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RBA Surprises, but Choppy Conditions Persisting in USD-Majors

RBA Surprises, but Choppy Conditions Persisting in USD-Majors

Christopher Vecchio, CFA,

Talking Points:

- AUDUSD bucked by RBA cutting rates to record lows.

- EURUSD and GBPUSD stuck in 'no man's land' in consolidations.

- See the DailyFX Economic Calendar for Tuesday, February 3, 2015.

15 central banks have embarked on dovish action this year - not a good sign for the global economy. The Reserve Bank of Australia's surprise decision (only 7 of the 29 economists polled by Bloomberg News forecast the 25-bps rate cut) has certainly jolted the commodity currencies, but there has been little spillover elsewhere. It seems that, in the very short-term, markets are looking past signs of the global deflationary shift and instead are tuned into headlines regarding the Greek debt negotiations. Along these lines, many of the major USD-major pairs are stuck in consolidative formations.

See the above video for technical considerations in EURUSD, GBPUSD, and AUDUSD.

Read more: EUR/USD Daily 8-EMA, EUR/GBP Daily 13-EMA Trends in Focus Today

--- Written by Christopher Vecchio, Currency Strategist

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