Market Review for April 9

Tuesday was pretty calm for the currency pairs. European currencies have demonstrated moderate enhancement, and the yen fluctuated around reached lows. As a result, EUR/USD ended the day near 1.3080 and GBP/USD — 1.5320 close.

EUR/USD was able to gain a foothold on Tuesday by data from Germany. Trade balance and the current account remained in surplus, well above forecasts. Although the reason for this was the significant reduction in the volume of exports and imports, the pair has strengthened the level of 1.3006 to a maximum of 1.3102, ending trading at around 1.3080.

And Britain has brought pleasant surprises in the form of stronger than expected data on the volume of production in the manufacturing industry: 0.8% vs. 0.4%. Given that this is a third positive result for the last 4 months, it is hoped that this sector is really starting to recover. However, the trade balance was just awful (-9.4 billion from -8.7 billion), and did not provide GBP/USD to move higher. The pair opened at 1.5250 day, peaked at 1.5340, but ended trading at around 1.5320.

The first attempt to USD/JPY 100.00 to take the resistance was not successful, then further levels are complete is not as fast as we hoped. The pair opened the day at 99.34, reached a maximum of 99.65, but fell back and finished trading near 99.00. His role was played by the comments and officials who believe that the current decline of the national currency they are quite satisfied, noting that the district 98,00-100,00 has a positive effect on the economy.

Forecast for Wednesday, April 10, 2013

As we said earlier, the FOMC minutes of the last meeting is to react with caution, because since the last meeting of U.S. monetary authorities, we learned about the slowing pace of job growth, lower consumer confidence and limited growth of business activity in the services and manufacturing sectors . Thus, given the lack of significant catalysts from both the E-17 and the U.S., EUR/USD, likely to hold all day in an area of ​​resistance against 1.31/1.3110.

As for the GBP/USD, we see the pair potential break even next resistance for today. An empty economic calendar UK only exacerbates the situation. In such cases, there is a reason to turn to crosses. For example, EUR/GBP is still of interest. With the passage of 0.8540 further purpose would be 0.8580.

Inept comments Japanese officials a little chastened bulls on USD/JPY. However, if you look in detail, and the Finance Minister Aso, and economic adviser Hamad’s just wrong to find words almost immediately by amending: instead of «Yen corrected after excessive growth», «Yen corrected», implying that the process is still ongoing. Thus, the next goal is all the same — 100.00.


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