Thursday's G10 Currencies: JPY Head Fake?
Saxo Bank | Feb 27, 2014 11:45AM ET
The G10 currencies saw a mixed bag Thursday characterised by:
• A surge and retreat in the JPY, possibly as Ukraine developments worried Europe while the early US session saw the bulls swarming in to bid risk higher.
• EURUSD at new local lows and USD generally stronger before the greenback faded ahead of Janet Yellen’s appearance.
• Strong new surge in kiwi as NZDUSD reached final resistance areas and AUDNZD rushed lower.
• SEK bears gained encouragement as slightly supportive Swedish data saw a test of EURSEK support, then a rally.
• Test of key support in silver.
USD/JPY is desperately trying to reachieve the Ichimoku daily cloud late in the day after a steep sell-off earlier. It will keep the near term outlook neutral if it succeeds, and bears will need a fresh move below today’s lows to get any encouragement on downside prospects.
NZD/USD is pushing at the upper end of the range towards 0.8400 but it’s hard to believe in any breaks after five months of trendlessness in this pair.
An XAG/USD (spot silver) bounce off key technical support at the 200-day moving average. This encourages the bulls, and the pair must hold these lows in the days ahead to keep the focus higher.
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