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Forex Market News

At present the Cable is doing all it can to hold its head above the important 1.4200 level as is the EUR/USD with 1.2600 and the AUD/USD with 0.6380, although the 0.6300 level has greater significance.

The risk currencies if you may, have been under pressure all morning in Europe with European equity markets all lower amid concerns that government led stimulus plans will not be able to combat a deteriorating global economy and disastrous corporate profits.

With industrial output crashing 10% in January things are not looking good for the world’s number 2 economy. I wonder how much it needs to lose to become the number 3 economy. Any ideas?

Forex Market News:

It seems the risk trade could be back again with European equity markets all lower today and the EUR, GBP, AUD and shortly the CAD weaker against the USD and the JPY, with the EUR/JPY back below the important 125.00 level and threatening support at 123.00.

The AUD/USD has dipped back below 0.6400 but continues to remain well above the important 0.6300 level.

After declining in the 3rd quarter of 2008 (-0.3%), numbers just released showed the Finnish economy contracted again in the 4th quarter to -1.3% and -2.4% annually adjusted.

During the full year of 2008, GDP grew by 0.9% which was the slowest rate of growth since the early 1990′s.

The news just does not get any better for the UK’s banks does it? With Lloyds TSB suffering an 80% fall in profits in 2008 while HBOS suffered a GBP10.8 bio loss. Looks like GBP250 bio of Lloyds toxic sludge will be part of the Governments Asset Protection Scheme. For the complete article in today’s UK Telegraph, please click here.

Currency Market News:

It may feel like deja vu, but about this time yesterday the Cable had been sold off sharply and was dicing with the 1.4180 region, setting a low around 1.4140 and then rallying back to just shy of 1.4400.

This time if we go below 1.4140 i think we stay there and look like revisiting support down at 1.3630.

Forex Market News:

Talk on the street is that model funds have been responsible for the selling in the EUR/USD and the Cable with more selling expected on a break below 1.4175 in the Cable.

There have been conflicting rumours on the street today depending on whether you talk to people in London or Asia concerning the AUD/USD and the London fix. The word out of Asia is there is a HUGE amount of buying to be done, word out of London is that there is a HUGE amount of selling to be done. No one can ever say i am biased in the way i report things…

Forex Market News:

I mentioned earlier that i thought we would set new lows for the EUR/USD, Cable and the AUD/USD in early European trading and the market has been nice enough to back me up. At the time of writing, the EUR/USD has broken below minor support at 1.2680 and could potentially work its way back to 1.2550/00 which i think is a decent level to look to buy.

The Cable and the AUD/USD both just saw new daily lows of 1.4204 and 0.6428 respectively but are still above their important supports at 1.4100 and 0.6300.

The EUR/JPY is also heading lower in morning European forex trading, currently trading just at 123.60, just above its lows for the day at 123.44. The 123.00 level is the minor support to pay attention to and i would buy here with a stop below 123.00.

It seems the Korean Won, Indian Rupee, Malaysian Ringgit, Indonesian Rupiah and Sing and Taiwan dollars all weakened significantly against the USD. The pressure remains broad based and given the high risk aversion, weak equity markets, portoflio capital outflows and weaker exports it makes it hard for the direction to change any time soon.

The Bank of Korea, Malaysia’s and Indonesia’s central banks were all seen intervening in the markets today.

Forex Trading News

The EUR/USD has again held above support at the 1.2680 level although it needs to break above 1.2800 or it risks a fruther test of 1.2680 and a break lower that could potentially see levels closer to 1.2550.

Personally, i would be looking to buy ahead of 1.2700 with a stop below 1.2670 as a very speculative trade for a move back to 1.2800. I would be more confident of looking to buy at 1.2580 and 1.2530 with a stop below 1.2480 in significant size.

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