DailyFX - Forex Market News

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• Aussie Races to Multi-Month Highs As RBA Shocks with Policy Hold
• FOREX: Euro, Major Currencies Still Looking to Greece for Direction
• Dollar Finds Relief in Dows Restraint after Friday’s Drive
• NZD/USD: Trading the New Zealand Employment Report
• 200 Day Moving Average Holds the Key for US Dollar Index
• New Zealand Dollar Due for a Pullback- New Scalp Setup
• Bank Research Consensus Weekly 02.06.12
• US Dollar Eyes Further Lows as Forex Volatility Tumbles
• USD Reversal To Accelerate, Australian Dollar Outlook Weighed By RBA
• Guest Commentary: MarketVisionTV.com - USDCAD Grinding out a Base
• Euro Worst Performer as Greece Tip Toes Around Another Deadline
• Euro Reversal To Gather Pace Ahead Of ECB, Sterling Holds Tight Range
• Guest Commentary: Oil Prices Weekly Outlook February 6-10
• Central Banks to Ease Further This Week as ECB Headlines Event Risk

Aussie Races to Multi-Month Highs As RBA Shocks with Policy Hold Posted: 06 Feb 2012 11:26 PM PST The Australian Dollar is the star performer in Tuesday trade after the RBA opted to leave rates on hold despite a wide consensus expectation for a 25bp rate cut…

FOREX: Euro, Major Currencies Still Looking to Greece for Direction Posted: 06 Feb 2012 10:47 PM PST Currency markets are waiting for the outcome of negotiations on the terms of the second Greek bailout for direction. The Australian Dollar is broadly outperforming.

Dollar Finds Relief in Dows Restraint after Friday’s Drive Posted: 06 Feb 2012 09:25 PM PST Hope was high for those looking for risk trends to find momentum after Friday’s impressive close. With the Dow Jones Industrial Average closing at a near, four-year high and AUDUSD (representing carry interest) overtaking a multi-month of its own, it seemed as if capital markets were charged for the next bull phase.

NZD/USD: Trading the New Zealand Employment Report Posted: 06 Feb 2012 08:00 PM PST Employment is expected to increase another 0.4% in the fourth-quarter, and the ongoing improvement in the labor market may increase the appeal of the New Zealand dollar as the development raises the prospects for a rate hike.

200 Day Moving Average Holds the Key for US Dollar Index Posted: 06 Feb 2012 03:08 PM PST The dollar broke out of the descending channel formation which has held the index since January 15th. The advance however continues to lack conviction with the index holding just above key support. Here are the key levels to watch.

New Zealand Dollar Due for a Pullback- New Scalp Setup Posted: 06 Feb 2012 01:32 PM PST The NZD/USD has held above daily overbought conditions for the ten consecutive sessions as the pair has continued to track broader market sentiment. However the kiwi look to have reached a critical exhaustion point. Here are the key levels to watch.

Bank Research Consensus Weekly 02.06.12 Posted: 06 Feb 2012 10:50 AM PST As we have advocated in the last two editions of Weekly Focus, the arguments for buying the dollar have faded going into 2012. Not as a result of Europe’s debt profile becoming more sustainable but as a result of improved global economic data and a more aggressive easing of monetary policy by the major central banks. The Fed’s indirect promise of QE3 should the US economy slow again only confirms our expectation of a structural dollar downtrend. Not least against the commodity currencies but also against the stronger cyclical emerging market currencies. The outlook against the euro is less certain, though. Kasper Kirkegaard, Senior Analyst, Danske Bank

US Dollar Eyes Further Lows as Forex Volatility Tumbles Posted: 06 Feb 2012 09:00 AM PST US Dollar volatility trades near its lowest levels since the onset of the financial crisis in 2008; we favor further USD losses against the Australian Dollar and other forex counterparts.

USD Reversal To Accelerate, Australian Dollar Outlook Weighed By RBA Posted: 06 Feb 2012 08:45 AM PST The greenback bounced back on Monday, with the Dow Jones-FXCM U.S. Dollar Index advancing to a high of 9,763, and the reserve currency should continue to recoup the losses from earlier this year as the shift away from risk-taking behavior gathers pace.

Guest Commentary: MarketVisionTV.com - USDCAD Grinding out a Base Posted: 06 Feb 2012 07:25 AM PST The erratic downside ratchet for the Dollar continues from the the last interim 1.0160 high. As each leg of this decline to the upside and the downside has developed in a 3 wave format, we suspect a Diagonal wedge pattern best defines the price action.

Euro Worst Performer as Greece Tip Toes Around Another Deadline Posted: 06 Feb 2012 06:48 AM PST The Japanese Yen and U.S. Dollar were the top two performing majors in the overnight as the Greek debt saga took another turn for the worse. The Euro trailed the pack as Greece has backed the Euro-zone into a corner.

Euro Reversal To Gather Pace Ahead Of ECB, Sterling Holds Tight Range Posted: 06 Feb 2012 06:20 AM PST Market sentiment waned on Monday as Greece struggles to secure a debt deal, and the shift away from risk-taking behavior should gather pace during the North American trade as European policy makers struggle to stem the heightening risk for contagion.

Guest Commentary: Oil Prices Weekly Outlook February 6-10 Posted: 06 Feb 2012 06:15 AM PST Oil prices didn't do much during last week, but there was a shift in the premium of Brent over WTI as it reached the highest level since November 2011.

Central Banks to Ease Further This Week as ECB Headlines Event Risk Posted: 06 Feb 2012 12:00 AM PST After a relatively light docket last week, the first full week of February offers a smattering of events that are likely to generate substantial volatility.

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