Market Brief

The RBA Governor Stevens holds talks with the House of Representatives and states his extreme optimism at how the Aussie economy will fair in the current economic crisis. He elaborated by stating that the measures taken by the RBA will put the economy in good posture for the year to come, he also stated interest rates wouldn't have to be lowered to the level of the U.S and the U.K economies. The AUD has fallen in as a consequence of this statement - the AUDUSD falling a figure since this and the AUDJPY doing much of the same.

The EURUSD saw the dollar strengthen despite a dismal end of the U.S trading day yesterday - U.S markets sliding -5% globally. The pair traded lower from a high of 1.2761 yesterday to the support of 1.2566. Continued negative sentiment in the Euro is weighing on the pair, unsustainable bullish breakouts are unsustainable.

The Nikkei falls -1.9%, dismal data continues to mar sentiment. The yen's dynamics in the global currency markets seems to have turned a corner. While the Yen's haven status can't be contested just yet it is important to note that this week we have seen the USDJPY pair returns to a more positively correlated pattern.

Investors will be on the sidelines today, volumes will diminish ahead of the weekend as we all take stock of the week and look ahead to the final week of February.