OPENING COMMENT
Currencies are all over the place in early trade with the Canadian Dollar standing our as the strongest major currency, while Kiwi has underperformed. Mostly however, it has been an Asian session of consolidation, with no clear insight into direction over the remainder of the day. The Japanese Tankan was released and came in broadly in line with expectations, and did not seem to factor into price action, with the Yen selling off on a reported heavy fixing demand for Usd/Jpy. Meanwhile, Japan’s Noda was on the wires saying that excessive currency movements could hurt the economy and markets. Asian equities have been tracking lower and this has also been acting as somewhat of a strain on the higher yielding currencies.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
If you wish to receive Joel's reports in a more timely fashion, e-mail jskruger@fxcm.com and you will be added to the "distribution" list.
Visit the DailyFX Forex Stream for Real-Time News and Market Updates
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
