Forex: EUR/USD above opening price, session low at 1.3362

New found downside pressure on the US shift has been limited to 1.3362 session low, which has been supporting the EUR/USD against a return to the 50% retracement of the move higher seen this year, at 1.3355. The market is quoting above the opening price, at 1.3380 (+0.08%) as of writing.

The Eurogroup meetings and preparations for the G-20 meeting should keep investors close to the screens. It's been reported that the G7 might release a currency-related statement, about the so-called “currency war”.

“Strong supports are given by 1.3257 and by the low of the rising channel”, wrote MIG Bank analyst Bijoy Kar, pointing to hourly resistances at 1.3429 (08/02/2013 high) and 1.3494 (06/02/2013 low).

Feb 11, 2013

Forex Flash: New Zealand receives confidence from domestic sources – BNZ

This week is ripe with NZ data that will likely remain at odds with the weakness registered in last week’s Q4 employment report. Economic confidence and a perky housing market and solid spending growth has lent confidence to the country.

Forex Flash: USD/JPY outlook muddled given QE – Goldman Sachs

The JPY has weakened significantly since late September on the back of PM Abe’s rhetoric about the need to defeat the specter of deflation in Japan. This is reflected in a rapid build-up of short yen positions, which look notably stretched on the IMM data.” In order for the move in the yen to be sustained, we believe that the BoJ and the Japanese administration need to reinforce their rhetoric with firmer communication and forceful action.” writes the Economics Research Team at Goldman Sachs.