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Forex Market Update: Currencies Get a Boost From Risk Appetite on Rising Stocks and Commodities
Wednesday, 10 December 2008 05:49:14 GMT  |  Geng Chen, DailyFX Research
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Soothing signs of stabilizing markets fueled some risk appetite during the Asian session though moves were contained with gains on AUD and NZD quickly capped, and EUR and GBP still well below the highs seen on Tuesday. AUD gains stalled ahead of the NY highs of 0.6645 at 0.6642, though Kiwi outperformed, rising to 0.5497. The USD/CAD broke NY lows to trade to 1.2550 but remains above Tuesday's lows around 1.2510. Meanwhile, the EUR/USD has edged over 1.2950, underpinned by EUR/JPY gains which were fueled by the rally in the Nikkei this afternoon. The pair has edged up to 1.2962 highs after trading in a range of 1.2912-1.2950 much of the session. However, the EUR/USD remains well below the NY highs of 1.3001. The GBP/USD price action has been contained during Asia session, with a range of 1.4736-1.4793, cable is holding well below the highs of 1.4842 seen in NY and further resistance remains around 1.4910, 1.4960. The EUR/GBP has been contained in a tight range of 0.8752-0.8776 after the cross hit fresh record highs.

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