the result of poor data out of Europe and the U.S. as it slumped to a US$1.2532 low. Another round of weak PMIs from the euro crux, Germany, coupled with further evidence of a softening labour market in the U.S. headed the negativity as Spain’s borrowing costs continued to plague sentiment.
USD/CHF – Investors fled back to the dollar as a troubling day of data mixed with another round of bank downgrades by Moody’s soured markets outlook. With a lack of definitive action from the Fed still weighing on markets from Wednesday, the pair raced to CHF0.9582 having early dipped to a CHF0.9457 low.
USD/JPY – The dollar made strong gains for a second day against the yen as it broke to one-month highs above ¥80.00. After breaking this level, it stumbled back, but found good support spurring it on to an ¥80.33 high.
GBP/USD – Some positive data shone through the economic gloom for the UK as retail sales data came in above expectation at 1.4% m/m which squeezed Cable to a US$1.5733 high. The broader risk-off pressure proved too much however as the pair was knocked of highs and plummeted to US$1.5585.
AUD/USD – Risk-aversion gripped the commodity pair as it endured a heavy NY session which left it licking its wounds, tentatively above parity posting US$1.0028 lows.
20 Jun 2012
EUR/USD – The euro edged up in jagged fashion prior to the FOMC touching US$1.2724. The Fed statement, as anticipated, triggered wild swings in the pair as Bernanke announced an extension to Operation Twist, but remained coy over the possibility of QE3. On the news the euro spiked lower to US$1.2638, before being launched back to a US$1.2742 high.
USD/CHF – The FOMC press conference injected some undesirable volatility into markets as the central bank lowered growth forecasts and averted any immediate plans for additional QE. The pair posted an intra-day CHF0.9501 high and CHF0.9424 low.
USD/JPY – Having slipped back to ¥78.79 overnight, the dollar produced a strong rally, racing to a ¥79.70 high as positive news out of Europe soothed fraying nerves for investors. The formation of a conservative-led coalition in Greece added to the risk off environment.
GBP/USD – The BoE minutes painted a much clearer picture of the likelihood of further QE as they showed an additional 3 votes supporting additional easing following the minutes from May. After a knee-jerk move lower to US$1.5653, the pair bounced back to a US$1.5777 high on hopes the Fed would announce further QE. This failed to materialise and again the pair collapsed, revisiting earlier lows, before settling near US$1.5715.
AUD/USD – General market volatility was reflected in the pair as it hit a US$1.0224 high, following its US$1.0133 session low earlier as markets assimilated the Fed announcement.
19 Jun 2012
EUR/USD – The euro performed a brisk U-turn from the start of the week as optimism over Greece crept back into markets. Breaking to a US$1.2730 high, expectations for an announcement of further easing from the Fed mid-week added to the reversal for the pair. It came off highs late in the day, resting near US$1.2684.
USD/CHF – The pair took direction from euro moves plummeting to CHF0.9433 during the NY session as the dollar’s safe-haven appeal was shaken ahead of the Fed meeting.
USD/JPY – With no new major market headlines, the pair fluttered around in a tight range plumbing a ¥78.85 low, twice breaking above ¥79.00 to reach ¥79.09 highs.
GBP/USD – Softer-than-expected CPI data, coming in at 2.8% against 3.0% forecast, initially dragged Cable to US$1.5615 low. The pair quickly bounced back, before rallying ahead of an important day tomorrow with both Fed and BoE statements, as expectations the Fed would ease the soonest sparking a move to US$1.5756.
AUD/USD – RBA minutes were muted, if not a little less dovish than expected and the pair was little moved as a result. The broadly weaker dollar ahead of the Fed statement drove the pair higher, as it ended the day at US$1.0192.
18 Jun 2012
EUR/USD – Confirmation of a narrow win for the pro-bailout New Democracy party saw markets gap open overnight. As they now look to form a coalition government, the euro jumped to one-month US$1.2747 high on the news. Spain quickly stole the limelight as their perceived unsustainable borrowing costs stoked contagion fears, and the pair was quick to sell-off, diving to US$1.2556.
USD/CHF – Positivity from Greece was promptly engulfed by concerns over borrowing costs in Spain. Perturbed markets reverted back to the greenback and the pair rallied commandingly to a CHF0.9563 high.
USD/JPY – A rocky day for the pair saw it burst higher on the Greek election results, capping highs at ¥79.30. The yen soon clawed back gains which led to a ¥78.87 low, but the pair managed to recover back above ¥79.00 late in the day.
GBP/USD – Cable eased away from overnight highs during the day as a well-established risk-averse session pulled the pair down to US$1.5637. Sterling did remain resilient, holding onto a good portion of Friday’s advance, ending the day near US$1.5667.
AUD/USD – The riskier Aussie dollar endured a see-saw day as it spent the European session heading south to hit US$1.0058 lows, before spiking 60 pips in the NY session to US$1.0141.
15 Jun 2012
EUR/USD – The euro posted gains on the day with caution setting the tone as markets enter a crucial weekend. The pair touched a US$1.2592 intra-day low, before additional weak U.S. data in the form of a consumer sentiment survey, coupled with continued optimism surrounding co-ordinated central bank action led the pair to US$1.2658 high.
USD/CHF – The pair continued to emulate moves in the euro, breaking to a CHF0.9537 high, before sliding all the way to a CHF0.9488 low.
USD/JPY – An unchanged BoJ policy following their policy statement overnight resulted in investors piling into the yen. Vice Finance Minister Nakao was hot on the wires after the yen soared through ¥79.00 adding to recent hollow comments regarding the currency’s disparity with fundamentals. The yen eventually capped gains at ¥78.61.
GBP/USD – Reports that the SNB was stock piling sterling as it recycled its euros boosted Cable during the day. With some investors also eyeing the new credit easing scheme as sterling-positive, the pair soared through the US$1.5600 level to post an impressive US$1.5703 high.
AUD/USD – In a mildly more risk-conducive environment, the Aussie dollar flickered higher to US$1.0087 as markets prepared for the results of the hotly anticipated second Greek election.
14 Jun 2012
EUR/USD – News that central banks were prepared to shore up financial markets in case of any negative fallout from the impending Greek elections helped rejuvenate the risk-on environment. The euro rallied higher in the US session to US$1.2636 high, ending the day close to this level.
USD/CHF – As risk crept back into markets, the pair continued its path lower this week. Talk of central bank co-ordinated action was enough to push the pair lower to CHF0.9503.
USD/JPY – The yen edged higher in the morning session, before a rise in unemployment claims in the U.S. resulted in the pair jumping lower to ¥79.16. It managed to recover late in the day, closing back at ¥79.36.
GBP/USD – An early dip to US$1.5473 for Cable pre-London proved to be the lowest point for the pair during a day which saw further weak U.S. data soften the dollar. Middle-eastern demand sparked the rally, before reassurance from central banks shunted the pair to US$1.5564 high.
AUD/USD – The Aussie dollar again tussled with parity before eventually smashing through the key level on renewed risk appetite following comments from a U.S. official regarding the possibility of liquidity support from EZ central banks. It capped gains at US$1.0033 finishing the day near this level.
13 Jun 2012
EUR/USD – Subsiding pressure surrounding Greece’s position in the EZ mildly alleviated market concerns with reports of Syriza leader Alexis Tsipras vowing to keep the country in the currency bloc if he wins. The euro tested US$1.2600, but Spanish and Italian yields kept the pair under pressure, leading it back to US$1.2556
USD/CHF – A slightly more relaxed Greek outlook coupled with some weak US retail sales data shunted the pair lower to CHF0.9522.
USD/JPY – In a turbulent session for the pair, the dollar made an early advance to ¥79.75, but came crashing back down after worse-than-expected US data. Core retail sales fell 0.4% month-on-month against 0.1% forecast, and the yen pushed higher to ¥79.30.
GBP/USD – With the underlying possibility of further QE playing on investors’ consciences, Cable staggered lower to US$1.5510 as markets awaited the outcome of the imminent Greek elections.
AUD/USD – The riskier currency pair continued to flirt with parity as a quick test above to US$1.0004 failed miserably as it fell back to US$0.9935 late in the day.
12 Jun 2012
EUR/USD – The euro staggered around during the day after some initial relief led it back to a US$1.2529 high. Ahead of the Greek elections at the weekend, investors remained cautious and with the terms of the bailout for Spanish banks under scrutiny, the pair sold off to hit US$1.2441, with Spanish 10y yields reaching a euro-era record of 6.807%.
USD/CHF – The pair consolidated gains in a choppy session, edging lower to end the day near CHF0.9600, marginally above the session’s lows.
USD/JPY – Comments from the IMF, suggesting the yen was over-valued resulted in the pair breaking higher to ¥79.69, before EZ concerns shunted markets back to the yen. Having dipped to ¥79.37 low, the pair began to make its way back towards earlier levels.
GBP/USD – A surprise drop in manufacturing output in April drew Cable down to US$1.5454 low. Whilst UK data continues to reinforce the likelihood of further QE, the pair found solace in cross-demand from EUR/GBP and rallied throughout the day, eventually stuttering at US$1.5590.
AUD/USD – The violent swings in this pair continued as it bounced off overnight lows to scramble to US$0.9957, retracing the majority of the previous day’s losses.
07 Jun 2012
EUR/USD – A choppy session resulted in the dollar creeping slightly higher against the euro. The pair initially bolted to US$1.2625 high after the central bank in China surprised markets with a 25bps cut. Comments from the Fed’s Bernanke abruptly ended this run as he reinforced the conditions for QE, ruling out any imminent action. A Fitch downgrade of Spain added to the reversal, and the pair slumped back to US$1.2556.
USD/CHF – The pair closed relatively unchanged for the day near CHF0.9562 as the positive news from China was rescinded by broad demand for the dollar later in the day.
USD/JPY – The yen lost further ground on the dollar as the Fed’s Bernanke doused any near-term policy speculation. The wait-and-see approach helped lift the pair to a ¥79.79 high, closing slightly below the figure.
GBP/USD – A double-header from central banks saw Cable rocket higher as it briefly tested the US$1.5600 level. A rate cut in China was followed by a decision from the BoE to hold their base rate and APP. The pair came out the blocks quickly as better-than-expected Services PMI added fuel to the fire.
AUD/USD – The Aussie dollar was thrust higher overnight as unemployment data surprised on the upside with employment change posting 38,900 against a -2,200 expectation. Having jumped to US$0.9964, risk in markets led it to an astounding US$1.0003 high, breaking parity, before it slumped all the way back to US$0.9895 late in the day.
06 Jun 2012
EUR/USD – The ECB left both their rates and growth outlook unchanged and Draghi offered some tough love to the EZ. The euro dipped lower to US$1.2441 initially, before rebounding strongly as Draghi ruled out any long-run LTRO in the near future. The pair hit a $1.2583 high and closed near this level.
USD/CHF – Overnight, the pair edged lower, before a quick run up to the day’s high of CHF0.9651 was seen during the ECB conference. The pair came crashing down later in the NY session, bottoming at CHF0.9540.
USD/JPY – With nothing new to shake up intervention-watch, the yen remained defensive and it trundled lower throughout the day reaching 79.27 high. It did struggle pre-ECB, but soon revisited its highs.
GBP/USD – A slowdown in Construction PMI in May, coming in at 54.4, provided little lasting damage to Cable as the broadly softer dollar directed the pair to US$1.5515 high. It came off its highs during the ECB announcement, but edged higher to end the day near US$1.5504.
AUD/USD – Q1 GDP came in above expectation at 1.3%, sparking a sharp move higher to US$0.9853. The broader market direction lent the pair a hand as it trundled up to US$0.9932 high.
05 Jun 2012
EUR/USD – Cristobal Montoro, Spain’s Budget Minister caused a stir in the markets after warning that the country was being excluded from international funding markets. Along with investors booking profits on Monday’s advance, the euro hurtled lower to US$1.2410, recovering slightly to US$1.2469 in NY session.
USD/CHF – The pair completely retraced losses posted on Monday as Spanish jitters took precedent over Greece and it topped CHF0.9676.
USD/JPY – Intervention hype reached fever pitch as markets nervously tried to position themselves for any action. The pair quickly dipped to ¥78.10 early on before a brash short-squeeze saw intra-day highs of ¥78.96.
GBP/USD – London remained closed again as the Jubilee festivities came to a climatic end. This left Cable to move in tandem with the euro and after slipping to US$1.5321 early on, it clawed back losses to end near US$1.5383.
AUD/USD – The RBA cut the target cash rate to 3.50% as widely anticipated in the markets. The pair broke higher on the news and eventually rallied to US$0.9803. EZ problems were never far from sight and dragged the Aussie dollar back to US$0.9742 at the close.
04 Jun 2012
EUR/USD – With London closed, the euro meandered higher during the early part of the day. Into the NY session, it bounced higher to US$1.2510 on vast short-covering as European officials gave support to the use of the bloc’s permanent bailout fund in trying to rein in the EZ banking crisis.
USD/CHF – The pair moved in tandem with the euro as a hint of optimism crept into markets. After creeping to CHF0.09650, it jumped lower mid-afternoon, posting a CHF0.9596 low.
USD/JPY – In early trading, the pair was jolted lower to ¥77.99, but endured a sustained run up to ¥78.41 staying well within Friday’s range. Intervention talk was fairly subdued, but was never too far from topic.
GBP/USD – Jubilee celebrations stole the headlines for London as the bank holiday left the pair hovering round in recent ranges. It did manage to recover to a US$1.5415 high, but closed only marginally higher.
AUD/USD – Following a distinct break lower to US$0.9628 overnight, the Aussie dollar jumped on the euro short-covering rally that led it back up to US$0.9746, although it closed slightly off its highs.
01 Jun 2012
EUR/USD – Non-farm Friday produced an erratic scramble higher in the euro as the U.S. payrolls number came in well below expectations. The pair began the day creeping lower and plunged to US$1.2288 after NFP came in at 69,000 versus 150,000 forecast. Investors piled into the euro and sent it to US$1.2459 as U.S. unemployment also crept up to 8.2%.
USD/CHF – The pair came spiralling down from recent highs on the NFP data. After initially breaking to CHF0.9771 high, it came crashing down to a CHF0.9640 low and after an attempted retracement, it finished the week near its lows.
USD/JPY – An enthralling day saw the pair close lower near ¥78.15. The release of extremely poor NFP data saw the yen storm higher to 77.66, before rumours Japan had intervened in the markets sent the pair spiking higher to ¥78.71. Later reports indicated that the BoJ had conducted a yen rate check.
GBP/USD – The shine continued to come off Cable as manufacturing PMI came in lower than expected at 45.9. The pair sold-off sharply prior to the data, falling to US$1.5268 shortly after. The pair received a boost from the soft NFP data and ended the day slightly lower at US$1.5360.
AUD/USD – After sliding lower overnight, the pair sank to US$0.9581 low following the slew of soft U.S. data. Consistent with the general dollar moves, it was catapulted to US$0.9724 high and settled near US$0.9687.
31 May 2012
EUR/USD – Spurious rumours continued to toy with investor sentiment as a WSJ article suggesting a contingency plan was being formed for Spain by the IMF sent markets higher. The euro capped gains at US$1.2429 as the IMF’s Lagarde promptly invalidated the news and further worries over Spain’s banking system and a slew of weak U.S. data saw the pair plunge to US$1.2336.
USD/CHF – The slump caused by IMF rumours was overhauled through the NY session as the pair hit CHF0.9736. The stuttered at this level and the pair ended the day close to CHF0.9713.
USD/JPY – Overnight the yen advanced to ¥78.72, before consolidating during the London morning. The pair continued to tumble with safe-haven pressure and eventually bottomed out at ¥78.21.
GBP/USD – Cable’s suffering continued as mounting fears over the sustainability of Spain’s fiscal weaknesses weighed heavily on cross-USD pairs. A brief rally was stunted at US$1.5526 and the pair caved in to add to recent lows hitting US$1.5360.
AUD/USD – A firm overnight rally to US$0.9762 provided a good shorting opportunity for the pair which subsequently slumped to US$0.9682. However, month-end flows buoyed the Aussie dollar and it recovered back to close near US$0.9740.
30 May 2012
EUR/USD – The slump continued for the euro as it slumped even further as fretful investors watched peripheral yields pushed higher. With Italian 10-year debt yields rising to over 6%, and the equivalent in Spain pressing towards the unsustainable 7% level, markets sold the pair and it plunged to US$1.2361 low. Greece polls added to the momentum as the latest indication showed the Syriza party taking the lead.
USD/CHF – In a clear reflection of the euro, the broad risk-averse environment added to the one-sided dollar demand seen of late. This sent the pair to CHF0.9714, marking fresh 15-month highs.
USD/JPY – The pair gave way to short-term range and was pushed lower to ¥78.87 as safe-haven demand dominated flows.
GBP/USD – A string of better data for Cable was not enough to stop the pair tracking the euro’s demise. It did stage a mild bounce to US$1.5614 midday after the European Commission suggested eurobonds and bank recapitalisation for the EZ, but the pair subsequently sank to US$1.5475 lows.
