We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
GBP/USD
Mixed
USD/JPY
Bearish
Gold
Bullish
Oil - US Crude
Mixed
Bitcoin
Mixed
More View more
Real Time News
  • LIVE IN 30 MIN: Join Senior Currency Strategist @CVecchioFX as he reviews key event risk in the week ahead and help strategize how to approach FX markets. Register here: https://www.dailyfx.com/webinars/390818203?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.90%, while traders in US 500 are at opposite extremes with 77.47%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/BZpmb8E27U
  • LIVE NOW: Join Analyst @nickcawley1 as he discusses the outlook for UK financial markets in the week ahead! Register here: https://www.dailyfx.com/webinars/614330707?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • Tune in to @CVecchioFX 's #webinar at 7:30 AM ET/12:30 AM GMT to prepare for major event risk in the week ahead. Register here: https://t.co/QscMCDP1ud https://t.co/KJpPdsyeGn
  • Commodities Update: As of 11:00, these are your best and worst performers based on the London trading schedule: Silver: 0.22% Gold: 0.22% Oil - US Crude: -0.89% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/64XxgDkWYe
  • Fear the steepeners https://t.co/fEfBdKDfYR
  • Forex Update: As of 11:00, these are your best and worst performers based on the London trading schedule: 🇬🇧GBP: 0.29% 🇯🇵JPY: 0.12% 🇪🇺EUR: 0.11% 🇨🇦CAD: -0.05% 🇳🇿NZD: -0.18% 🇦🇺AUD: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/s12V6FC6jq
  • Indices Update: As of 11:00, these are your best and worst performers based on the London trading schedule: US 500: -0.02% Wall Street: -0.02% Germany 30: -0.06% France 40: -0.11% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/G9ieYqoCfz
  • LIVE IN 30 MIN: Join Analyst @nickcawley1 as he discusses the outlook for UK financial markets in the week ahead! Register here: https://www.dailyfx.com/webinars/614330707?utm_source=Twitter&utm_medium=DFXGeneric&utm_campaign=twr
  • #DidYouKnow a #Doji candlestick signals market indecision and the potential for a change in direction. What are the top five types of Doji candlesticks? Find out: https://t.co/c51s3IBcEu https://t.co/5KBXSdj8OD
Opening Comment 03.29

Opening Comment 03.29

2010-03-29 04:39:00
Joel Kruger, Technical Strategist
Share:

The interesting thing is that currencies look to be reverting back to traditional correlations, with the better bid commodity currencies at the top of the performance chart, and more importantly, the lower yielding, safe haven currencies, at the bottom. While it is no surprise to see the Yen underperforming, it certainly is a bit of a surprise to see that the Swissie is the weakest currency on the day. This follows a prolonged period of some relative Swissie strength, that had the Eur/Chf cross dropping to record lows over the past few days. However, Eur/Chf stands out on the day, with the cross seeing some heavy buy related interest thus far ahead of the European open.

The Euro is the next best bid major currency behind the commodity bloc and many are attributing the strength in the single currency to the favorable response to the official Greek restructuring plan. ECB Weber and Nowotny have also helped to keep the single currency propped following some upbeat comments over the weekend with respect to their outlooks for the local economy. Elsewhere, Sterling has been weighed down on Monday, with a weekend FT report generating some attention after it highlighted that many UK based hedge funds have made hundreds of millions betting against the Pound this year. On the data front, Japanese retail sales has come in stronger than expected, while Australian HIA new home sales has failed to materially weigh on the Aussie after showing a significant drop from the previous print and well into negative territory.

Looking ahead, UK money supply, net lending (1.4B expected), consumer credit (0,4B expected), and mortgage approvals (48.4k expected) are all due at 9:30GMT, followed by Eurozone services confidence (2 expected), industrial confidence (-11 expected), business climate (-0.80 expected), consumer confidence (-17 expected) and economic confidence (97.1 expected) at 10:00GMT. US equity futures are looking healthy and point to a firmer open, while commodities are mixed, with oil showing some solid gains, while gold lags and trades marginally lower.  
 

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
instructor@dailyfx.com and you will be added to the "distribution" list.

If you wish to discus this topic or any other feel free to visit our Forum page

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.