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Forex: USD/CHF down back to 0.9300 ground

FXstreet.com (Barcelona) - The USD/CHF spent the last hours of the NY session climbing from 0.9290 to peak at 0.9332 high and spent the Asian session retracing that move, coming to as low as 0.9302 just ahead of the European opening.

German PPI fell -0.2% (consensus of 0.0%) and annualized data eased from 1.2% to 0.4% (consensus of 0.7%). The Italian Presidential election is still ongoing. Ahead is EMU current account data, expected to widen its surplus from €14.8 to €15.0 in February, Italy industrial sales and Spain trade balance.

“It remains capped near term by the 55 day moving average at 0.9350. This needs to be overcome in order to negate a sell off to 0.9140, the 78.6% retracement of the move up from February”, wrote Commerzbank analyst Karen Jones.

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The USD/JPY has been climbing the chart on Friday as the G20 meeting has a focus on monetary policy, particularly of Japan, and finance minister Aso revealed that Japan faced no opposition at G20 to its message that its monetary policy is aimed at beating deflation. The pair has lifted to 98.91 high, so far, as European money gets in the game.
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St. Louis Fed President James Bullard's warning that the Fed may buy more bonds if inflation continues to go down' on Tuesday is a warning signal for markets rattled by the decline in commodity prices and other growth-sensitive assets. Bullard - who earlier this year noted that the unemployment rate could fall to 7% by year-end, expressed significant unease with the excessive focus on the Fed's jobs mandate, while price expectations were starting to drift lower in the background. BoE MPC Member Martin Weale also warned on Thursday that the 'improved' inflation position made him feel there was 'more room for maneuver.
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