AUD/USD – The pressure of growing unrest in Spain proved too much for the riskier currency as it succumbed to broad selling and surged lower to end the day marginally above US$0.9700.
29 May 2012
EUR/USD – An interesting day for the euro, which initially saw a run up to US$1.2575, ultimately saw the pair crash and burn to near 2-year lows. A spurious rumour, seemingly originating from Twitter, suggesting the ECB would make an announcement over bank recapitalisation caused some volatility, before a convincing move lower following the downgrade of Spain’s credit rating by Egan-Jones Ratings saw the pair stoop to US$1.2461.
USD/CHF – The pair fell to CHF0.9558 shortly after the London open, but with investors keen to find an excuse to buy the dollar, a ratings cut of Spain by a little known ratings agency triggered a swift move to a CHF0.9637 high.
USD/JPY – With the focus firmly on the euro, this pair chopped around in range. Weaker-than-expected consumer confidence out of the U.S. did weigh on the dollar, which resulted in a dip lower to ¥79.37.
GBP/USD – Investors couldn’t help but scrutinize any news regarding Spain, and this continued to fuel risk-aversion. Cable batted off a survey that showed retail sales in the UK surprised to the upside in May as it plunged to US$1.5608.
AUD/USD – A strong rally overnight saw the Aussie dollar move back to US$0.9897, but it was quickly dragged back by sellers. Another rebound early in the NY session was again thwarted as the pair collapsed to US$0.9800.
28 May 2012
EUR/USD – The euro opened higher after the weekend and rallied up to the London open reaching US$1.2625 on polls from Greece that showed the pro-bailout New Democracy was ahead. Concerns over Spain continued to weigh on the pair and it retreated to a US$1.2525 low as yields in the country creep towards perceived unsustainable levels.
USD/CHF – A rare bout of optimism forced the pair down to CHF0.9529, before the prevailing EZ worries redirected it to CHF0.9595 as it remained in previous weeks range.
USD/JPY – Minutes from the recent monetary policy meeting supported the yen as it focused on pausing recent easing. Overnight the pair dipped back towards last week’s lows, falling to a ¥79.34 low.
GBP/USD – Cable broke higher to US$1.5717 after opinion polls in Greece pointed towards a New Democracy triumph in the June elections. A lack of conviction couldn’t hold the pair above US$1.5700 and with Spanish banking concerns still in focus, it sank back to close near US$1.5682.
AUD/USD – Posted strong gains as it rebounded away from recent lows, clambering to US$1.9888. Although risk-aversion slowly crept back into markets later in the day, the pair managed to hold onto the majority of its gains.
25 May 2012
EUR/USD – The euro initially rallied to US$1.2603, but lacked the momentum to stay above the level. Contagion fears soon gripped markets as Catalonia, a region in Spain, pleaded for central bank support to help the highly indebted region. The pair snapped earlier gains, plummeting below US$1.2500, taking out a large barrier in the process.
USD/CHF – Against the prevailing risk-off environment, the pair fell to CHF0.9540 early on. With Spain’s banking sector back in focus, it soon reversed losses and ended the day slightly higher at CHF0.9600.
USD/JPY – A quiet rally overnight led the pair to ¥79.82 before the London open, however the yen soon fought back and dragged the pair to ¥79.50 low.
GBP/USD – Consistent with wider moves in risk, Cable forced its way higher to touch US$1.5700 midday. EZ fears were never too far from sight, and concerns over Spain grew after a wealthy region appealed for support from the central bank. The pair hovered precariously above multi-month lows at US$1.5630.
AUD/USD – The Aussie dollar chopped sideways during the day, failing to break above US$0.9800. As risk aversion retained priority, the pair edged lower to end the week down at US$0.9753.
24 May 2012
EUR/USD – Another round of weak PMIs in Europe and a weaker-than-expected German Ifo survey heaped further pressure on the euro. It continued to extend losses hitting a US$1.2515 low. It did experience a surge higher after SNB was seen buying the euro, before investors’ re-established short positions amid the brewing European banking crisis and it finished the day back near lows.
USD/CHF – The pair continued its move higher in a volatile day that saw losses capped at CHF0.9534 and gains extended to CHF0.9595.
USD/JPY – Having meandered lower from overnight highs to ¥79.34 midday, the dollar found good support which led it higher against the yen to a ¥79.63 high.
GBP/USD – The increasingly morose outlook for Cable was reaffirmed by a downward revision of Q1 GDP, showing a slump of -0.3%. On top of lousy data from EZ crux Germany, the pair fell to US$1.5639. A bout of profit-taking did see a recovery to US$1.5726, however, with momentum against it, the pair slipped back lower.
AUD/USD – The pair continued to chop around in an unsightly fashion as it posted a US$0.9813 high and US$0.9712 low, closing the day roughly on par.
23 May 2012
EUR/USD – Speculation-driven anxiety drove the euro to within sight of 2-year lows against the dollar after markets doubted a meeting between EU leaders would provide any substance. The pair smashed through the US$1.2600 level, eventually collapsing to a US$1.2545 low.
USD/CHF – A similar story for this pair, as investors flocked to the dollar amid growing concerns over Greece. The pair soared to more than a 4-month high of CHF0.9573.
USD/JPY – The BoJ left held its monetary policy overnight, and the pair quickly reversed the previous days advancement. It continued to fall during the day, as the yen hit ¥79.21 high.
GBP/USD – Minutes from the BoE, showing a vote of 8-1 to hold the asset purchase programme, provided meagre support to another day overshadowed by ‘Grexit’ talks. Weak UK retail sales data only added to the negativity which left Cable at US$1.5675.
AUD/USD – After showing some resilience heading into the NY session, the Aussie free-fall continued as it plunged below US$0.9700. A good rally late in the day pushed it back up US$0.9770, leaving it slightly lower on the day.
22 May 2012
EUR/USD – Comments from former Greek PM Papademos over the ‘real’ threat of a ‘Grexit’ spooked jittery investors triggering a sharp sell-off in risk. The euro nursed heavy losses as it touched a US$1.2658 low with lingering fears over Spanish banking sector also continuing to undermine sentiment.
USD/CHF – A clear mirror move of the euro in a well-established risk-averse environment drove the pair higher to CHF0.9487, ending the day close to its high.
USD/JPY – Credit rating agencies continued to have a pronounced impact on markets as a Fitch downgrade of JGBs hampered the yen. The pair rallied throughout the day, posting an ¥80.14 high near the close.
GBP/USD – CPI data, posting 3.0%, came in softer than had been anticipated and Cable saw a knee-jerk lower as it reinforced the possibility of further QE later in the year. Having hit US$1.5763 on the data, sterling did recover some losses, but eventually collapsed lower again to US$1.5741.
AUD/USD – The riskier currency suffered another brutal sell-off today as Greece’s EZ membership remained in question. The pair again posted fresh 2012 lows, as it came to rest near US$0.9788.
21 May 2012
EUR/USD – The euro, after making some headway overnight, fell back to a US$1.2745 low during the day. With no catalyst to extend the move lower, a relief rally led the pair to recover to US$1.2824 high with the onus for the next direction held with the EU summit midweek.
USD/CHF – The pair clambered to CHF0.9438 prior to the NY session, before a wave of short-covering in the euro drove risk and sent the pair reeling back to overnight lows near CHF0.9371.
USD/JPY – Following the yen’s domination again last week, the dollar managed to claw back some losses as it posted ¥79.45 high. It struggled to hold onto its marginal gains and eased back to ¥79.30.
GBP/USD – With little news or data to dictate flows, Cable chopped around in its recent range capping gains at US$1.5840 and losses at US$1.5780.
AUD/USD – An uneasy start for the Aussie dollar was eventually overturned as investors booked profits on short positions and led the pair to a US$0.9918 high.
18 May 2012
EUR/USD – After beginning the day posting a fresh 2012 low of US$1.2642, the euro produced a strong recovery. Assisted by technical buying after bouncing off its lows, investor positioning ahead of a G8 meeting over the weekend helped the pair close broadly higher at US$1.2775.
USD/CHF – In typical fashion, the pair mocked the euro and the rebound in risk forced it away from its highs to CHF0.9387 low.
USD/JPY – Following the previous day’s savage break lower, the pair chopped around in range until the London fix. The yen staggered higher into late NY and eventually posted a session low of ¥78.99.
GBP/USD – The pair, having reversed away from 2-month lows of US$1.5732 in early trading, chopped higher for the majority of the day. It reached a US$1.5837 which pales in comparisons to the heavy losses cable has sustained this week.
AUD/USD – The Aussie dollar endured a volatile end to a difficult week as it broke from a US$0.9795 low, capping a US$0.9884 high, before resuming its downwards trend.
17 May 2012
EUR/USD – Swelling speculation of a euro zone dismissal for trouble-stricken Greece and banking fears in Spain led the euro lower. After touching US$1.2666, the pair retraced some losses and spiked back to US$1.2737 on a weaker Philadelphia Fed survey. The pressure continued and it drove back toward its lows.
USD/CHF – Sustained risk-aversion saw broad dollar demand which pushed the pair up to CHF0.9481 where it found resistance.
USD/CHF – Sustained risk-aversion saw broad dollar demand which pushed the pair up to CHF0.9481 where it found resistance.
USD/JPY – The yen raced to 3-month high of ¥79.14 against the dollar as murmurs of downgrades for a number of Spanish banks flared risk-off market. Softer U.S. data added to the move and the pair closed near lows.
GBP/USD – The BoE’s inflation report earlier in the week has seemingly taken the shine off sterling’s rally and this reflected in the pair as it staggered lower. Cable temporarily halted losses in NY session, but closed lower at US$1.5785.
AUD/USD – The Aussie dollar remained in shadow of moves in euro and struggled lower to end the day around US$1.9892.
16 May 2012
EUR/USD – The euro’s demise continued as the ECB severed liquidity to a number of banks in Greece. It spent the majority of the day testing the US$1.2700 level, recovering to US$1.2759 on expectations Germany and France would support the ailing country. Confirmation of a second election in Greece further hampered the pair as it finished near US$1.2704.
USD/CHF – A swathe of Greek headlines produced a whippy session for this pair. After peaking early on at CHF0.9470, it crashed to CHF0.9414. News of the ECB caused a volatile spike to CHF0.9464 and it closed slightly lower than this.
USD/JPY – Good two-way flow in this pair resulted in a sideways day which saw it range between ¥80.20/80.55.
GBP/USD – Weaker inflation and growth forecasts from the BoE, intensifying speculation of further QE, caused investors to dump Cable. It plunged 80 pips to US$1.5889 on the news. It did stage a valiant comeback, but euro pressures eventually left it near US$1.5900.
AUD/USD – The riskier currency refreshed 5-month lows as it hit a US$0.9870 low. Through the European session and into NY it rallied to gain nearly one cent to reach US$0.9968, but lost momentum and ended the day lower.
15 May 2012
EUR/USD – The impending news that Greece’s political parties had failed to form a coalition government was finally confirmed. Fears that an anti-bailout left-wing party will win the second election, raising the likelihood of a Greece exit from the euro hammered the pair lower as it eventually hit 4-month lows of US$1.2721.
USD/CHF – Underwhelming U.S. retail sales data, coming in at 0.1%, boosted the dollar as investors were keen to exit Europe. The pair reached CHF0.9441, before plateauing into the NY close.
USD/JPY – The dollar was seemingly the haven of choice on the news from Greece as the pair broke higher to ¥80.33 following a sustained rally in the early NY session.
GBP/USD – Cable slipped to a 3-week low of US$1.5989 as the flight to safety was exacerbated by positioning ahead of the BoE inflation report.
AUD/USD – The Aussie dollar faltered on a broadly risk-off day and plummeted to a 5-month low of US$0.9921 after the RBA monetary policy minutes highlighted the continued concern over economic growth.
14 May 2012
EUR/USD – The political stalemate entrenching Greece drove the euro down further as another election looks almost a certainty for the ailing country. A data light start to the week resulted in a focus on the torrent of headlines which hauled the pair down to US$1.2822 late in the day. Peripheral spreads continued to widen and further weighed on the euro.
USD/CHF – As would be expected, the continuing turmoil in Greece reinforced investors’ safe-haven demand and this pair maintained its upward trajectory to cap a CHF0.9368 high.
USD/JPY – A whippy beginning to the week saw the dollar clamber to a one-week high of ¥80.19. With BoJ officials becoming increasingly vocal, again, they would not have enjoyed the quick reversal to a ¥79.68 low on safe-haven demand. The pair did make a marginal recovery towards the end of the day, closing near ¥79.87.
GBP/USD – Cable began the week struggling for direction, bouncing round in a tight range until the NY open. Broad EUR/GBP selling dragged the pair to US$1.6123 high, before it consolidated to close around US$1.6090.
AUD/USD – Overlooking the reserve rate cut by China’s central bank, the pair breached parity to stumble to a US$0.9956 low. It has not fallen below this level since December 2011, marking a 5-month low.
11 May 2012
EUR/USD – The euro bottomed at 3-and-a-half month lows of US$1.2905, where it found resistance, following the continued political turmoil in Greece. After finding its lows prior to the London open it did manage to recuperate back to US$1.2957 with a U.S. consumer sentiment survey surprising on the upside as it came in at 77.8.
USD/CHF – The pair mulled around in choppy fashion, mirroring any moves in the euro. It capped gains at CHF0.9307 early on, before edging back to end the week just below its session highs after recovering from CHF0.9271 low.
USD/JPY – Little action from this pair as it bounced around in the previous day’s range posting ¥79.73 low, flickering higher to close near ¥79.92.
GBP/USD – Broad risk-aversion was the order of the day for Cable as flight to the safer dollar dominated flows. JPMorgan posted huge losses which exacerbated investors’ worries over Greece. The pair gave back all the previous day’s gains, slipping to a 3-week low of US$1.6062.
AUD/USD – A volatile day for the riskier currency eventually saw it close around US$1.0022. It found good resistance at this level as it was drawn ever closer to parity, coming off earlier session highs of US$1.0077.
10 May 2012
EUR/USD – The euro sell-off took a breather today as a release of funds for Greece by the board of the EFSF and the nationalisation of Bankia in Spain restrained market concerns. In a choppy session the pair reached a US$1.2979 high, before stumbling back to US$1.2946.
USD/CHF – The pair bounced around in range today capping gains at CHF0.92930 and posting a low of CHF0.9256 as headlines from Europe managed to partially restore short-term sentiment.
USD/JPY – Unemployment data from the U.S. saw a better-than-expected figure of 367,000 stem recent losses against the yen. After stuttering during the morning, the pair accelerated to a ¥80.02 high for the day.
GBP/USD – The BoE decided to keep its rates and its asset purchase programme on hold today which provided a boost to the pair. Cable sank to US$1.6092 ahead of the announcement, before rallying to US$1.6182 consolidating through the NY session.
AUD/USD – Overnight the Aussie dollar broke higher as data from the labour market beat expectations. The pair raced higher to US$1.0119 after unemployment fell to 4.9%. It eventually reached a US$1.0143 high, however it failed to maintain momentum and slipped back late in the day.
09 May 2012
EUR/USD – The political struggle continued in Greece as the country was set for second election after a leftist attempt to form a government fell through. With heightened concerns over Spanish banks, a jump in Spanish bond yields to over 6% added to negative sentiment and the euro fell to US$1.2911.
USD/CHF – Investors continued to pile into the dollar over rising euro zone hurdles. The pair closed slightly below its CHF0.9301 high.
USD/JPY – As the euro zone crisis roils on, the yen continues to find strong demand as it pushed to 2-and-a-half month high of ¥79.43. It did rebound to ¥79.74 in NY session, but this will still not be good reading for the BoJ.
GBP/USD – Cable’s recent strength continued to be undermined by news flows out of Europe as the growing pessimism over Greece and Spain saw broad demand for the dollar. The pair collapsed to US$1.6066, before surging higher during the afternoon to close little changed on the day at US$1.6145.
AUD/USD – The riskier currency reinforced its recent sharp downward trajectory as it bottomed at US$1.0021 with the parity level in striking distance. A rally late in the day failed to gain any moment and it slipped back again towards its lows.
08 May 2012
EUR/USD – Having clawed its way back above the US$1.3000 level yesterday, the pair found itself slip back under. Headlines from Greece as leftist party comments about the bailout rattled markets led euro to US$1.2987. It fought back in NY session but hovered precariously above the important US$1.3000 psychological level.
USD/CHF – The pair reversed the majority of yesterday’s losses following further political fraction in Greece. It eventually recovered to CHF0.9248 high.
USD/JPY – Growing concerns over Europe again drove investors back to the yen’s perceived safety and the pair pushed towards recent lows at ¥79.71. Downwards pressure eased late in the day and it closed near ¥79.85.
GBP/USD – Worries over the growing hurdles to fiscal austerity weighed broadly over the cross-USD pairs today and this dragged Cable down to US$1.6124 low.
AUD/USD – The reprieve was short-lived for this pair as it plumbed a fresh low 2012 low of US$1.0095 with the crucial parity level looming next.
