Currency Tech

EURUSD R 2: 1.3007 R 1: 1.2884 CURRENT: 1.2754 S 1: 1.2644 S 2: 1.2508

USDJPY R 2: 88.01 R 1: 87.52 CURRENT: 86.38 S 1: 85.86 S 2: 85.00

GBPUSD R 2: 1.5476 R 1: 1.5339 CURRENT: 1.5156 S 1: 1.5082 S 2: 1.4935

AUDUSD R 2: 0.8975 R 1: 0.8873 CURRENT: 0.8753 S 1: 0.8685 S 2: 0.8583

Market Brief

The Nikkei 225 was well in the red this morning (lower by -0.62%) and currencies were stable following yesterday's selloff against the US Dollar. Triggered by deteriorating risk sentiment on the back of Bernanke's comments to Congress, the Fed chairman stated ...the economic outlook remains unusually uncertain. And this surely had the markets shook with investors fleeing to the Greenback, solidifying its status of a safe haven. The USDJPY has prospered following the comments and was trading at 86.52 this morning, after hitting an intraday low of 86.44. Glancing at the equity futures this morning, Europe is poised to open in the green with FTSE & DAX futures higher by 1.44 and 0.39 respectively. With a largely clear Asian session in terms of macroeconomic releases, traders will be taking it session by session and attention will turn towards the US when Bernanke continues his report to Congress. Existing home sales along with the weekly jobless claims number are also due for release.