binaryoption.com Forex Analysis

[jackobfx]

China should set up a stabilization fund to intervene in foreign exchange markets to keep the yuan's exchange rate within a target range, a move that would curb inflation, a local central bank official wrote in a commentary piece on Monday.

Inflation is currently being stoked by the passive buying of foreign exchange by the central bank, Xu Nuojin, deputy governor of the People's Bank of China's Guangzhou branch, wrote in the Financial News, a central bank-backed paper.

Source: FXCC

 

[jackobfx]

USD/CAD major reversal higher is now in the making – Commerzbank

The USD/CAD has seen a modest recovery from it´s May low of 0.9448, and analyst Axel Rudolph of Commerzbank suggests: “The currency pair has evolved in a clearly defined minor uptrend channel over the past six weeks or so and has been trading above the 55 day moving average and the breached 2010-11 resistance line at .9666/27 for all of June.”

Rudolph continues: “This leads us to believe that a major reversal higher is now in the making. The 200 day moving average at .9920 will need to be overcome on a weekly basis for such a reversal to be confirmed, however.”

Source: FXCC

 

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[jackobfx]

EUR/USD seen up to 1.4800 by year-end - BNP Pariba

Economic recovery in the Euro Zone is expected to continue over the coming quarters, even though at a slower pace, according to the BNP Paribas Economic Research Department, which will support monetary tightening by the ECB and push the Euro to higher levels.

The EUR/USD is expected to remain consolidating around 1.4500 over the third quarter, according to the BNP Paribas Economic Research Department, and appreciate to 1.4800 by year end. For next year, the Euro is seen depreciating steadily, from 1.4800 in Q1 to 1.4500 in Q2, 1.4000 in Q3 and 1.3500 in Q4.

Source: FXCC

 

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[imutm]

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[ihw666]

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[azanney]

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[jackobfx]

EUR/USD is likely to trend sideways - Commerzbank

Even though the EBA published its stress tests result, showing that only 8 of 90 banks failed the tests giving the Euro some relief, "the Euro zone politicians are still struggling for a solution to the sovereign debt crisis after the situation escalated last week", said Antje Praefck, analyst at Commerzbank.

Meanwhile, "in the USA, the debate over the raising of the debt ceiling is becoming more and more urgent. There is a chance of a US default at the beginning of August if the government and opposition cannot come to an agreement. The rating agency Moody’s has therefore placed the country's rating under review for a possible downgrade," said Praefck.

"Against this background, general uncertainty in the currency markets remains high. Depending on the news flow, sometimes USD and sometimes EUR will come under greater pressure… All this points to choppy, volatile sideways trading in EUR-USD over the coming days", added Antje Praefck.

Source: FXCC