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Opening Comment 05.20

Opening Comment 05.20

2010-05-20 04:35:00
Joel Kruger, Technical Strategist
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Wednesday’s session of trade also saw some intervention from the SNB, which ultimately fuelled some massive gains in the Eur/Chf cross, after the market could not fight through the SNB’s 1.4000 defense level.  
 
Also seen playing catch-up were the commodity currencies, which were absolutely decimated against the Euro. Aussie and Kiwi were hit the hardest, while Cad was not too far behind. The latest round of global risk aversion and market uncertainty has proven to be too difficult to ignore, even for the higher yielding and more stable commodity bloc, which has suffered accordingly. The news from the RBA Watchers that the RBA will likely not hike rates in June, has also been seen weighing on Aussies. 
 
On the data front, Japanese GDP has come in impressive with the fastest quarterly growth since Q2 2009, while portfolio flows show that Japanese investors have more confidence in investing abroad. However, Japanese FinMin Kan has come out mitigating the latest GDP data, saying that it is still too early to call the current recovery as self sustaining. 
 
Elsewhere, EU Juncker has been on the wires saying that the recent moves in the Euro have been irrational and that they in no way reflect the ECB’s recent measures. Juncker also repeats an earlier line that he is more concerned with the rapid depreciation in the single currency rather than the rate itself. 
 
Finally, the New Zealand Budget has come out and has been somewhat well received after S&P gave its thumbs up, saying that the budget was consistent with the country’s current rating. However, there was some room for concern after Fitch left New Zealand’s negative outlook on its sovereign rating intact. 
 
Looking ahead, German producer prices (0.6% expected) are due at 6:00GMT, followed by UK retail sales (0.2% expected) at 8:30GMT. Swiss ZEW caps things off for the European calendar at 9:00GMT. US equity futures are slightly lower, while commodities have been better bid. 
 
 
 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com 

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