Saxo Bank (Saxo Bank)
-  |  June 13, 2011 11:38:04

FX Update: A new earthquake shook and NZD

Reports of another earthquake in New Zealand in Christchurch NZDUSD pair collided about 60 points, while the euro weakened and returned to the center zone. Later reports on the earthquake sent a second wave of up to ten NZD minimum. Other currencies remained stable.

Due to Australia's holiday at the beginning of the week maybe Asian markets expected a relatively quiet session. When you open the EURUSD pair quickly pushed to below 1.43, there to test the stop-loss, but the lack of momentum pushed him back to resistance at 1.4350. Published data was scarce in Asia and Europe and the U.S. today is completely missing. Today's holiday in some European countries, apparently taking its toll on activity. Events might revive manifestations J.-C.Trichet of the ECB and the Fed J. Lacker (but maybe not) and possibly a later manifestation of M. Wealeho BoE even though undoubtedly Forex will watch for the "Greek News".

Even before the decisive meeting of Ecofin Committee 20th June, the EU finance ministers are to meet tomorrow in order to discuss possible "solution" to the Greek situation, which did not result in a "credit event". Other important events this week include Tuesday performances B. Bernanke, Wednesday's consumer price index and the first regional survey of the manufacturing sector, first from New York and then on Thursday from the Philadelphia area. On Tuesday, the BoE will be interesting for the British consumer price index, SNB meets on Thursday.

Additional uncertainty about the rescue package for Greece maintained during Friday's session at the forefront of risk aversion. EU ministers were trying to assemble a rescue package that would not trigger the credit event, and the ECB reiterated its unequivocal opposition to any increase in debt, which would be entirely voluntary. Not very favorable macrodata coming from around the world have heightened risk aversion and dollar index climbed to its highest level since the beginning of the month. Under the influence of very poor outcome of industrial production and manufacturing sector output also languished GBP and also in Sweden, estimates of industrial production differed significantly from the ugly reality.

In the U.S., no published data that would be worth attention. Import prices were higher than expected, and Wall Street closed for the sixth week in a row in the loss. Better data on total employment in Canada have encouraged short-CAD, but due to fears of global slowdown on these gains came back quickly. Growth of U.S. bonds is caught before the weekend, allowing USDJPY to remain above the key 80.0 level.

Andrew Robinson, FOREX Analyst, Saxo Capital Markets

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