07 May 2012
EUR/USD – Mounting concerns over Greece, and less prominently, France caused a raucous exit from the euro overnight. News that the pro-bailout parties were flagging as they strive for majority in parliament cast doubt over the future of the euro zone. The pair cascaded to a US$1.2954 low, but did rebound back to US$1.3055 late in the day.
USD/CHF – As a result of the political unrest the pair broke higher to multi-month high of CHF0.9270. It spent the majority of the day trickling back to CHF0.9200.
USD/JPY – The scramble to safety eventually saw the yen reach ¥79.64 high. In a fairly tight session, the pair made a slight recovery, capping a ¥79.99 high.
GBP/USD – Rescinding the NFP sell-off, Cable bounced back strongly today in thin Bank holiday trading. After bottoming at 1.6114 the pair was squeezed higher back, finding resistance just below US$1.6200.
AUD/USD – The riskier pair took the full brunt of the flight to safety which pushed the Aussie dollar to fresh lows for the year. After touching US$1.0110, retail sales data helped nudge the pair higher. It eventually recovered to US$1.0220.
04 May 2012
EUR/USD – It was that time of the month again, and with the Fed looking at upcoming data to direct them on policy NFPs threw another spanner in the works. Posting a figure of 115,000 against forecasts over 170,000, the result sparked massive risk aversion which saw the pair collapse from US$1.3178 to US$1.3080.
USD/CHF – The NFP figure resulted in strive for safety as the wheels continue to come off the U.S. recovery. The pair soared higher on the announcement reaching CHF0.9184.
USD/JPY – A good end to the week for the yen as it soaked up the flight to capital as the NFP result wiped the dollar’s midweek gains off the chalk board. This left the pair back near ¥79.85.
GBP/USD – With global growth prospects in question, the broader market mood was risk-aversion. Cable, in line with the cross-USD knee-jerk lower, stooped to US$1.6141 low.
AUD/USD – To cap another arduous week, the riskier currency surrendered another 75 pips on the NFP disappointment to crash to a near 5-month low of US$1.0180.
03 May 2012
EUR/USD – The key event for the euro, in an otherwise choppy day, was a press conference by the ECB’s Draghi. A quick reversal from a US$1.3095 low came as Draghi looked towards a stronger year for the EZ. The pair touched US$1.3180 high, before slumping back to near par for the day as ultimately the ECB’s policy stance was left unchanged.
USD/CHF – The pair continued to mimic the euro’s moves closing the day at CHF0.9139. During the ECB press conference it posted a range of CHF0.9115-9174.
USD/JPY – Overnight and during the morning the dollar steadily ascended, culminating in ¥80.55 high as U.S. unemployment data of 365,000, lower than expected, boosted the pair. Following its peak the pair fell back to ¥80.18.
GBP/USD – Cable staggered around in an unsightly fashion during the course of the day as services PMI came in lower than expected at 53.3, although activity was still expanding. The pair eventually rested near US$1.6175 after coming off US$1.6215 high.
AUD/USD – The Aussie dollar steadied in the run up to the London open before resuming its downward trajectory as it slumped to a US$1.0239 low.
02 May 2012
EUR/USD – The euro slumped to a US$1.3122 low as data from Europe damaged sentiment. A downturn in manufacturing activity from core members such as Germany and France added to the gloom. With the outlook deteriorating in the euro zone, the pair came off lows with speculation the ECB might re-open the door to its LTRO, which left the pair near US$1.3155.
USD/CHF – Off the back of the dismal data for the euro zone, the pair shifted higher to CHF0.9157 as the dollar regained some momentum.
USD/JPY – The dollar roared to an ¥80.61 high at the London open, before investors shunned the currency for the safety of the yen in light of the growing tensions in Europe. A weaker-than-expected ADP figure from the U.S. added to the move and it reached an ¥80.06 low.
GBP/USD – A choppy session for Cable saw it dragged lower by the softer euro. Construction PMI of 55.8 helped the pair attempt to buck the trend, but failed to halt the break to US$1.6160 low. The pair did recover in the NY session and closed fractionally above US$1.6200.
AUD/USD – The poor week continued for the riskier currency as the Aussie dollar hit US$1.0284 low. The surmise of an extended LTRO by the ECB did support the pair back to US$1.0333 late in the day.
01 May 2012
EUR/USD – The euro trundled higher during the morning and into the NY open, posting a US$1.3284 one-month high. In the U.S., manufacturing PMI from the ISM, posting better-than-expected 54.8, abruptly ended the euro’s advances as the data shored up concerns over the country’s economic recovery, and the pair collapsed to a US$1.3204 low.
USD/CHF – The manufacturing PMI from the U.S. re-invigorated this pair that had earlier sunk to CHF0.9042. It rocketed to within touching distance of CHF0.9100, before consolidating.
USD/JPY – After the BoJ ramped up their easing earlier in the week, the pair received a much needed boost as investors’ faith was restored in the dollar. The yen spiked back to ¥80.30, before resuming its downward trend.
GBP/USD – Cable repeatedly showed its resilience today as a weak UK manufacturing survey, coupled with a strong U.S. manufacturing PMI, tested the US$1.6200 level. The pair did hit a US$1.6186 low, but closed above this at US$1.6219.
AUD/USD – Overnight the RBA rather surprisingly cut 50 bps off its rate, against expectations of a 25 bps cut, which left the Aussie dollar ailing. The immediate reaction left the pair at US$1.0317 and it slipped further to US$1.0304 low.
30 Apr 2012
EUR/USD – After peaking at US$1.3269 as London opened, the pair fell broadly as it became clearer that austerity measures were biting Spain hard and the U.S. recovery was losing momentum. Having dipped to US$1.3208 low, it managed to recoup some of its losses in the afternoon to close near US$1.3240.
USD/CHF – The pair pushed higher today as risk-aversion set in, capping a CHF0.9097 high. Softening U.S. data did restrain the dollar however, with Chicago PMI coming in at a miserable 56.2.
USD/JPY – The yen lapped up the pessimism in the markets today. The stuttering U.S. economy pushed investors to the safety of the yen following Friday’s BoJ debacle. The pair eventually sank below ¥80.00 to rest near ¥79.81.
GBP/USD – Cable again reached new highs early in the session as it flirted with US$1.6300. Failing to overcome this level, it retreated as investors tentatively looked ahead towards key political events in Europe and further UK data. It drew back from highs to finish the day lower at US$1.6230.
AUD/USD – As the RBA meeting loomed on Tuesday, the pair slipped to US$1.0406 with markets anticipating a rate cut by the central bank. The pair held a tight range for the majority of the afternoon and closed near back at US$1.0425.
27 Apr 2012
EUR/USD – The euro enjoyed a strong finish to the week as it peaked at a 3-and-a-half week high of US$1.3270. A solid Italian debt auction set the tone, before a weak U.S. GDP print of 2.2%, below forecast 2.5%, fired the pair to its highs.
USD/CHF – Rattled by the news late yesterday that S&P downgraded Spain, markets fled to the dollar which initially saw the pair hit CHF0.9133. The broad USD sell-off shortly after eventually led it to CHF0.9051 low.
USD/JPY – An erroneous Reuters report stated the headline number of the asset purchase programme as ¥10 trillion from the BoJ meeting, when in actual fact it was net ¥5 trillion. As confusion reigned the pair jolted from ¥80.48, back to ¥81.44 high, before collapsing to end the day near ¥80.30.
GBP/USD – Cable’s rampage continued as buoyed euro zone sentiment, coupled with soft U.S. GDP print, catapulted the pair to US$1.6280, representing an 8-month high.
AUD/USD – In a fluster of risk-on headlines, the Aussie dollar ended a strong week positively as it rallied broadly to a one-month high of US$1.0474.
26 Apr 2012
EUR/USD – There was still no respite in sight for the pair as volatility prevailed today with an initial move to US$1.3263 abruptly reversed as the euro tussled with technical resistance. Following a failed attempt to break below US$1.3200, housing and unemployment data out of the U.S. spurred on the euro as it rallied back to US$1.3240.
USD/CHF – Consistent with the euro, the pair endured an erratic session which saw a CHF0.9057 low and CHF0.9103 high.
USD/JPY – After digesting the FOMC statement overnight, the focus turned towards the highly anticipated BoJ statement. Some position squaring ahead of the meeting helped the yen reach an ¥80.67 high, before the pair recovered to close near ¥81.00.
GBP/USD – With the dollar still reeling from the FOMC statement, Cable extended its gains to reach 7-month high of US$1.6207. CBI retails sales data did temper its advances, however it remained within touching distance of its highs.
AUD/USD – The Aussie dollar quietly continued to push higher, away from its low on Tuesday, as a riskier day helped it to within a whisker of US$1.0400.
25 Apr 2012
EUR/USD – A turbulent day for the euro was headlined by a statement from the FOMC, which pointed towards a brighter U.S. economic outlook. The pair reached a US$1.3236 high early on after it found support from a number of robust European debt auctions, before falling to US$1.3173. It did manage to recover to finish the day higher.
USD/CHF – No surprises for this pair today as it tracked movements in the euro. It ended the day marginally above the CHF0.9078 session low, having come quickly away from its CHF0.9122 high.
USD/CHF – No surprises for this pair today as it tracked movements in the euro. It ended the day marginally above the CHF0.9078 session low, having come quickly away from its CHF0.9122 high.
USD/JPY – A quick test of the ¥81.00 level mid-morning could not gain traction ahead of the FOMC statement. After spiking to ¥81.69 high on the news, it fell back away to rest near ¥81.32.
GBP/USD – Confirmation of a double-dip recession following a GDP figure of -0.2% triggered a ‘buy-the-rumour-sell-the-fact’ move as Cable gapped lower to US$1.6081 low. The pair remained well-supported however and retraced all the losses as Bernanke refused to rule out QE3, ending the day near US$1.6170.
AUD/USD – A rally to US$1.0346 was stunted as the pair endured a placid afternoon in the run up to FOMC conference. Dovish comments from Bernanke shunted the Aussie dollar to US$1.0375 high.
24 Apr 2012
EUR/USD – The hunt for higher returns resumed, albeit very modestly, as a hint of optimism from the U.S. housing market, backed by a firm Dutch debt auction, shunted the euro higher. After capping a US$1.3218 high early in the NY session, investors wary of over-buying ahead of an abundance of uncertainties, pulled the pair back to US$1.3180.
USD/CHF – A listless morning eventually saw the pair crash to CHF0.9091 low on demand for risk. It did creep higher throughout the afternoon to close near CHF0.9112.
USD/JPY – The BoJ indicated it was looking to increase its asset purchase programme by ¥5 trillion, however markets seemed to ignore that news and after recovering from ¥80.85 overnight low, the pair advanced to ¥81.33.
GBP/USD – Cable again posted fresh 2012 highs reaching US$1.6163 with sentiment continuing to push sterling higher. A public sector deficit of £15.9 billion failed to dampen proceedings, although it did recede back to US$1.6136 late in the day.
AUD/USD – A soft CPI figure of 0.1% saw the riskier currency crumble overnight, plunging to a US$1.0247 low. The pair did recover back to post-inflation level of US$1.0318 after a rally late in New York.
23 Apr 2012
EUR/USD – Political uncertainty dominated news flows as fragile sentiment weighed on the euro. Trouble in Holland, coupled with rising hurdles in Spain and France was exacerbated by weak PMI figures out of Europe. The pair tumbled to US$1.3104, before staging a mild recovery in late afternoon trading.
USD/CHF – Growing tensions in a number of key euro zone countries aided a risk-averse session which saw the pair begin to recover last week’s losses to reach CHF0.9172 high.
USD/JPY – The yen strengthened overnight, reducing the pair to ¥80.97 low in early London trading, consolidating after strong previous week. The pair trundled higher after hitting its session low, as markets eye BoJ meeting later in the week.
GBP/USD – A data light session left Cable vulnerable to euro zone pessimism. As the dollar drew broad demand with its safe-haven appeal, sterling came off its highs to nestle near US$1.6083, before some relief late in the day left it close to US$1.6123.
AUD/USD – The Aussie dollar took a battering overnight as a result of a worse-than-expected PPI figure of -0.3%. Having collapsed to US$1.0326 on the news, the pair remained heavy eventually plumbing a US$1.0272 low.
20 Apr 2012
EUR/USD – The euro finally broke out of range as a German Ifo report acted as the catalyst for another break higher, with news of a G20 pledge to strengthen the IMF’s firewall contributing to the rally. The pair hit a US$1.3224 high, although rising Spanish yields kept investor’s cautious of pushing it too high.
USD/CHF – The pair moved in tandem with broader risk on environment and dropped during the day to CHF0.9086 in NY session.
USD/JPY – A rally from the London open to midday saw the pair post ¥81.78 week high, before sliding back, close to where it began the day at ¥81.57.
GBP/USD – Cable reached 5-month highs against the dollar as strong UK retail sales, coming in at 1.8%, dwarfed expectations. The pair glided to US$1.6143 high after the data gave the outlook for the UK economy a further boost.
AUD/USD – The Aussie dollar revelled in risk-on environment, retracing nearly all the previous day’s losses to end the week near US$1.0369.
19 Apr 2012
EUR/USD – The euro gyrated around its recent range in a volatile session that ultimately left it slightly higher against the dollar near US$1.3137. The highly anticipated 10-year Spanish bond auction saw yields higher at 5.74% and after a quick spike to US$1.3165, the pair sold-off to hit US$1.3069 low, recovering into NY session.
USD/CHF – The dollar weakened in choppy trading as a Spanish bond auction, met with good demand, alleviated growing concerns. The pair hit CHF0.9195, before momentum turned and it finished back towards CHF0.9150.
USD/JPY – The stream of verbal intervention, that has become a running feature from the BoJ, continued as the pair trundled higher to ¥81.73. Shirakawa further stressed the bank’s commitment to its targets as the yen eventually closed near ¥81.65.
GBP/USD – Cable continued to be the investors’ choice this week as it hit a fresh 2012 high of US$1.6077 high. This follows on from the asymmetrical demand for sterling as investors grow increasingly wary of piling into the dollar amidst euro negativity with the door creeping back open for QE3.
AUD/USD – The riskier currency crept to a US$1.0391 session high early in the day, before a lack of conviction saw a break lower. The pair settled close to US$1.0335 at the end of the day.
18 Apr 2012
EUR/USD – The euro held firm in recent range ahead of crucial Spanish bond auction tomorrow. Worries over the countries debt problems initially pulled the pair lower to US$1.3058, before some positioning ahead of the auction and a report from a think tank regarding a Spanish contingency plan helped it finish on par near US$1.3122.
USD/CHF – The pair chopped around in the weeks range capping a CHF0.9210 high and CHF0.9150 low.
USD/JPY – Overnight, the yen lost further ground following comments from BoJs Nishimura saying central bank is prepared to pursue further easing if required. It reached ¥81.56 high before consolidating in daily range.
GBP/USD – Cable enjoyed another strong day after BoE minutes showed an 8-1 vote against more easing, with Posen, an established dove, opting for a neutral stance. The pair hit US$1.5993 shortly after London and bounced higher again above US$1.6000 in NY session.
AUD/USD – With equities struggling to extend gains, the Aussie dollar remained side-lined. The pair retraced the majority of previous day’s gains, closing down around US$1.0350.
17 Apr 2012
EUR/USD – Coming off yesterday’s highs overnight, the euro found strong demand as investors continued to be tempted away from the relative safety of the dollar. Demand for shorter-term Spanish bills and a better-than-expected German economic sentiment report sent the pair to US$1.3172 high.
USD/CHF – A brisk move lower from the London open as a result of shift back to risk left the pair at CHF0.9125. It spent the remainder of the day it trading within its earlier range.
USD/JPY – The yen’s revival was halted throughout the day as investors tentatively bought ahead of good demand below the ¥81.00 level. It finished the day just below the figure at ¥80.92.
GBP/USD – Cable came out the blocks quickly after a dip overnight was promptly erased in a riskier environment. Fuelled by UK inflation data, which came in at 3.5%, the pair rallied up to US$1.5970. Some technical resistance did temper gains as it closed near US$1.5932.
AUD/USD – RBA minutes hinted at further rate cuts next month which sent the pair lower to US$1.0304. The prevailing cautious optimism helped the pair move broadly higher to US$1.0418.
16 Apr 2012
EUR/USD – The pair performed a classic short-squeeze during the day as it veered away from multi-month lows to cap gains at US$1.3148. After a brief dip below the crucial US$1.3000 level failed to trigger stops below, before the euro saw a round of rampant buying headed by leveraged players, seemingly disregarding rising Spanish yields.
USD/CHF – The pair retraced the majority of the rally from previous few sessions. After touching CHF0.9251 it came off sharply to settle near CHF0.9147.
USD/JPY – An overnight test of ¥80.45 held until shortly after the NY open. Stop losses under this level were eventually triggered and the pair bounced off ¥80.30 low, slipping into 20-pip range thereafter.
