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Forex Flash: EUR/USD to remain under pressure due to Cypriot led risk aversion - OCBC Bank

FXstreet.com (Barcelona) - OCBC Bank Treasury Analysts feel that with risk aversion resurfacing on the back of the Cyprus bank deposit levy debacle, EUR/USD may remain under pressure for now.

They feel that the 1.2868 interim support maybe the next level to watch out for and a convincing break of this could push for further downside in the pair. Meanwhile, they add that sentiment on GBP and AUD remains somewhat supported at the start of the new week, on the back of hawkish comments by BOE Governor King and the robust employment number out of Australia last Friday. They write,”Note that we are fundamentally still skeptical that GBP can sustain its recovery, amidst what we think to be increasingly high recessionary risks. It will be interesting to see how markets will react to the budget announcement this week. USD/JPY is back down below 95,00 on the back of the uptick in risk aversion, while the confirmation of new BOJ Governor Kuroda also means that the onus will be on execution of policies moving forward.”

Forex Flash: The National People's Congress concludes - Nomura

Nomura economist Zhiwei Zhang notes that the National People´s Congress concluded on Sunday with the new cabinet being announced and Premier Li Keqiang answering questions in the press conference.
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Forex: USD/JPY bounces to 95.00 mark

The risk-off drop in reaction the Cyprus bailout found its low at 94.09 and reasonable support at 94.30 area. After another test of that support as the Asian session closed, the USD/JPY was able to bounce back to the 95.00 ground, but still to fully retrace the drop earlier, from 95.30 zone.
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