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Forex: USD/CHF eases off lows after US data

The USD/CHF dropped from its high, peak at 0.9250, since mid-European session, sharpening the fall on the NY opening and coming to test the 0.9225 zone for the third time on Tuesday trading. Today's range remains very tight, of 25 pips, and surrounding the opening price of 0.9233.

The Housing Market Index by NAHB was expected to rise from 47 to 48 in February, but actual data points to a drop to 46, disappointing investors. After the release of the US data, downside pressure eased and the pair has returned to the opening price.

“The USD/CHF currency pair is still consolidating near its maximums. I think today the price may leave this consolidation channel upwards to reach the level of 0.9280”, wrote Roboforex.com analyst Igor Sayadov, pointing to 0.9300 as the main target, but risking an eventual reversal pattern to continue moving downwards.

Forex: USD/JPY under narrow range, flat on the week

Despite today's weakness as investors got concerned with the open disagreement between PM Abe and Finance Minister Aso over the way forward for monetary policy and even who the next BoJ governor will be, the USD/JPY is pretty flat on the week, near the opening price of 93.72.
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Forex Flash: Antipodean monetary policy expectations to diverge – ANZ

Looking ahead, we expect monetary policy expectations to move in opposite directions again as the Australian market prices in a less aggressive easing profile and the NZ market prices out rate hikes. In New Zealand, the market has moved to price in 80% odds of a rate hike by October. The 2-year swap rate has surged as a consequence. Markets can and will lurch from one extreme to the other.
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