GBP/USD – A prosaic start to the session for Cable left it loitering near overnight lows. It wasn’t until it got caught in the euro squeeze that the pair was dragged higher, stabilising near US$1.5896.
AUD/USD – A prolonged slide overnight left the pair at US$1.0311 low. The Aussie dollar did manage to catch some of the shift higher across other riskier currencies, but could only force a US$1.0379 high.
13 Apr 2012
EUR/USD – On Friday the 13th, the euro caved to superstition as its luck ran out regarding euro zone fears. News reports regarding Spain hinted the country’s banks had a massive reliance on the ECB’s LTRO to stave away from a ceasing credit market. The pair fell sharply lower, reversing gains made earlier in the week to close near US$1.3075.
USD/CHF – A broadly stronger dollar as a result of fresh euro zone fears drove the pair to CHF0.9203 high.
USD/JPY – The pair continued to stumble along in range following the yen’s advancements earlier in the week. It ended the week near ¥80.93, although the yen hovered within touching distance of recent highs.
GBP/USD – The reports from Spain inevitably resulted in a sell-off for Cable as investors fled for the dollar. It fell heavily to US$1.5841 low where it spent the rest of the session.
AUD/USD – After a sharp correction lower overnight, the riskier currency did manage a US$1.0427 high during the day. A risk-averse environment eventually saw the pair close lower near US$1.0356.
12 Apr 2012
EUR/USD – A worse-than-expected unemployment figure of 380,000 in the U.S. coupled with falling Italian yields as a result of a decent bond auction ultimately led to a softer dollar. The pair moved to a US$1.3213 high as pressure on Europe subsided, and the prospects of QE3 remained prevalent in the U.S.
USD/CHF – The pair spent the day heading lower as results from both sides of the Atlantic favoured risk-appetite. It eventually plumbed a CHF0.9091 low.
USD/JPY – The yen fell to ¥81.13 overnight as BoJ Governor Shirakawa warned of their determination to meet their targets. During the day, the weakness in the dollar shone through and the pair sunk to ¥80.74.
GBP/USD – While UK trade balance data showed the deficit widened to £8.8 billion, damaging prospects for a recovery, Cable rallied strongly throughout the day as improved sentiment in Europe benefitted from a broadly riskier environment. The pair found a US$1.5985 high, before consolidating in late trading.
AUD/USD – Employment data gave the Aussie dollar a much needed positive shock as a figure of 44,000, versus a 6,400 forecast, caused a spike to US$1.0368. The day got better for the pair, as the broadly weaker dollar fuelled riskier currencies and it reached a US$1.04493 high.
11 Apr 2012
EUR/USD – The euro made tentative gains overnight that continued into the European session as comments from an ECB policymaker reconfirmed bond-buying as an option in the future. The euro reached US$1.3156 during the day, but latent pessimism, which has been building over recent days, reined the pair back to near US$1.3109.
USD/CHF – Another lacklustre day, that has defined this pair in recent months, saw it follow the broadly softer dollar lower. Having touched a CHF0.9129 low, it did manage to creep back to CHF0.9185 high.
USD/JPY – The yen fell away from its recent highs as the pair eased higher to ¥81.12 shortly after the NY open. Expectations of further easing by the BoJ kept the yen’s revival at bay as it ended the day near ¥80.88.
GBP/USD – Cable rallied strongly overnight and into the London session as it fully retraced yesterday’s sharp decline. Positive sentiment regarding the UKs outlook continued to support the pair and it finished the day slightly off its highs near US$1.5905.
AUD/USD – Along with the broader U.S. dollar weakness, the pair posted a US$1.0333 high during the day, slipping into a tight range shortly after.
10 Apr 2012
EUR/USD – A very quiet day on the data front left investors turning their attentions to Spain as the countries yield spreads continued to widen. In a risk-off day, the pair mustered a firm rally to US$1.3138, which was quickly overturned as contagion fears drew it back down to close near US$1.3080.
USD/CHF – Mimicking the euro, the pair reached CHF0.9211 mid-morning, before dipping lower to end the day marginally higher at CHF0.9183.
USD/JPY – The BoJ policy meeting introduced no new stimulus, that some had been expecting, and the pair reacted by adopting a downward trajectory for the most part of the day. Bolstered by flight to safety, the yen eventually ended higher near ¥80.64 session low.
GBP/USD – Waning risk-appetite amidst fresh euro zone worries led investors to the safety of the dollar as the pair briefly tested the US$1.5800 support level. Cable bounced quickly away from its low and managed to close near US$1.5873.
AUD/USD – The riskier currency pair suffered heavily after rebounding lower off its bearish resistance channel. With investors looking for safety, the Aussie dollar hovered dangerously close to recent lows at US$1.0250 at the end of the day.
09 Apr 2012
EUR/USD – The Easter Monday holiday kept markets quiet and trade thin again. With the results of Friday’s NFP still percolating markets the euro trickled higher to US$1.3134.
USD/CHF – In keeping with the moves in Europe, the pair ranged until the afternoon stint where it dropped lower to CHF0.9151.
USD/JPY – The pressure remained on this pair after Friday’s dismal NFP figure. It did however manage to claw away from the week’s lows on its way to ¥81.67 high.
GBP/USD – With London closed along with a plethora of countries, markets meandered higher and Cable posted a US$1.5914 high, before dipping lower towards the end of the day.
AUD/USD – The riskier currency held in its recent ranges on a day of a little activity. Along with the cross-USD pairs, it crept higher to US$1.0332.
06 Apr 2012
EUR/USD – In anaemic trading conditions as Good Friday meant numerous markets were closed, non-farm payrolls caused its accustomed spike. Against recent dollar strength however a figure of 120,000, well below expectations, sent the euro higher to US$1.3113 keeping the door open to further stimulus in the U.S.
USD/CHF – The pair stuttered around before NFP results and along with the broader US sell-off, collapsed duly following the results as it hit a CHF0.9160 low.
USD/JPY – Thin trading conditions intensified moves that saw a weaker-than-expected NFP figure send the yen firmly higher. It hit a low ¥81.29, before a lack of liquidity left it in a tight range heading into the Easter weekend.
GBP/USD – A bank holiday for Good Friday meant volatile conditions led conditions. A dip to US$1.5841 was sharply reversed off the back of the NFP figure and Cable eventually finished the week around US$1.5873.
AUD/USD – The commodity currency held in a tight range throughout the day, other than a brief run from US$1.0336 down to a US$1.0272 low around the release of U.S. labour data.
05 Apr 2012
EUR/USD – A jump in Spanish yields re-illuminated the underlying debt crisis as rising borrowing costs sparked fears the country could struggle with its budget targets. With Spain, comparatively much larger than Greece, facing an increasingly arduous task the euro sank below US$1.3100 to a US$1.3034 low.
USD/CHF – Having seen the euro dip below CHF1.2000 against the franc, prompting action from the SNB, the pair broke higher to CHF0.9222.
USD/JPY – Investors fleeing to the safety of the yen saw the pair fall to ¥81.82 in early European trading. The dollar did recover and the pair finished near ¥82.36.
GBP/USD – An unaltered policy from the BoE was widely omitted from investors focus as Spain stole the limelight. Weak manufacturing data did not help Cable’s cause and the pair slipped to near US$1.5826, where it hovered for the remainder of the day.
AUD/USD – A choppy day for the pair saw it struggle to overcome resistance at US$1.0320 as it settled around US$1.0302.
04 Apr 2012
EUR/USD – In stark contrast to FOMC, ECB minutes adopted a dovish tone as Draghi focused on continued downside risks. The euro fell further, with weak euro zone sales data and worse-than-expected German factory orders adding to the move lower which eventually saw a US$1.3107 low.
USD/CHF – This pair remains very much euro-driven, rallying to CHF0.9183 high shortly before the U.S. open. It did ease a little later in the day, but held a tight range.
USD/JPY – The yen produced a valiant fight back overnight, continuing into mid-morning when it posted ¥82.09 session low. The dollar did attempt to overturn yen gains, but the pair finished lower on the day near ¥82.41.
GBP/USD – Fears concerning the fragility of the UK economy were further alleviated by a boost in services PMI, which rose to 55.3, and a jump in the house price index. This positivity for sterling was overlooked by a firmer dollar which saw the pair dip to US$1.5832, before ending the day roughly on par.
AUD/USD – The Australian dollar came under continued pressure as a surprise trade balance deficit assisted in dragging the pair to a US$1.0243 low.
03 Apr 2012
EUR/USD – On a generally quiet day data-wise, it was left to the Fed to inflict any serious moves on the pair. The euro edged away from its US$1.3367 high during the afternoon, before the FOMC minutes, which tempered expectations of further stimulus, caused a nose-dive. The euro consolidated after it collapsed to US$1.3213 low.
USD/CHF – As would be expected, this pair followed suit with the abrupt shift to the dollar. Mid-morning the pair did flirt with CHF0.9000, however it closed near CHF0.91000 following the spike higher.
USD/JPY – Overnight, the yen reached a near one-month high at ¥81.55 after triggering stops through ¥81.80. In trundled higher during the day, before news from the Fed left the dollar broadly stronger, and the pair at ¥82.82.
GBP/USD – Construction PMI data of 56.7 added to the brightening UK outlook. This was overshadowed throughout the day with FOMC minutes driving Cable firmly lower to US$1.5892 low.
AUD/USD – The RBA minutes failed to prop the Aussie up as subdued worries over China continued to trouble sentiment. The pair surged lower on the release, trickling further down before a U.S. dollar rally left it near month-and-a-half low of US$1.0300.
02 Apr 2012
EUR/USD – The euro began April on a negative note as the growing disparity between the U.S. and Europe was highlighted by another month of weak manufacturing PMIs as Europe posted a figure of 47.7. The pair aptly sold-off, tumbling to an eventual lull of US$1.3278. Into U.S. session, it did stage a mild recovery, but finished lower for the day.
USD/CHF – Continued to hover in its recent range as a run up to CHF0.9071 was quickly overturned and the pair closed near CHF0.9035.
USD/JPY – An overnight high of ¥83.30 was chipped away at for the majority of the day as short-covering led the Yen higher. The pair covered the whole of its recent range and eventually steadied slightly above ¥82.00.
GBP/USD – A surprise leap in manufacturing supported a shift higher for Cable today as it sealed a 4-and-a-half month high at US$1.6062. The pair did sink the important US$1.6000 level briefly, but closed above it.
AUD/USD – Following its large gap higher on the Sunday open, the pair eased back to US$1.0367, before a solid rally helped the pair hit US$1.0445 high.
30 Mar 2012
EUR/USD – Results of Spanish budget cuts spurred on risk as month, quarter and fiscal year came to a close. Difficult trading conditions generated by the notorious cyclical randomness left the pair chopping around eventually closing near US$1.3345 after it fell away from pre-London high of US$1.3377.
USD/CHF – After sliding away from weekly high overnight, the pair hovered around in tight range, finishing off the month near CHF0.9027.
USD/JPY – Overnight, the yen posted a high of ¥81.83, before the dollar regained its footing and the pair spent the day climbing back towards the ¥82.86 high where it finished the month.
GBP/USD – Cable rounded the month off by reaching a 4-and-a-half month high of US$1.6037 against a marginally softer dollar. It couldn’t hold onto all its gains and it consolidated to close nearer US$1.6000.
AUD/USD – The riskier pair spent the majority of the day aimlessly drifting sideways following a minor rebound overnight. It did eventually dip lower shortly before the New York session, closing the month close to US$1.0355.
29 Mar 2012
EUR/USD – The euro dropped a leg lower as markets adopted a cautionary tone ahead of some key events including euro zone finance minister meeting. The pair plunged to US$1.3252 after a steep sell-off began shortly after the London open. Towards the end of the day it did begin to creep back higher.
USD/CHF – Having slipped overnight, the pair broke higher as anxiety about the debt crisis slowly grips markets again. The dollar eventually reached CHF0.9093, before consolidating.
USD/JPY – Fiscal year-end dominated flows as the Yen made strong advances overnight and during the day. It eventually bounced off good support at ¥81.90, ending the day around ¥82.40.
GBP/USD – Cable suffered another difficult day on the data front as mortgage approvals and money supply data both fell increasing the pressure on sterling’s recovery. After dipping to US$1.5860, the pair showed some resilience and forced its way to marginal gains at US$1.5958.
AUD/USD – The growth-linked currency struggled again as it fell away to test US$1.0300 support. Month-end and exporter demand came to its rescue and it retraced gains, closing back near US$1.0380.
28 Mar 2012
EUR/USD – A spike higher to US$1.3373 early in London, attributed to sovereign demand, was overturned during the course of the day as comments from the ECB suggested the bail-out fund would not be enough to stem the debt crisis. The euro plummeted to US$1.3278, but ended the day near where it began.
USD/CHF – In a reversal of the euro, the pair dipped to equal yesterday’s CHF0.9016 low, before breaking higher. It came off its intra-day high of CHF0.9082 to close near CHF0.9051.
USD/JPY – Overnight, repatriation flows as we approach fiscal year end drove the yen higher to ¥82.61. Investors turned their attentions back to euro zone concerns into New York, before pair again continued its path lower.
GBP/USD – A day to forget for Cable as initially EUR/GBP buying dragged the pair lower. Weaker-than-expected 4Q GDP of -0.3% only reinforced the downward trajectory and it eventually tumbled to a US$1.5824 low.
AUD/USD – The rebound continued throughout yesterday, as the pair stooped to US$1.0355 where it met resistance. Towards the end of the day it did manage to climb back to US$1.0395.
27 Mar 2012
EUR/USD – The dollar halted the recent reprieve in the euro as Bernanke’s comments continued to reverberate around markets. The pair broke to near one-month high at US$1.3385, before U.S. housing data hinted at market stability and helped bring euro back to US$1.3311 low.
USD/CHF – The pair ranged for the majority of the day in a quiet session which saw low of CHF0.9016 early on, before the dollar edged higher to CHF0.9053.
USD/JPY – A dip to ¥82.64 in early London trading was quickly overturned as some players attributed the move to a ¥83.39 high the result of a report on possible further Japanese stimulus from a U.S. think tank.
GBP/USD – With a reported options barrier being protected at US$1.6000, Cable chopped around just below this level for most the day. It did eventually break to US$1.6002, before the move ran out of steam and the pair closed near US$1.5946.
AUD/USD – A surge to US$1.0557 was short-lived as good resistance above capped any further gains. The pair then gave back its gains and much more as hot money tripped the Aussie dollar up to a US$1.0450 low.
26 Mar 2012
EUR/USD – A dip to US$1.3192 in early London was quickly reversed on comments from Merkel regarding the parallel implementation of the ESM and EFSF, before dovish Fed comments from Bernanke left the dollar broadly softer. As a result the euro posted a US$1.3367 high.
USD/CHF – Mirrored moves in the euro and after momentarily reversing yesterday’s break lower, it sold-off sharply to near one-month lows of CHF0.9022.
USD/JPY – Contrary to the general Bernanke-induced USD weakness, this pair remained well-bid and held its overnight advances. Having dipped briefly on the dovish Fed, it edged higher before sticking in range around ¥82.82.
GBP/USD – An early test of US$1.5800 support was promptly reverse as Merkel and Bernanke comments re-ignited risk and boosted Cable to US$1.5973 high, in sight of Feb 29th high.
AUD/USD – The commodity currency revelled in the risk-on environment, rallying to US$1.0545 high, continuing its ascent away from recent lows.
23 Mar 2012
EUR/USD – The euro managed to climb higher as markets struggled to identify the next direction. As investors looked ahead to next week, abating fears surrounding the euro zone aided the euro and it broke to US$1.3294 high early on. The move quickly ran out of steam, before weak home sales data from the U.S. boosted the pair back higher to US$1.3268.
USD/CHF – Flowing in tandem with the euro, the pair remained directionless other than a slightly riskier session which saw it edge back to CHF0.9079.
USD/JPY – Some interesting news flows regarding North Korea’s missile capabilities saw a momentary spike below ¥82.00. As U.S. treasuries recovered, so did the dollar as it bounced back to ¥82.56, before slipping shortly before week end.
GBP/USD – Cable fought its way higher to close near US$1.5869 after weaker-than-expected U.S. housing data led investors back to risk. Uncertainty continued to be the defining feature as the pair had earlier seen a spike above US$1.5900 fail to hold momentum.
AUD/USD – The riskier pair, having endured a torrid week, showed some resilience as it managed to force its way above US$1.0450 to close near session highs of US$1.0482 as week end saw a broadly softer U.S. dollar.
22 Mar 2012
EUR/USD – A dip overnight following further weak manufacturing PMI from China was dwarfed by a flood of weak PMI data from Europe. After Germany, perceived as the strongest euro zone member, and France saw a drop in factory activity, risk aversion sparked a sell-off to US$1.3136. However it did recover to US$1.3199 in the afternoon session.
USD/CHF – Gripped by the broader risk-off move, the pair broke higher as a result of poor European data reaching CHF0.9178, before the franc retraced half its losses back to close near CHF0.9132.
