The strongest and weakest currencies as North American traders enter

Technical Analysis

Author: Greg Michalowski | eurusd

GBP is the strongest.  NZD is the weakest.

Taking a snapshot of the percentage changes of the major currencies vs. each other shows the GBP as being the strongest as North American traders enter for the day. The NZD is the weakest. 

Most of the focus has been centered on the action at the Euro area finance ministers meeting (see the morning review for all the headlines)  There has been up and down activity there, with the most recent being more negative. 

Focus will now shift to the US durable good data. Yesterday the market attached to weakness seen in the US data and took the dollar down. With the FOMC next week, the market is getting more and more reactionary to what comes out.   Expectations are for the headline to come in at 0.6% vs -1.4% (ex trans +0.3% vs -0.6%). The Durable Goods can be a wild card release (it is harder to pin down) and the market is sensitive, so there should be a quick jump depending on how the cards fall.  Be careful. Be aware.

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