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Forex: AUD/USD bounce kisses 1.0400

FXstreet.com (Barcelona) - The greenback surged against its counterparts as investors got scared of news coming from Europe and a bailout to Cyprus that includes taxes on deposits going as high as 9.9%. From Friday's close of 1.0412, the AUD/USD went as low as 1.0344 before starting a bouncing movement that has reached 1.0400 area.

Ahead at 14:00 GMT is NAHB Housing Market Index. At 23:15 GMT and 23:50 GMT, RBA's assistant governor Lebelle and deputy governor Lowe will speak before the release of the central banks' March meeting minutes at 00:30 GMT.

“Further weakness remains in store for the days to come with the one month support line at 1.0292 being eyed this week”, wrote Commerzbank analyst Karen Jones. “Our longer term outlook remains negative with the 2011-2013 support line at 0.9817 remaining in the picture and then the 0.9404 2009 peak”.

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Forex Flash: CAD correlation to oil and stocks rises – TD Securities

TD Securities analysts noticed that CAD correlations with crude oil and stocks has strengthened (CAD/S&P 500 correlation nearing +48% in our rolling 22-day study) while correlation with (less CAD-supportive) short-term Canada-US interest rate spreads has weakened.
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