USD/JPY – The yen fight back continued from yesterday as overnight a surprise trade surplus for Japan fuelled the rebound. The pair saw a considerable shift lower end after it posted an ¥82.32 session low.
GBP/USD – Fresh optimism over the UK’s outlook continues to be deflated by weak data as month-on-month retail sales data of -0.8% is worsened by negative revisions to January’s figure. As a result, Cable moved sharply lower to US$1.5770 before stabilising.
AUD/USD – Overnight, poor Chinese manufacturing PMI acted as the catalyst for another spike lower as the pair hit US$1.0376, before further pressure eventually led the Aussie dollar to US$1.0336 low.
21 Mar 2012
EUR/USD – A brief rally to US$1.3285 following Greece’s bailout approval was overturned as lurking euro zone fears continued to have a detrimental effect on the euro. Widening German-peripheral yields spooked investors and the pair broke down to US$1.3179.
USD/CHF – The pair languished close to 3-week lows of CHF0.9077 shortly after the London open. The dollar regained some of its recent strength on euro worries, and the pair managed to post a CHF0.9149 high.
USD/JPY – Midday the pair looked to test last week’s 11-month highs as it powered to ¥84.09, but stuttered again ahead of the important resistance above. Worse-than-expected housing data for the U.S. added to the yen rebound and the pair eventually settled near ¥83.30.
GBP/USD – A quick move to US$1.5923 was squandered after dovish BoE minutes exacerbated by poor borrowing figure of £12.9 billion dragged Cable to US$1.5817 low.
AUD/USD – Overnight swings left the riskier currency near 1.0524 high, before fresh euro fears weighed on the pair as it fell back to 2-month lows of US$1.0421.
20 Mar 2012
EUR/USD – Safe-haven flow to the dollar provided the reason for another difficult day for the euro. The pair tumbled to US$1.3172 low on concerns over the growing pessimistic outlook for China. The euro did stage a good comeback, spiking back to US$1.3252, before again continuing its downwards slope.
USD/CHF – The pair tracked moves in the euro, squeezing higher to CHF0.9153 before surrendering all its gains to finish roughly on par near CHF0.9116.
USD/JPY – A national holiday overnight left the pair floating in tight range, however shortly after the European open the Yen fell back to ¥83.83. A full reversal back to ¥83.31 into the New York open was thwarted late in the day and the pair closed near ¥83.70, still within range of recent highs.
GBP/USD – Broader flight to the dollar troubled Cable today as it edged lower to US$1.5858. Data showing inflation eased less than forecast to 3.4% helped undermine the flows to the dollar, also reducing the likelihood of further QE.
AUD/USD – The string of bad news from China continued to weigh heavily on the Australian dollar as it crashed to US$1.0457 low. With a weaker outlook for its major trading partner, the pair also suffered after dovish RBA minutes hinted at further monetary easing were conditions to deteriorate.
19 Mar 2012
EUR/USD – The smooth outcome of the CDS auction following Greece’s debt restructuring helped abate fears over a tumultuous default. The euro, which had been trading indiscriminately before the news, raced to a 10-day high of US$1.3265.
USD/JPY – The pair again remained undecided as an overnight dip to ¥83.02 was turned over during the day. With crucial resistance levels ahead the yen ended the day close to ¥83.40 as markets ponder the next direction.
USD/CHF – The effects of the Greek news broadly hampered the dollar as the pair stepped lower from its recent highs on its way to posting a CHF0.9092 low.
GBP/USD – On a data light day Cable advanced higher compounding Friday’s gains as it rallied to US$1.5913. The pair did consolidate towards the end of the day, but sentiment regarding the UK outlook continued to support it.
AUD/USD – The Australian dollar endured a choppy day, ending it roughly on par near US$1.0602. During the morning it had fallen to US$1.0557, but retraced all these losses on its way to US$1.0637 session high.
16 Mar 2012
EUR/USD – Bearish trend for the euro took a breather as a blow to USD strength in the form of weak inflation and consumer sentiment results saw the pair bounce back to US$1.3187. Amplified by end of week profit-taking, the breakout held its ground and the euro finished close to its session high.
USD/CHF – Consistent with weaker dollar fundamentals, the pair continued to slide away from near two-month highs of CHF0.9335 as it slumped at CHF0.9155.
USD/JPY – Wavering upside momentum left the pair range bound as an initial move higher after yesterday’s correction struggled to test ¥84.00 and the Yen eventually closed slightly stronger near ¥83.50.
GBP/USD – The broader sell-off in USD saw Cable break above its 200 DMA at US$1.5815 as it peaked at US$1.5862. Appetite for the dollar waned off some worse-than-expected data and week end rebalancing.
AUD/USD – The riskier currency continued to break away from its recent lows from the China slowdown and a prolonged rally during the day helped the pair to reach a US$1.0597 high.
15 Mar 2012
EUR/USD – The dollar receded from one-month overnight high against the euro as profit-taking in the dollar led the pair to US$1.3119 high. US 10y yields eased back to 2.27%. US unemployment claims of 351,000, better-than-expected, did cause slight disruption earlier as markets struggled for direction before US open.
USD/CHF – As investors booked profits after considerable move higher for the dollar, the pair slipped sharply lower to CHF0.9201, ending the day marginally higher from the late afternoon low.
USD/JPY – Yen saw a marked correction higher as the broader US sell-off was underpinned by profit-taking. The pair shed nearly a full point from its overnight high, stooping to ¥83.19.
GBP/USD – Fitch’s revision of the UKs outlook continued to weigh on Cable, however the dollar rebound sent the pair to US$1.5736.
AUD/USD – Having suffered to a two-month low of US$1.0423 on China’s snub of policy easing over property, the Aussie dollar rallied firmly overnight and during the day, eventually testing US$1.0552.
14 Mar 2012
EUR/USD – U.S. dominance again forced the battered euro lower as quickly rising U.S. yields heaped pressure on the single European currency. Having mustered a rally US$1.3090 seemingly of cross-EUR demand, it succumbed to pressure plumbing a US$1.3010 low.
EUR/USD – U.S. dominance again forced the battered euro lower as quickly rising U.S. yields heaped pressure on the single European currency. Having mustered a rally US$1.3090 seemingly of cross-EUR demand, it succumbed to pressure plumbing a US$1.3010 low.
USD/CHF – The dollar march continued and the pair drew higher to seven-week highs at CHF0.9332, before stuttering at lower at the 4.30pm European fix.
USD/JPY – The Yen suffered further losses at the hands of the raging dollar as the pair broke important resistance levels reaching ¥83.83 high as contrast between the convalescent U.S. economy and the frailty of the Japanese economy becomes more evident.
GBP/USD – Cable spiked higher in early trading on strong demand reaching US$1.5744, before confirmation of a higher unemployment rate and further U.S. positivity dragged it lower to close near US$1.5665.
AUD/USD – Strength in the U.S. had a detrimental effect on the Aussie dollar throughout the day as it fell lower to US$1.0428 marking month-and-a-half lows.
13 Mar 2012
EUR/USD – Following Monday’s reprieve the euro endured another battering from a rampant dollar. Backed by further strong data in the form of U.S. retail sales and the Fed’s stress test results, the dollar forced the pair to a US$1.3052 low. A rebound into the U.S. open was overturned later in the day by a hawkish FOMC statement.
USD/CHF – A broadly firmer dollar forced the pair higher to a fresh 1-month high posting CHF0.9249 shortly after the Fed statement.
USD/JPY – Overnight the BoJ held its policy after calls for it to increase its asset purchase programme went unheard. This did little to halt the recent trajectory as the Yen lost further ground and the pair eased through the important ¥83.00 barrier.
GBP/USD – After dipping to US$1.5621 low in early trading, Cable found strong demand after trade balance data of -£7.5 billion sparked a rally away from recent lows to US$1.5747 high. It did give back some gains in the run up to the Fed statement, but ended higher on the day near US$1.5707.
AUD/USD – The pair struggled to contend with dollar strength as it attempted to stave away from Monday’s low. It managed to finish near US$1.0551 after a yo-yo day saw it twice find support at US$1.0485.
12 Mar 2012
EUR/USD – The euro tentatively rebounded after Friday’s onslaught and moved away from near 1-month lows at US$1.3079. On a very quiet day on the data front the pair edged higher to a US$1.3159 high with investors seemingly stuttering ahead of the FOMC statement.
USD/CHF – The pair followed the generally softer US dollar and drew back from March high slipping to CHF0.9162.
USD/JPY – The Yen chopped around in a very tight range throughout the day as players awaited the outcome of the BoJ policy meeting overnight. The pair remained within range of its recent highs holding within ¥82.12 and ¥82.36.
GBP/USD – Cable continued to struggle as dollar strength continued to weigh the pair down. With no data to guide the direction, it gave in to the dollar pressure, triggering sell orders down to US$1.5602 where it found technical support.
AUD/USD – The pair broke below the important US$1.0500 technical support level eventually bouncing off US$1.0473. After benefitting from the softer dollar the pair ended the day slightly lower at US$1.0528.
09 Mar 2012
EUR/USD – NFP Friday produced another violent swing in the euro as a positive figure of 227,000 against the 209,000 expectation and a positive revision to the previous month triggered a broad move to the US dollar. The pair fell heavily to post a US$1.3096 low as attentions also turned to the potential trouble from a Greek credit event.
USD/CHF – The pair fully reversed the previous session’s loss as the NFP caused a general market move to dollar and as a result the pair reached CHF0.9207 high.
USD/JPY – The Yen endured another torrid day after a solid NFP number supported the dollar. The pair broke an important barrier at ¥82.00 and reaching an 11-month high of ¥82.65.
GBP/USD – Cable got caught in the broader USD rally as would be expected and plunged to US$1.5663 low. A m/m PPI figure of 2.1% against the 0.9% expectation did drag the pair higher into midday, but overall failed to have any lasting impact.
AUD/USD – The perceived riskier currency struggled during the day after the NFP factor squeezed the pair lower to US$1.0574. At the New York open it did manage to recover half the move, but the strength of the dollar proved too much and it closed near US$1.0571.
08 Mar 2012
EUR/USD – The euro rose broadly during the day as news flows from Greece suggested an increasing participation rate for the PSI deal that buoyed risk sentiment supporting the pair to US$1.3291. The pair stuttered before the New York open, but eventually pushed higher as it looked less likely that the country would endure a disorderly default.
USD/CHF – The pair followed the risk-on move on the back of Greece positivity and reversed all of the week’s gains on its way to CHF0.9071.
USD/JPY – Overnight figures representing a record trade deficit for the country of 437.3 billion dented any hopes of a recovery for the Yen. This weakness continued up to ¥81.73 before finding resistance into New York.
GBP/USD – The optimism from Greece proliferated markets and Cable rallied overall on the day before finding resistance at US$1.5832. The BoE held rates and the asset purchase programme as widely expected. Sterling did squeeze higher before the announcement, but then quickly surrendered the move.
AUD/USD – The commodity currency produced a strong double top as it bounced away from recent lows. Overnight it broke higher eventually reaching US$1.0669, dipped to US$1.0590 low after US fix, before again testing the US$1.0670 area.
07 Mar 2012
EUR/USD – The euro produced an inverse head-and-shoulders move as investors seemed unwilling to give the pair any definitive direction ahead of the PSI deadline. The pair dipped to US$1.3097 low before a WSJ report suggested the Fed may partake in a round of sterilized bond-buying which led the pair higher to US$1.3164, equalling its earlier high.
USD/CHF – The pair finished the day roughly where it started after posting a CHF0.9202 high, before the dollar slipped lower leaving the pair near CHF0.9163.
USD/JPY – The Yen gave back all its previous day’s gains as its correction lasted only on day. The pair chopped around ¥80.74 until midday before breaking back above ¥81.00 to finish the day.
GBP/USD – A quiet day on the data front left Cable in the hands of moves in the euro, shunting the pair to equal previous day’s low of US$1.5698, before drawing it back to around US$1.5739 as investors look ahead to the MPC meeting on Thursday.
AUD/USD – Overnight the employment change figure of -15,400, much worse than expected, saw the pair quickly shed over 50 pips to US$1.0509. During the day it did manage to retrace the entire drop and ended the day close to its session high of US$1.0593.
06 Mar 2012
EUR/USD – The inevitable Greek concerns crept back to the forefront of investors’ consciences as the PSI participation deadline looms. The euro sold-off throughout the day settling near US$1.3113 representing a near 3-week low.
USD/CHF – Benefitted from the general risk aversion in the markets as investors fretting over Greece and China forced the pair higher to CHF0.9197 as they scrambled to safety.
USD/JPY – The Yen made a substantial move away from its recent lows on its way to ¥80.57. The pair’s move was the result of some bearish unwinding in the Yen and safe-haven flows as it relieved the currency of its recent pressure.
GBP/USD – Cable got caught in the broader move lower for cross-USD pairs as risk appetite waned ahead of important hurdles for the Greece saga. Weak house price and retail sales data didn’t help the cause and it stumbled to rest near US$1.5714.
AUD/USD – The riskier currency pair steepened its recent downward trajectory as it suffered heavily following rekindled anxiety over Greece’s fragile situation. It plummeted to US$1.0525 where it found some support late in the day.
05 Mar 2012
EUR/USD – China’s reduction in its growth target to 7.5% weighed on global sentiment and the euro dipped to US$1.3160 shortly after London open. A round of profit taking in the US dollar helped buck the move and the pair eventually found a high of US$1.3241.
USD/CHF – The pair reached a two-week high at CHF0.9162, but spent much of the day in sideways trend. It dropped to CHF0.9106 into the New York session and investors lost interest at the European fix as it stuttered in a tight range.
USD/JPY – After drifting away from its recent lows overnight, slumping to ¥81.15, the Yen again lost ground before the pair became caught in range ending the day near ¥81.57.
GBP/USD – Cable moved in tandem with the euro as it shrugged off weak Services PMI of 53.8 to post session high of US$1.5878.
AUD/USD – The pair continued its move lower from Friday as concerns over global growth weighed on the Australian dollar as China reduced its growth target. It saw a small bounce midday but ended lower at US$1.0656.
02 Mar 2012
EUR/USD – The misery continued as the euro capped off a poor week as it plunged to US$1.3187. Weak retail sales figure from Germany triggered the shift lower, before news of Spain’s conflicting deficit target in contrast with the euro zone’s fiscal compact agreements sealed the move.
USD/CHF – As investors shunned risk and opted for the US dollar’s perceived safety, the pair dragged its way up to a CHF0.9150 high.
USD/JPY – Another dominant day for the US dollar, and this caused the Yen to again sink to fresh lows of late. After some undecided price action during the day, it eventually rose to ¥81.87, but couldn’t hold to test ¥82.00.
GBP/USD – The UKs recent resilience on the data front could not halt some profit-taking during the day as Cable sold-off to US$1.5823 after an otherwise strong week for the pair.
AUD/USD – In keeping with the broader risk aversion, the commodity pair suffered a pronounced slant lower to US$1.0727 as a growth downgrade to China also weighed on the Australian dollar.
01 Mar 2012
EUR/USD – After a torrid week so far, the pair seemed to take a breather today as it consolidated near one-week lows near US$1.3282. A stream of data from the U.S. slightly dampened the recent upbeat spirit, as both manufacturing and consumer spending data produced lacklustre figures. The choppy day eventually left the pair at US$1.3306.
USD/CHF – The pair dropped into range as it made slight gains overall. Some minor intra-day movement came from data out of Europe and the U.S., however it was less than impressive. The pair trundled up to CHF0.9072 high and closed just below this level.
USD/JPY – As the Yen clawed back some of yesterday’s losses overnight to touch ¥80.84, it fluctuated midday, but lacked conviction in either direction, eventually resting close to ¥81.10.
GBP/USD – The abating anxiety over the possibility of additional QE bolstered Cable today. Shaky manufacturing PMI of 51.2 could not overhaul the developing optimism that the UK economy would avoid recession and the pair hit a US$1.5975 high.
AUD/USD – The pair rallied from the London open, reaching US$1.0812 high, but could not fully recover the previous day’s losses.
29 Feb 2012
EUR/USD – A largely consensual LTRO figure of €530 billion provoked a text-book buy-the-rumour-sell-the-fact collapse in the euro today. Bernanke’s speech offered the market little as the pair sunk to US$1.3315 late in the day.
USD/CHF – In a typical reversal of the EUR/USD, the pair bounced higher making strong gains to reach CHF0.9052 after a shaky start to the day.
USD/JPY – The Yens suffering was revitalised today as a stronger dollar squeezed the pair to ¥81.31 from its early ¥80.28 level.
GBP/USD – Cable, backed by rebalancing on a rare Leap day, managed to post a 3-and-a-half month high of US$1.5991 against the dollar. Improving lending and mortgage figures only added to the brighter outlook for the UK economy.
AUD/USD – The riskier pair initially capped a near 7-month high at US$1.0856, before the dollar fought back, inflicting heavy losses on the Aussie dollar as it bottomed out at US$1.0716.
