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Sell the News: AUD/USD and GBP/AUD Patterns after Intervention Efforts

Sell the News: AUD/USD and GBP/AUD Patterns after Intervention Efforts

2014-01-29 12:00:00
Christopher Vecchio, CFA, Senior Strategist
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Talking Points:

- Emeging market currencies back under pressure.

- Light calendar pre-FOMC likely helps contain prices.

- Australian Dollar struggling, Japanese Yen rallying post-intervention.

To keep up with the European data and news as the week goes forward, be sure to sign up for my distribution list.

Higher yielding currencies and risk-correlated assets had been buoyed the past several days as hopes for increased efforts by emerging markets to calm market tensions would be announced. However, with the main catalyst of EM weakness still lingering - the Fed's QE3 taper plans - optimism has quickly faded.

Now, the Australian Dollar is quickly losing ground across the board - the recent rallies against the British Pound, the Japanese Yen, and the US Dollar look unhealthy at best.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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