Midway through the asian session and currencies were confined to a tight range as market remained cautious before the broader theme plays out towards mid/end week.
EUR/USD: Profit taking sent this pair retracing back moderately to 1.43643 after openining at 1.43928. Moving into european session, it seems that the pair is poised for another downside as european bourses got off with a bad start.
AUD/USD: Intraday high of 1.044 was met with strong selling interest and the aussie soon pared gains to dip below 1.0384.
NZD/USD: Movement mirrored aud/usd, with intraday high 0.823 finding solid selling interest on dip in risk appetite.
USD/CHF: Reaction to this pair was quite muted. USD/CHF was consolidated in a tight trading range that extended from 0.78379-0.78745.
USD/JPY: Bounced up from friday's low of 75.931 to a high of 77.202 this morning and this was said to be due to buying by an US name on behalf of a Japanese institutional investor. But the currency pair met good selling by exporters and soon retreated back around 76.685/76.729 level. Overall trend in consolidation as market remained jittery on intervention fears.
USD/SGD: Longs only managed to pull this up to 1.21124 before paring gains and consolidated at 1.209/1.21 level.
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