28 Feb 2012
EUR/USD – An intensifying focus on the second round of the LTRO by the ECB resulted in the euro making limited gains against the dollar as risk tentatively triumphed. Consumption data from the US dragged the pair to US$1.3389 low during the day, before better-than-expected manufacturing and consumer confidence data saw pair check losses, continuing its path higher to US$1.3471.
USD/CHF – The pair felt the impact of contrasting US data as the pair spiked to CHF0.9002, before quickly retreating at the New York open, ending the day lower near CHF0.8945.
USD/JPY – Yen resurgence continued overnight before met resistance close to ¥80.00 level. The faltering move lower saw Yen give back some gains, eventually settling into range near ¥80.48.
GBP/USD – News of an Irish referendum over the proposed fiscal treaty hampered Cable during a day where any major moves could be attributed to euro swings. The pair was jolted lower brushing US$1.5800, before being catapulted back above US$1.5900.
AUD/USD – Traded sideways in a choppy session as it saw US$1.0787 highs in early trading and US$1.0729 high mid-afternoon.
27 Feb 2012
EUR/USD – The recent move higher for the euro tailed off today as the pair drifted lower to US$1.3367 shortly before the New York open. Investors’ focus shifted to Wednesday’s ECB tender with markets remaining cautious as the pair stayed within touching distance of two-and-a-half month highs. It did however edge marginally higher in the US session.
USD/CHF – Another quiet start to the week for the franc was highlighted with a move higher to CHF0.9011. This could be explained by the weakness in the euro with the pair slipping into range following the European fix.
USD/JPY – Overnight the Yen charged to 9-month lows against the dollar, after a fierce move sent the pair to ¥81.67. A quick reversal and subsequent sell-off saw the pairs recent move higher abruptly ended as the Yen bounced back to ¥80.13.
GBP/USD – Cable sauntered lower during the course of the day with little in the way of news following Friday’s strength. The pair found some support at the New York open, but ended the day lower at US$1.5820.
AUD/USD – In Australia, Prime Minister Gillard swept aside opposition Rudd with a resounding victory to maintain her position, however this had little impact on the pair. Mid-afternoon the riskier pair encountered a fierce rally, catapulting the pair to US$1.0784.
24 Feb 2012
EUR/USD – The euro ended the week slightly off a 2-and-a-half month high at US$1.3458 after momentum from a recent bout of market optimism sent the pair higher. At one stage the pair hit US$1.3486 with easing tensions across Europe driving risk appetite.
USD/CHF – Consistent with recent moves, the pair fell for another session as it slumped to CHF0.8931 after a broader return to risk continued, weakening the dollar.
USD/JPY – Respite for the Yen was short-lived as the Yen suffered heavily again. The pair rose to ¥81.07 late in the day reaching levels that haven’t been seen since July 2011.
GBP/USD – The rollercoaster week for Cable finished with the pair making strong gains as it rallied to US$1.5894 high. It managed to recuperate losses made earlier as it benefited not only from the liberal deviation to risk of late, but also continuing signs of revival in the UK economy.
AUD/USD – The riskier pair stumbled back below US$1.0700 on the day as it failed to find any benefit from the prevailing optimism out of Europe, eventually posting US$1.0690 low.
23 Feb 2012
EUR/USD – A better-than-expected Ifo sentiment report out of Germany posting 109.6 against the 108.7 expectation caused a flurry of optimism as the euro reached US$1.3378 high on the day. A dip before the New York open was the result of recessionary talk out of the European Commission, but this could not restrain the pair as it moved broadly higher.
USD/CHF – Broader optimism in the euro weighed heavily on the US dollar and that showed as the pair added to its recent slide to hit CHF0.9009 low. This marked a near 3-and-a-half month low for the pair.
USD/JPY – The monetary easing rally began to ease today as the pair edged back from its recent highs to ¥79.86 after it slid down from ¥80.31 high.
GBP/USD – Whilst the effects of the BoE policy meeting yesterday continued to resonate in the pair, it managed to eke out gains to reach US$1.5749 as a result of the wider dollar weakness.
AUD/USD – The pair rebounded off its US$1.0599 overnight low to retrace some of the week’s losses as riskier currencies revelled in the possibility of Europe averting recession. The Aussie dollar eventually settled near US$1.0731.
22 Feb 2012
EUR/USD – Cautious optimism battled with latent pessimism in choppy session for the pair today. The euro produced marginal gains reaching US$1.3267 as improved sentiment over the Greek bailout struggled against potential hurdles that lie ahead. PMI figures out of Europe dampened any rallies and the pair finished nearer US$1.3245.
USD/CHF – Bounced around in range for the majority of the day, before stooping lower at London fix to finish around CHF0.9100.
USD/JPY – The Yen marched to ¥80.40 today representing a 7-month low for the currency against the dollar. A number of factors have continued to weigh on the Yen including the recent easing by the BoJ, improving economy in the U.S. and weakening fundamentals for its economy.
GBP/USD – Cable suffered heavy losses today as it collapsed from US$1.5814 high to US$1.5649 low off dovish BoE minutes. The surprise came as two members voted for additional QE beyond the recent £50 billion increase and reignited worries that the central bank may opt to add to its asset purchase programme later in the year.
AUD/USD – The pair capped US$1.0686 high early on, before gave in to sellers and slipped throughout the day. The Aussie dollar found support on a number of occasions near US$1.0615 low.
21 Feb 2012
EUR/USD – Hours of straight negotiations finally produced a bailout deal which was confirmed early in the morning. The euro quickly hit two-week high on the news reaching US$1.3293. With much of the impact factored in the succeeding trading sessions focus reverted back to hurdles to implementing the deal and the pair settled near US$1.3233.
USD/CHF – Following its spike down overnight on the Greek agreement, the pair etched back losses to CHF0.9145 day high. Caution prevailed and the markets drifted back to the safety of the dollar as the pair regressed to CHF0.9123.
USD/JPY – The Yen eased against the dollar to close back in on the previous day’s low touching ¥79.85. Midday the pair slipped to ¥79.62, but hovered close to 6-and-a-half month high.
GBP/USD – Improving UK economic outlook continued as Public Sector Net Borrowing figures beat expectations posting -10.7 billion against forecast -8.9 billion. Moves in Cable continued to be dominated by Europe and the pair sank to US$1.5772 with investors remaining extremely vigilant.
AUD/USD – Similar to the broader moves, the pair struggled to a US$1.0750 high. Flight to the US dollar as a result of waning sentiment tripped up the pair to US$1.0656.
20 Feb 2012
EUR/USD – Close, but no cigar in Greece as markets still wait for the bailout deal to be agreed. Whilst the debt saga drags on markets remained optimistic and expectations that an agreement was imminent drove the euro higher. Overnight, China cut its reserve ratio requirement by 50bps which sent the pair to US$1.3237, before Greek optimism capped a session high of US$1.3277.
USD/CHF – The pair shifted a leg lower today to languish near 11-week lows after hitting CHF0.9087 with cautious optimism over Greece driving investors back into riskier currencies.
USD/JPY – Dollar strength drove the pair to its highest point since Augusts BoJ intervention as it capped a ¥79.89 high overnight. This could not be sustained and the Yen clawed back some losses to finish in Europe near ¥79.62.
GBP/USD – The broader move higher overnight was supported throughout the day by expectations of an impending deal for a second Greek bailout. Cable posted session high of US$1.5880 which it failed to hold as concerns lingered about the recovery of the UK economy.
AUD/USD – The pair gapped higher overnight as it hit US$1.0816 high. During the day the general improvement in sentiment aided the pair, but it grinded lower to finish near US$1.0750.
17 Feb 2012
EUR/USD – The euro crept higher to reach US$1.3197 as sentiment improved on optimism regarding a bailout agreement. This optimism was reigned in at the New York open with investors looking ahead to a meeting of euro zone finance ministers on Monday.
USD/CHF – As markets nervously await a decision on the Greek bailout package the pair hovered near CHF0.9186. A CHF0.9161 low at the New York open was quickly reversed.
USD/JPY – The Yens descent continued as it reached a ¥79.46 high within touching distance of October’s intervention high of ¥79.54.
GBP/USD – Cable got a boost from surprise retail sales data which posted a 0.9% m/m gain against expectations of a 0.3% drop. This shot the pair up to a US$1.5862 high for the session. It couldn’t hold on to these gains though and slowly leaked them back. The pair closed higher on the day near US$1.5845.
AUD/USD – The Aussie dollar rallied overnight to cap a US$1.0799 high, but gave away these gains into the London open. This reversal continued and the pair eventually collapsed to US$.0688.
16 Feb 2012
EUR/USD – The euro recuperated a large proportion of its previous day’s losses as the pair raced higher on progress towards a Greek debt swap deal. Euro zone central banks looked at the possibility of exchanging their current holdings of debt with new bonds in Greece and sent the euro to US$1.3158 after it previously languished near US$1.2975.
USD/CHF – Overnight the pair reached a near 3-week high at CHF0.9300. Shortly after revitalised optimism over Greece caused the pair to plunge to CHF0.9175 reversing all its earlier gains.
USD/JPY – The USD found further stimulation from a surprise fall in unemployment claims. Along with the BoJs recent actions Yen weakness endured as the pair reached ¥78.93 before finding resistance.
GBP/USD – Bolstered by a squeeze higher at the London 4pm fix, Cable bounced off recent lows to reach US$1.5817 as investor tensions eased on news out of Greece.
AUD/USD – The Aussie dollar spiked higher overnight on vastly improved labour market data as employment change posted an increase of 46.3k. These gains given up quickly though as pair touched 1.0646 low in early London. Eventually broke broadly higher on improved risk appetite hitting US$1.0773 high.
15 Feb 2012
EUR/USD – The euro edged higher overnight to US$1.3190, but again sold-off heavily during the day due to fraying tempers between euro zone officials and those in Greece over the bailout package. Exacerbating default fears saw the pair sell off sharply to US$1.3044 lows as news of Chinas commitment to purchasing Eurozone debt failed to support it.
USD/CHF – The pair spiked higher on news flows out of Greece and the dollar continued to strengthen until the close reaching CHF0.9251 high.
USD/JPY – Following the BoJs vow to purchasing more Government bonds, the pair initially moved higher to 78.61. During the day support for USD did ease, however Yen gains found resistance at 78.19 and subsequently the pair squirmed higher.
GBP/USD – The BoE inflation report raised its inflation forecast dampening expectations of further easing which supported Cable as it hovered near recent lows. A choppy session saw US$1.5736 high early on with underlying concerns about economic recovery restraining any gains.
AUD/USD – The risk correlated pair made strong gains overnight on optimism from Chinas support in Europe. However it ultimately succumbed to Greek fears as a bailout plan remained elusive and fell to US$1.0680.
14 Feb 2012
EUR/USD – The euro made a brief move higher following another better-than-expected German sentiment survey posting a positive figure of 5.4. The pair reached US$1.5770 before the recurrent Greek tragedy stemmed gains as a Moody’s downgrade sealed a move lower to a US$1.5645 low.
USD/CHF – Pair dipped to CHF0.9143 after muted overnight action. Fresh downgrades in Europe from Moody’s led investors back to the safety of the dollar sending the pair to CHF0.9229.
USD/JPY – Action from the BoJ in the form of asset-buying and lending increases resulted in the Yen falling to its weakest since October’s intervention. The ¥10 trillion increase to the programmes sparked concerns about the condition of Japans economy as the pair hit ¥78.54 late in the day.
GBP/USD – Cable posted a 2-week low against the dollar as a stark warning from Moody’s threatened the UKs triple-A rated status. The cautious mood continued ahead of the BoE inflation report and the pair tumbled to US$1.5645.
AUD/USD – The broader move higher continued to falter as the pair dropped to US$1.0629. It did manage to recoup some losses late in the day to finish near US$1.0687.
13 Feb 2012
EUR/USD – The Greek parliament finally passed new austerity measures over the weekend which brought some relief to markets early in the day. The euro made gains reaching US$1.3283 high in early London trading. This did not last as investors focused on the remaining hurdles for Greece, starting with a meeting with euro zone finance ministers mid-week sending the pair to US$1.3185 low
USD/CHF – Very much a reversal of moves in the euro as it touched a CHF0.9103 low, before reversing as the dollar regained its appeal. The pair eventually reached CHF0.9162 high at the end of the day.
USD/JPY – Muted action in the pair again following yesterday’s slip into range. The Yen made mild gains on the day as the pair posted ¥77.40 low, eventually closing near ¥77.59.
GBP/USD – A quiet day on the data front left Greece free to drive the markets. Overnight and into early trading in London, a rally pushed Cable to US$1.5827 high, but concerns weighed heavy and the pair felt the pressure as it slipped back to US$1.5767.
AUD/USD – Risk-on morning drove the pair higher to cap US$1.0778 as worries emanating from Europe left the pair slightly lower at US$1.0733.
10 Feb 2012
EUR/USD – Deepening uncertainty racked markets on Friday, after the positivity surrounding a Greek deal was quickly squandered. The finance ministers from the euro zone initially damaged sentiment by stating the bailout agreement was not enough, before a far-right politician from Greece stated he would not back the agreement sending the euro back to US$1.3156.
USD/CHF – On the back of the turn in sentiment on Friday, the dollar took advantage and the pair rallied broadly reaching CHF0.9200 briefly before settling slightly lower than its peak for the day.
USD/JPY – The US dollar rebound halted as the pair eventually tripped back into old habits as it found range around ¥77.65. Finance minister Azumi continued his verbal intervention which for one reason or another seemed to be working.
GBP/USD – In early London, Cable found some good support as it broke higher to test US$1.5850. This did not last as the prevailing troubles in Greece ultimately set the tone for the day. The flee back to the dollar resulted in the pair shedding over 100 pips as it rested near US$1.5739.
AUD/USD – The riskier Aussie dollar suffered overnight and during the day as a dovish RBA statement, concerns over Greece and wavering Chinese import data all helped drag the pair down to a US$1.0641 low.
09 Feb 2012
EUR/USD – An agreement was finally reached for a second bailout package for Greece as they confirmed further austerity for the country which sent the euro to a fresh two-month high of US$1.3321. A press conference from the ECB’s Draghi further settled markets as the pair consolidated its gains.
USD/CHF – A choppy session ultimately left the pair slightly lower on the day as positive headlines out of Europe hampered the dollar. After falling to a session low of CHF0.9089, the pair managed to claw back some losses ending the day around CHF0.9123.
USD/JPY – The move away from intervention hazard extended further as the pair rose broadly to reach a ¥77.73 high, holding its gains through to the end of the day.
GBP/USD – The BoE confirmed a 50 billion increase in its asset purchase programme whilst holding its interest rate at 0.5%. With some expecting more QE, Cable benefited from lower inflation expectation and a generally more positive outlook rallying to US$1.5885. Remaining fears over Greece however, counterbalanced the move leaving the pair near US$1.5815
AUD/USD – The pair ended the day lower after an overnight rally led it to US$1.0824 high before the London open. Pressure during the day eventually dragged the pair down to US$1.0784.
08 Feb 2012
EUR/USD – Little news left the euro stranded in range as a mild sell-off at the London fix to US$1.3221 was quickly recuperated. Greece discussions grinded on and no agreement yet he held the pair at recent highs.
USD/CHF – Muted action as would be expected from the pair as it follows any headlines out of Europe. Found a tight range throughout most of the day bar a spike to CHF0.9149 at the London fix.
USD/JPY – The pair drifted higher overnight to reach ¥77.19 before plunging to ¥76.71 as it found selling interest midday. It eventually clawed back the majority of these losses to close slightly above ¥77.00 level.
GBP/USD – Cable broke away from its euro correlation as frets about the potential increase in QE from the imminent BoE meeting troubled investors. Having reached a US$1.5929 high it gave way to drop to US$1.5797 low.
AUD/USD – The pair added to its recent gains overnight managing a US$1.0844 high at the London open. Concerns regarding Greece limited gains and it eventually stooped back to where it started the day around US$1.0791.
07 Feb 2012
EUR/USD – A Dow Jones report suggesting Greece was in the process of creating a draft agreement fuelled a short-squeeze sealing a move higher for the euro as it breached US$1.3200 on its way to a US$1.3270 high. Comments from the Fed’s Bernanke heaped further pressure on the dollar as there were suggestions there could still be further QE.
USD/CHF – A dip prior to the London open was slowly reversed as the pair reached CHF0.9227 session high. Murmurs of a Greek resolution sent the pair close to 9 week lows as it bottomed out at CHF0.9110.
USD/JPY – Continued its move away from likely intervention levels as an attempt to surpass ¥77.00 failed just short as the pair reached ¥76.96 high. Confirmation of stealth intervention by the BoJ of around $13.3 billion may also be helping to buoy the US dollar.
GBP/USD – Cable emulated the shift higher in the euro as it managed to cap US$1.5904 high, however markets increasingly focus on BoE policy meeting on Thursday which will likely weigh on sterling.
AUD/USD – A lack of policy action by the RBA sent the pair over 100 pips higher overnight, before it settled into range throughout London and New York as it closed near US$1.0810.
