NZ Dollar Rallies as RBNZ Holds Rates
THE TAKEAWAY: RBNZ holds rates at 2.50% > RBNZ wait-and-see approach contrasts with RBA’s dovish bias > Kiwi strengthens
canadian dollar
CAD at Fresh 2012 High Ahead of FED- GBP Correction to be Short-Lived
Daily Winners and Losers The Canadian dollar is the top performing currency against the greenback ahead of the European close with an advance of 0.23% on the session. Broader risk appetite has been well supported ahead of today’s key FOMC interest rate decision with the higher yielding commodity currencies advancing in early US trade. Remarks made by Bank of Canada Governor Mark Carney have continued to support the loonie with
USD Outlook Still Bullish but In-House Index Keeps Us Sidelined for Now
Euro remains very well supported on dips Retail positioning still looking for USD strength Cable and Cad SSI ratios stand out and warn of more USD weakness UK GDP data much softer; opens intraday underperformance in Pound Key event risk later today in the form of the FOMC rate decision We have yet to see any real justification for the latest Euro rally, but at the same time, would not
Sterling Takes Heavy Losses as UK Falls Back into Recession
THE TAKEAWAY: Negative UK GDP growth in Q1 2012 -> Sterling under pressure as data diminishes confidence Great Britain’s Gross Domestic Product contracted in the first quarter, pushing the UK into its first double-dip recession since the 1970s. The report is expected to increase pressure on UK officials, most important PM David Cameron who has faced criticism for promoting austerity instead of government stimulus.
Trend Analysis Generates EURGBP Entries
The EURGBP continues to have a strong April moving steadily in a downtrend. Through today’s trading, the pair has moved as much as 214 pips lower from its monthly high at .8357.