06 Feb 2012
EUR/USD – Whilst a Greece deal is apparently close, the lack of anything concrete continues to restrain the euro as the pair drifted lower to US$1.3028 in a lacklustre European session. The pair did manage to retrace losses after finding support from short-covering.
USD/CHF – Broadly stronger US dollar dragged pair to CHF0.9262. Shortly after the US open a short run reduced the pair to session low of CHF0.9179.
USD/JPY – The pair managed to hold gains from Friday as it ended the day level. A quick move to ¥76.80 overnight couldn’t be sustained leaving the pair at ¥76.53.
GBP/USD – A low of US$1.5730 came early in London as Greece ramped up investor anxiety, but the pair managed to finish the day higher reaching a US$1.5841 high.
AUD/USD – The pair saw very little action throughout the day ahead of the RBA meeting overnight. It mocked moves from Europe as would be expected, moving from US$1.0684 up to US$1.0746 high during the day.
03 Feb 2012
EUR/USD – US Non-farm payrolls stole all the headlines today as the data published a figure of 243,000 against expectations of 150,000. Initial reaction sent the pair higher to session peak of US$1.3203, before a sharp reversal sent the pair spiralling to US$1.3066 low. It did manage to reverse losses to close slightly higher for the day.
USD/CHF – Ripple effects from non-farm data permeated all USD crosses and resulted in a break higher to CHF0.9224.
USD/JPY – Having loitered around post-intervention lows a knee-jerk move upwards to ¥76.74 following NFP drew the pair away from intervention fears, however the pair is still in range of recent lows.
GBP/USD – An early rally to US$1.5860 reversed after NFP sent investors fleeing to dollar. A collapse to US$1.5750 did not hold however as Cable finished the day marginally higher.
AUD/USD – The pair rallied throughout the afternoon to cap US$1.0793 high as recent shift higher continues.
02 Feb 2012
EUR/USD – The euro bounced around its recent range as heightened concerns over the elusive PSI deal in Greece led the pair lower to US$1.3086 after comments from Chinese Premier Wen temporarily supported the common currency. A good rally then sent the pair back higher, before selling at the London fix sealed a move lower.
USD/CHF – Mirrored moves from Europe as it reached CHF0.9207 before slipping back as the main focus remained the EUR/CHF.
USD/JPY – Again the pair tested the ¥76.00 level, but to no avail as it edged back to ¥76.20. Markets continue to be held on high alert as Finance Minister Azumi continues to try and talk down the appreciating Yen.
GBP/USD – Cable slid lower during the day to US$1.5795, but stayed within sight of its recent highs as markets awaited the heavily weighted services PMI. Persistent QE worries continue to restrain the pair.
AUD/USD – Played out the day in range posting high of US$1.0757 overnight and US$1.0679 low in the day as pair awaits non-farm payrolls data and news from Greece.
01 Feb 2012
EUR/USD – The euro bounced back ferociously today from Tuesday’s losses as better-than-expected PMIs from both Germany and China fuelled risk. Weaker US data seemed to sustain rally as pair bolted from US$1.3029 to US$1.3219 high.
USD/CHF – An upswing overnight to CHF0.9250 soon collapsed as risk rally through European session sent pair plummeting to CHF0.9115.
USD/JPY – Pressure continues to mount on BoJ as they were again forced to revert to the all-too-familiar verbal intervention with an ever stronger Yen leading pair lower to fresh post-intervention lows of ¥76.03.
GBP/USD – Strong Manufacturing PMI, posting 52.1 over 50.1 expectation, helped pair higher along with broader US weakness as it rallied throughout London to hit US$1.5882 high. This did little to temper expectations of further QE.
AUD/USD – A dip overnight to US$1.0569 quickly evaporated as sharp move higher eventually sent the pair to 3-month high at US$1.0740 after risk appetite gained pace.
31 Jan 2012
EUR/USD – Month-end brought with it a heavy sell-off in euro as investors dumped the single currency as it collapsed to US$1.3042. Euro zone fears continued to haunt the pair as market as risk aversion took a hold.
USD/CHF – The pair again attempted to move away from 2-month lows as a fierce rally higher saw CHF0.9228 high.
USD/JPY – The inevitable intervention rumours permeated markets today as the pair continued its slump to hit ¥76.16 low.
GBP/USD – The final day of the month capped a strong 2 weeks for Cable as it reached US$1.5796 high before consolidating to US$1.5758.
AUD/USD – Traded sideways today, after a test of highs from earlier in the week at US$1.0685 failed to hold, reversing quickly at the New York open.
30 Jan 2012
EUR/USD – Uncertainty over Greece continued to militate on markets as the euro drew back from recent highs to touch US$1.3077 low. An Italian bond auction did little to boost confidence, but the pair managed to retrace some losses to finish above US$1.3100.
USD/CHF – All eyes moved back to the interventionist countries as a move lower in the EUR/CHF hovered tentatively above its CHF1.2000 peg. This pair however moved with broader US dollar recovery after recent weakness to hit CHF0.9209 high.
USD/JPY – The pair plummeted to its lowest point since the last round of intervention as it hit ¥76.21. Although any talk of intervention has been shunned above ¥76.00, Azumi, the finance minister, reiterated their commitment to ‘decisive action’ if necessary.
GBP/USD – Largely followed moves in the euro as it found resistance near US$1.5657 lows, finishing the day roughly where it started around US$1.5700.
AUD/USD – Consistent with other riskier currencies, the pair slid overnight and into early London as it posted US$1.0528 lows, before recouping some of its losses.
27 Jan 2012
EUR/USD – Weaker-than-expected GDP figures from the U.S. initially led the pair lower following early gains. Expectations of a resolution to the Greek PSI deal over the weekend sent the pair higher to US$1.3234.
USD/CHF – A day that saw a broadly softer dollar resulted in further downward pressure on pair as it tumbled to a CHF0.9111 low late in the day.
USD/JPY – Pair continued its sharp downturn from Wednesdays high as a number of sellers sent it lower to ¥76.64 as dollar saw broad weakness.
AUD/USD – Couldn’t take advantage of dollar weakness as it made slim gains for the day. Early US$1.0670 high reversed following U.S. GDP data which sank pair to US$1.0597 session low.
GBP/USD – Early gains were given back at the U.S. session open as the pair plummeted quickly to US$1.5641 low, rebounding almost immediately before improved sentiment surrounding Greece helped support the pair on its way to US$1.5740.
26 Jan 2012
EUR/USD – A relatively quiet day on the news front saw rumours about a fresh Greek deal push the pair to US$1.3177. The gains however could not be held and the pair slipped back to its overnight level around US$1.3105.
USD/CHF – A classic mirror of the EUR movements today, initially sinking to a near 2 month low, before retracing losses to close near CHF0.9205.
USD/JPY – Following its recent move higher, the pair continued to give back gains from yesterday afternoon, reaching ¥77.29 session low.
GBP/USD – The worsening outlook for the UK did not halt its continued move higher as broader weakness in the USD elevated Cable to a 5-week high at US$1.5736, before it reversed some of its gains to finish near US$1.5688
AUD/USD – Moved higher with a bundle of riskier currencies to cap US$1.0686 high shortly after the London open.
25 Jan 2012
EUR/USD – A dramatic day for the pair started with more Greek woes as fears the country would impinge on the bond buying ability of the ECB sent it lower to US$1.2931. A German Ifo report went seemingly unnoticed before late in the day the Federal Reserve announced it would keep rates near zero until late in 2014, later than expected. This sparked a fierce return to risk and the pair hit US$1.3120 high.
USD/CHF – Risk-off morning led the pair to CHF0.9340 high which did not last long as risk took over and the pair collapsed to 6 week lows, bottoming out at CHF0.9204.
USD/JPY – A rare trade deficit for Japan, not seen in over 3 decades, weakened the Yen as the pair moved higher to reach ¥78.28. Gains were pared however and the pair ended up a touch lower on the day at ¥77.75.
GBP/USD – Sterling weakness was initially contributed to 0.2% contraction in the economy and underlying concerns over fresh QE. Having hit US$1.5531 low in early London, a choppy day was highlighted by a sharp move higher to US$1.5678, a reflection of broader USD weakness.
AUD/USD – A risk-off, risk-on day ultimately left the pair higher after a 140 pip rally sent it to US$1.0619.
24 Jan 2012
EUR/USD – Good Services PMI out of Europe set off what proved to be a choppy session for the pair as it capped US$1.3063 high in early London trading. The lack of a Greek deal tempered risk and the pair stooped to US$1.2954, before clawing back to where it started the day.
USD/CHF – The pair ended the day almost exactly where it started at around CHF0.9278 after following moves in Europe.
USD/JPY – The BoJ left its policy unchanged meeting expectations and did little to move the pair. However, demand for EUR/JPY dragged the pair to highest in 2012 at ¥77.85.
GBP/USD – Ahead of the BoE meeting tomorrow, Cable again made gains reaching US$1.5624 late in the day as the outlook for further QE continues to weigh on currency.
AUD/USD – The pair came away from its 2012 high set yesterday, edging back to a US$1.0428 session low.
23 Jan 2012
EUR/USD – Cautious optimism permeated markets today as expectations of a nearing Greek deal buoyed sentiment. This launched the pair back above US$1.3000 where it managed to hold until close.
USD/CHF – Continued downwards after Friday’s mild recovery as broader dollar weakness pressured the pair to fresh 2012 low of CHF0.9253.
USD/JPY – Moved in tight range today finishing roughly where it started around the ¥77.00 mark ahead of BoJ policy meeting.
GBP/USD – After initially ambling to US$1.5517 session low, Cable picked up where it left off on Friday as it followed a broader move upwards against the dollar. It struggled to fully capitalise on the wider move as concerns about the UK outlook continued to hamper the pound.
AUD/USD – The pair touched a session high of US$1.0573 on broader dollar weakness, giving back some of its gains later in the day to close near US$1.0532
20 Jan 2012
EUR/USD – An inevitable round of short-covering sent the pair lower to US$1.2887. Markets seem to be optimistic ahead of further Greek negotiations, but are still wary of a debt crisis backlash.
USD/CHF – A long slide downwards finally came to an end as pair rallied to CHF0.9370 high, finishing the day slightly lower at CHF0.9342.
USD/JPY – The pair neared the previous day’s high of ¥77.32, before ending the week with a dip lower, back below the ¥77.00 level.
GBP/USD – Cable capped a strong week of gains with a rally up to a 2 week high of US$1.5574. Retail sales couldn’t further aid the pair as concerns about QE remain in the spotlight.
AUD/USD – Having struggled early on as a result of a poor Chinese manufacturing PMI figure of 48.8. Risk appetite soon returned however as it marched upwards to US$1.0488
19 Jan 2012
EUR/USD – Spurred by a strong Spanish debt auction, the pair continued upwards with markets given a small bout of optimism. Made gains from early London trading and found support into New York session reaching US$1.2971 high.
USD/CHF – Very quiet day for the pair as it followed Europe with broader risk appetite leading the pair to CHF0.9317.
USD/JPY – The Yen saw its second most volatile week of the year so far, as good demand dragged the pair to ¥77.32 high, away from its recent lows.
GBP/USD – A poor Consumer confidence figure of 38 hampered gains, although did not stop testing US$1.5500. It failed to break this level capping gains at US$1.5492.
AUD/USD – In a risk-on day, the pair unusually saw limited gains. Soft employment data did not help as it managed US$1.0434 high, before closing lower.
18 Jan 2012
EUR/USD – The euro tested US$1.2800 early on, but saw a sell-off as comments from a director at Fitch suggested Italy could be lowered by two notches. Speculation about a $600 billion increase to IMF’s funding ability bolstered risk appetite and pair reached a US$1.2868 high.
USD/CHF – After shifting lower in early London trading, an error by a trader on EUR/CHF sparked fear of intervention which jilted the pair upwards. Once confirmed as an error the pair continued its shift downwards to CHF0.9383 low.
USD/JPY – The pair provided another lacklustre day sticking to its recent range as it reached ¥76.65 low before turning round to retrace losses.
GBP/USD – Cable tracked the euro higher after a news report said the IMF were looking at ways to increase its lending facility to $1 trillion, with the pair capping gains at US$1.5442.
AUD/USD – The pair produced a choppy range bound session, finishing slightly higher on the day at US$1.0436
17 Jan 2012
EUR/USD – Overnight, strong growth data from China aided risk which led the pair higher. Results from the German economic sentiment survey further fuelled risk appetite leading to session high of US$1.2808. Fitch came out with more negative comments, this time about the likelihood of a Greece default, which sent the pair down to US$1.2711 low.
USD/CHF – Pair forced down to CHF0.9448 before U.S. open, however sentiment quickly diluted and it rallied higher to finish the day around CHF0.9493.
USD/JPY – Whilst sticking in ¥76.55-¥76.84 range, pair saw increased demand with more volatile swings than normal seen early in the day. Still looking to edge downwards as USD strength becomes wavers.
GBP/USD – Cable saw short-squeeze up to US$1.5404, but fears surrounding Greece’s tenuous debt position saw gains pared and it finished near US$1.5330.
AUD/USD – Tracked moves seen in Europe as it raced to a US$1.0449 high after London open, but slipped to US$1.0354 later in the day.
16 Jan 2012
EUR/USD – Following Friday’s downgrades by S&P the markets finally had a chance to react and it was safe to say this reaction was muted. With the news already priced in the pair floated near recent lows failing to test US$1.2700 as it reached US$1.2688 high. The S&P did however downgrade the EFSF to AA+.
USD/CHF – Pair reached CHF0.9567, but traded sideways for the majority of the day. With EUR/CHF hovering precariously above the CHF1.2000 peg, markets will continue to watch closely for any slip below.
USD/JPY – Dipped slightly lower through the day, before finding support at ¥76.70.
GBP/USD – After confidence was again rattled on Friday, the pair traded almost horizontally as investors re-assess the weakening conditions. The pair did touch US$1.5282 before ending the day roughly 40 pips higher.
AUD/USD – Slipped overnight but moved higher during the day eventually capping gains at US$1.0337.
13 Jan 2012
EUR/USD – The pair took a pummelling today as heightened talk of a mass downgrade and stuttering Greece debt swap discussions rattled sentiment. Having held above US$1.2800 overnight, pair shed around 250 pips leaving it at US$1.2624 low. Once the U.S. markets closed, the downgrades came as France and Austria were stripped of their AAA statuses by S&P.
USD/CHF – Inversely mirrored moves in the euro, hitting CHF0.9575 high. Nothing new to report from SNB as EUR/CHF hovered above CHF1.2000.
USD/JPY – Broader USD bid tone sent pair higher during the day, as a brief spike to ¥77.06 didn’t hold.
GBP/USD – As has been the recent trend, nervous investors piled back into the perceived safety of the dollar with downgrades imminent. An initial move up to US$1.5409 was quickly pared as pair collapsed to US$1.5234.
AUD/USD – Followed moves from Europe touching US$1.0367 high, before sharp reversal down to US$1.0233. Did manage to find some good support prior to the downgrade news, but ended the day lower.
12 Jan 2012
EUR/USD – Lower Spanish yields at a number of auctions yesterday initially spurred demand, before comments from ECB president Draghi settled some tentative nerves. The pair raced up to a US$1.2845 high, consolidating just above US$1.2800 at the close of play.
USD/CHF – Continued pressure on the SNB following the departure of Hildebrand was not aided by a return to risk which sent the pair back down to CHF0.9412.
USD/JPY – In absolute terms, the Yen finally saw some action as broader USD weakness sent the pair crashing to a 1-week low at ¥76.67 after it posted a ¥76.98 high.
GBP/USD – The BoE chose to keep rates the same and hold their asset purchase program, although this is expected to increase in February. The outlook for the UK economy dampened with weak industrial data, however Cable managed to climb to US$1.5367 high.
AUD/USD – Very choppy session ultimately left the pair slightly higher as it failed to hold on to US$1.0377 high.
11 Jan 2012
EUR/USD – Comments from Fitch heaping pressure on the ECB to provide more support aggravated already nervous markets as the pair reignited its recent decline. It dropped to US$1.2662, languishing at 16-month lows.
USD/CHF – After dipping to CHF0.9483, the pair reversed and moved broadly higher to CHF0.9568 and managed to hold on to the majority of these gains after spurious rumours circulated markets.
USD/JPY – The day was earmarked by its recognised tight range as the pair finished the day on par after earlier high of ¥77.04.
GBP/USD – Stark comments by Fitch led to risk aversion as fears continue to mount, which left the pair ailing at US$1.5309 as it tracked the euro’s demise.
AUD/USD – The sharp euro sell-off had less impact than expected on the pair as it endured a rollercoaster day. Early gains were quickly given back as it posted a US$1.0263 low before it rallied to close in on earlier highs at US$1.0317.
10 Jan 2012
EUR/USD – Caution reigned ahead of crucial bond auctions for Italy and Spain. The pair found support from short covering on its way to US$1.2818, but amongst other things, murmurs of a second Irish bailout reversed gains.
USD/CHF – The confirmation of the anticipated resignation by Hildebrand didn’t move markets as the pair ranged between CHF0.9511 high and CHF0.9466 low.
USD/JPY – The pair was stable in 12 point range, closing near 76.83 for the day.
GBP/USD – Little real action for this pair as any moves were driven mainly on broader U.S. weakness. Cable tested US$1.5500, but failed to hold, ending the day with slim gains.
AUD/USD – Shifted up a gear as the pair rallied to US$1.0351. However, the move quickly ran out of steam as it slid lower to US$1.0305.
09 Jan 2012
EUR/USD – Overnight the pair rebounded from a 16-month low at US$1.2666 as a short squeeze sent the pair higher, reaching US$1.2786 during the day. A meeting between Merkel and Sarkozy produced precious little in the way of progress as sovereign yields remained firmly under scrutiny.
USD/CHF – Following days of speculation, Hildebrand finally resigned from his position of president of the SNB. This didn’t affect the pair as it slid to CHF0.9490 low.
USD/JPY – No change in this pair as it meandered sideways around the ¥76.85 mark.
GBP/USD – A quiet day for this pair as markets nervously wait for important bond auctions later in the week. Cable edged higher reaching US$1.5470 high.
AUD/USD – Trundled higher during the day on its way to a US$1.0258 high as a technical boost helped markets.
06 Jan 2012
EUR/USD – Surprise NFP data showing a brighter start to 2012 for the U.S. economy left the common currency paying the price. The usual move to risk following the positive data faltered as the pair dropped to US$1.2697 low as investors shunned the endangered euro.
USD/CHF – The pair edged lower to CHF0.9506 early on, but pared losses on the back of better-than-expected NFP data as it capped CHF0.9578.
USD/JPY – A brief spike higher came to little as the pair slipped back below ¥77.00.
GBP/USD – Modest U.K. housing data could not save Cable as strong NFP data sent the pair spiralling down to languish at US$1.5375. As the U.S. economy begins to stir, the U.K. remains dormant and investors need little encouragement to head the dollar.
AUD/USD – Another choppy session for the pair ultimately left it marginally lower at US$1.0227.
20 Dec 2011
EUR/USD – Markets rebounded today after their recent misery as yields subsided in a Spanish bond auction and strong economic data from the U.S. and Germany revitalised risk demand. The pair bolted up to US$1.3131, but with sentiment still brittle, it failed to hold, retracing back to around US$1.3079.
USD/CHF – Positive news from Europe shifted demand away from US dollar and pair continued its decline to hit CHF0.9270 low. It eventually recovered to CHF0.9318, but it will be a testing time for SNB following their last policy meeting.
USD/JPY – Whilst the BoJ raised its intervention treasure chest to roughly ¥70 trillion, the pair continued ranging as it touched ¥77.72 low.
GBP/USD – Continued to be a function of EUR as it shifted upwards to hit US$1.5700 high. While thin liquidity continues to exacerbate moves, pair still seeing heavy downside risk considering on-going European debt saga.
AUD/USD – RBA lowering rates by 25bp to 4.25% and general risk-on day forced pair back through parity to reach US$1.0094.
19 Dec 2011
EUR/USD – A lack of political certainty resulting from the death of Kim Jong-Il sent pair lower in early trading, before concerns dissipated. Downgrade fear continues to lead investors to sell into rallies which saw pair sink from US$1.3043 high to US$1.2989.
USD/CHF – Pair continues to follow EUR/CHF following lack of SNB action. Reached CHF0.9397, but slipped back to touch CHF0.9348 low.
USD/JPY – Broad US strength from the death of North Korea’s leader shunted pair up to ¥78.16. Subsequently retracing these gains it moved sideways, ending narrowly above ¥78.00.
GBP/USD – In early trading it followed all USD crosses lower, before good demand led the pair to reach US$1.5545 high. This was not sustained though as it fell back below US$1.5500.
AUD/USD – A run up to US$0.9969 was halted, before the pair dropped away 80 pips to reach US$0.9885 low.
12 Dec 2011
EUR/USD – In the wake of the EU summit, which again failed to resolve the debt threat, investor sentiment waned and the pair plummeted to US$1.3163. Fears of a mass downgrade were reignited as EU leaders failed to produce a solution at last week’s meeting.
USD/CHF – Investors swarmed back to the safety of the US dollar today as pair rallied strongly throughout the London and New York sessions touching CHF0.9387 high.
USD/JPY – Pair failed in an attempt to transcend the ¥78.00 barrier as it moved upwards to within touching distance of the figure. Pair ended day residing around ¥77.92.
GBP/USD – Hampered by a lacklustre EU summit, investors moved to protect themselves as demand for US dollar increases. Result of this sees pair move below US$1.5600.
AUD/USD – Heavy risk-averse day left pair challenging previous day’s low at around US$1.0058.
09 Dec 2011
EUR/USD – A report from Reuters suggesting a Chinese foreign exchange vehicle of $300bn buoyed pair after agreements on fiscal consolidation in from EU leaders failed to move pair. After reaching US$1.3433, the pair faltered on lack of progress at the summit and ended the week near US$1.3380.
USD/JPY – After relatively aggressive moves on Thursday, the pair moved back into range, trading between ¥77.50-¥77.78.
GBP/USD – Pair touched $1.5735 peak on speculation of an investment vehicle created by China, but quickly gave back gains as profit-taking ahead of week end ensued. Record-breaking trade deficit reduction did little to alter gloomy forecasts in UK.
AUD/USD – After breaking down to 10-day low of US$1.0048, strong recovery left the pair at US$1.0224 going into the weekend.
08 Dec 2011
EUR/USD – Although the ECBs Draghi lowered rates by 25bp, this was not seen as sufficient by markets as he shunned the idea of further ECB bond-buying. This again rattled market expectations of a crisis resolution and sent the pair hurtling down to US$1.3293.
USD/CHF – Pair followed moves from Europe as an initial US dollar sell-off quickly reversed as optimism for the EU summit quickly faded which left the pair higher at around CHF0.9260 after briefly touching CHF0.9283.
USD/JPY – Finally the pair saw some action today after investors moved to the yen early on, before sentiment soured and demand poured back into the safe haven dollar which moved the pair from ¥77.15 back above ¥77.70.
AUD/USD – All attentions were inevitably focused on Brussels today, with an early rally up to US1.0370 quashed dramatically as the pair eventually posted low of US$1.0148.
07 Dec 2011
EUR/USD – Pessimistic murmurs from an anonymous German official tripped the pair up to hit US$1.3353 low. In the New York session the pair erased these losses on renewed market confidence that a solution will be agreed. Pair ended back above US$1.3400.
USD/CHF – Movements in pair driven by differing expectations in anticipation of the EU meeting. Pair touched CHF0.9228 low, subsequently rallying to CHF0.9286, eventually settling close to earlier low.
USD/JPY – Pair traded sideways again between ¥77.63 and ¥77.78 with no fresh news.
GBP/USD – More weak production data affirms torrid outlook for UK economy, although this failed to impede the pair reaching high of US$1.5723 on optimism surrounding the EU summit.
AUD/USD – Pleasing quarterly GDP results helped to support the pair as it moved higher today, closing in on US$1.0300.
06 Dec 2011
EUR/USD – Strong manufacturing data from Germany, which supported pair to US$1.3427 high, failed to overcome concerns raised by S&Ps Eurozone outlook which hampered sentiment and guided pair lower.
USD/CHF – Concerns of indirect intervention from the BIS caused pair to rally to CHF0.9296, before they and the SNB denied this. Pair retraced to where it started the day, but eventually moved back higher on US dollar demand.
29 Nov 2011
GBP/USD – The pair joined in on the EUR rally reaching US$1.5640. The comparison then ended as it found support following the autumn statement. Whilst the outcome was far from positive, sterling’s status as a safe haven within Europe helped the pair consolidate earlier gains.
28 Nov 2011
USD/CHF – Hope in Europe for a tangible plan ahead of the European Summit saw the pair plummet in London open to bottom out at CHF0.9176.
25 Nov 2011
USD/CHF – Comments from the SNB regarding its intentions to raise the EUR/CHF ceiling impacted the pair which saw it reach high of CHF0.9330.
USD/JPY – Whilst both currencies safe haven appeal continued to strengthen, the US dollar proved the stronger as concerns in Europe escalated. Buoyed by comments from the BoJ finance minister, the pair reached ¥77.79.
24 Nov 2011
EUR/USD – Overnight the pair made steady gains before a stronger-than-expected Ifo report out of Germany propped up markets to US$1.3411. This, however, failed to overturn sentiment as again Merkel reiterated her formidable opposition to Eurobonds and ECB intervention. The resulting breakdown in mediation drove pair down to US$1.3316.
GBP/USD – Difference of opinions between Europe’s leaders caused a stir as market negativity persisted. Exacerbated by holiday liquidity the pair added to recent losses abating below US$1.5500.
23 Nov 2011
EUR/USD – A disappointing Bund auction augmented by soft economic data throughout the US, Europe and China inevitably led to risk aversion. With Germany’s safe haven status rocked and Merkel’s stubbornness over Euro resolution strategies the pair collapsed to US$1.3320.
22 Nov 2011
EUR/USD – FOMC meeting minutes brought nothing new to the table and a continued lack of feasible solutions to the debt crisis kept investors nervous. While the IMF announced the Precautionary and Liquidity Line this failed to reverse sentiment and a tight range saw pair end the day around US$1.3511.
USD/JPY – Misinterpreted comments from Japan’s finance minister caused short squeeze for pair as it momentarily hit ¥77.35. After shedding these gains it settled back into a tight range near ¥77.00.
AUD/USD – A choppy day saw pair no better or worse off than it started as markets seem hesitant to act with no fresh news regarding a resolution to the debt crisis.
21 Nov 2011
USD/JPY – No surprises overnight for this pair as throughout the day it traded marginally upwards with high of ¥76.99.
AUD/USD – Suffered heavily, posting low of US$0.9809, as the slide continues for the pair as US safe haven momentum increases.
18 Nov 2011
USD/JPY – Pair stooped to fresh intervention lows of ¥76.57 on renewed demand for the yen. A strong rally throughout the afternoon saw the pair touch ¥77.00 briefly before consolidating these gains.
GBP/USD – Similar to the EUR, the pair rose quickly to high of US$1.5888, before risk aversion set in and the markets eased off for the weekend.
AUD/USD – The pair fell from US$1.0107 high back towards US$1.0000 as continued to mock movements from European currencies.
17 Nov 2011
EUR/USD – This pair continues to remain extremely volatile as the debt crisis marches on. Headlines from Fitch and Moody’s yesterday left pair languishing, but diminishing bond yields from record highs and the announcement of sweeping reforms from Italy led pair to high of US$1.3539. A poor Spanish bond auction drove pair back down to around US$1.3462.
USD/CHF – Reached 5-week high of CHF0.9236, before sell-off saw pair fall back to CHF0.9153. Since then it has seen a retracement back towards earlier high.
GBP/USD – Better-than-expected UK retail sales data saw the pair rally strongly to peak at US$1.5813. On the whole though, the outlook remains formidable as UK posted records lows of consumer confidence in October, which reflects the prevailing sentiment.
16 Nov 2011
EUR/USD – Purchases of Italian and Spanish bonds by the ECB brought hasty respite to markets today, before fears of contagion continued to escalate with widening sovereign spreads proliferating other core economies. Along with Italy and Spain, bond yields all rose for France, Belgium and Austria which saw the pair drop to US$1.3462.
USD/CHF – Pair continued drive upwards as flight to safer assets continues and reached a high of CHF0.9223 today.
USD/JPY – The BoJ kept policy unchanged regarding its asset-purchase fund and this reflected on the pair as it continued to move sideways around ¥77.00.
GBP/USD – Cable continued its slide as BoE outcome looked increasingly towards adding to the asset purchasing programme reaching US$1.5738 low.
AUD/USD – After the pair pushed up to US$1.0183 high, continued weakness in Europe led it down back below US$1.0100.
15 Nov 2011
EUR/USD – Pressure on peripheral spreads, most notably rising Spanish and Italian bond yields coupled with UniCredit, Italy’s biggest bank, announcing an unexpected €10.6 billion 3Q loss led to further downside tension for pair. Concerns over France today, as a result of their exposure to Italy’s public debt, saw pair fall below US$1.3500.
USD/CHF – As the SNB continued to attempt to talk the CHF weaker, the pair continued to rally to reach high of CHF0.9197 today.
USD/JPY – After reaching fresh post intervention lows yesterday, an abrupt move up to ¥77.50 sparked rumour that BoJ had possibly intervened. The pair only briefly sustained this level, before falling back to range movement around ¥77.00 mark.
GBP/USD – Figures for the UK economy continue to raise concerns over the interconnectedness between the UK and Europe as growth and inflation forecasts were revised downwards again as the pair touched low of US$1.5800 today. Ahead of Wednesdays inflation report, expectations amongst markets were of a dovish outcome.
14 Nov 2011
EUR/USD – Political clarity from Italy over the weekend, with Monti heading a new technocratic government, failed to divert attention away for the underlying issues. After Italian bond yields dropped significantly over the weekend, the pair opened up stronger before a poor Italian bond auction caused 10 year yields to increase, heaping the pressure back onto the market. The EUR/USD fell to lows of $US1.3594.
USD/CHF – As conditions in Europe worsened, this re-affirmed recent US strength and the possibility of the SNB defending the EUR floor lead the pair to rise from weekend low of CHF0.8955 to touch back above CHF0.9000.
GBP/USD – After consolidating large gains on Friday, the pair suffered a complete retracement of these gains as the Eurozone crises quashed labour demand, further adding to pressure on the UK economy.
AUD/USD – This pair met a similar fate to most other cross-USD pairs today. After a promising weekend, investors fled back to the USD after last week’s concerns were revisited and the pair stumbled to lows of US$1.01636.
11 Nov 2011
EUR/USD – On Friday risk sentiment improved as a successful auction for Italian bonds saw yields begin to subside and the appointment of Papdemos helped to steady the markets after another turbulent week. At one stage a technical error courtesy of S&P suggesting a French downgrade spooked investors, but pair retraced most of Wednesdays losses, moving back to close just under US$1.8000.
GBP/USD – After trading sideways through the Asia session and most of the London session, the pair rallied over 150 pips in a 2 hour period. The subsistence of Italian yields and some political clarity in Greece helped to ease investor nerves and the pair consolidated around US$1.6066.
AUD/USD – As with the other risk currencies, the pair made gains following news flows out of Europe. There was little activity overnight, but like other cross-USD pairs it rallied strongly to reach US$1.03041 during the day.
10 Nov 2011
EUR/USD – Pair encountered heavy losses yesterday as an increasing margin call announcement from the LCH led to Italian bond yields reaching nearly 7.5%. This instigated a mass exodus which left the pair languishing below US$1.3500 at one stage. Today, retreating yields and conformation of new Greek leader helped appease markets somewhat as prices recovered to high of US$1.3650.
09 Nov 2011
EUR/USD – Following snap market action from the confirmation of Berlusconi’s resignation, pair fell into tight range yesterday which continued overnight. As markets grew nervous over Italian borrowing costs, the pair collapsed below US$1.3600 as yields on Italian 2 and 10 year bonds reached over 7%.
USD/CHF – Consistent with the rest of the market, trading was confined to a tight range for much of yesterday and overnight, before Eurozone worries extended through Italy supporting the USD. Pair breached CHF0.9000 heading upwards towards CHF0.9100.
USD/JPY – Pair continued to undo work of BoJ overnight as hit lows of ¥77.55 with shades of previous intervention attempts. Signs of a slight recovery today though as it moved back upwards to ¥77.75 area.
GBP/USD – A high yesterday of US$1.6130 was ultimately followed with little action overnight. Conforming with other cross-USD pairs, fell sharply today with worsening Eurozone conditions and worse-than-expected trade balance figures.
08 Nov 2011
USD/CHF – An action warning from the SNB yesterday supported the pair to see an overnight high of CHF0.9065. Today saw retracement of all yesterday’s gains as rate fell back to CHF0.8923 low.
GBP/USD – Further pseudo-EURUSD price action and limited interest led pair to 40 pip overnight range. Since then has moved upwards above US$1.6100 level.
AUD/USD – Pair stuttered but eventually fell to US$1.0283 on the back of poor trade data overnight. During today, a strong recovery saw pair head back above US$1.03700.
07 Nov 2011
USD/JPY – BoJ intervention continues to deflect interest away from pair as nerves remain regarding possibility of further intervention. Pair maintains ¥78.00 level as it becomes increasingly range-bound.
GBP/USD – Cable continues to take a back-seat as it mimics EUR/USD. Pair rallied from low of US$1.5946 to finish last week at US$1.6031. Pair fell to US$1.5980 in early London trading, but has since recovered well above US$1.6000.
AUD/USD – The focus remained very much on the situation in Greece on Friday and EUR frailty continues to weigh down on the pair. After falling from US$1.0426 down to US$1.02770 earlier today, pair has since recovered some losses.
04 Nov 2011
USD/JPY – Another subdued day for pair as it continued tight range between ¥77.90 and ¥78.10 with little else to report.