EUR/USD eases lower ahead of Eurogroup meeting

Posted On 11 May 2015

Tag: EUR/CHF, EURUSD, GBPJPY, GBPUSD, USDCHF, USDJPY

EUR/USD opens Asia steady just ahead of 1.1200 where NY closed.
• USD broadly bid, NZD/USD sales lead, EUR/USD off from 1.1206 to 1.1133.
• Stops sub-1.1175 tripped, help move down, little bounce.
• View push to 1.1392 only short-covering, no key support till 1.1060-70.
• Bond markets steady to higher, recent sell-off also only correction?
• Many beginning to eye fresh moves back into carry trades, stocks.

USD/JPY better bid, up from early 119.40 to 119.94, 120.00+ headwind.
• Large option expiries topside: 2.287 bln 120.00, 595 mln 120.25, 832 50-60.
• Big Japanese exporters back too but waiting for 120.00+.
• Japan importer-investor bids on dips, especially from @119.50.
• EUR/JPY off 134.20-133.49, NZD/JPY 89.67-88.40, AUD/JPY 95.10-94.43.
• GBP/JPY more buoyant, 184.62-185.02 range, high Friday 186.02.

GBP/USD Off modestly but more buoyant than EUR, Antipodeans, Asia 1.5460 to 1.5405.
• Cable still within sight of Friday’s 1.5523 high, EU referendum next risk.
• Downside stops sub-1.5350, eyed as possible near-term base.
• EUR/GBP downtrend again? Asia 0.7256 to 0.7226, stops sub-0.7215, 0.7200.

USD/CHF better bid on broad USD strength, Asia 0.9307 to 0.9347.
• EUR/CHF heavy, off modestly from 1.0440 to 1.0409.
• SNB Chair Jordan threats of more intervention over weekend help.

AUD/USD opens Asia at 0.7937, trades down from 0.7950 to 0.7876.
• Early blip up to 0.7950 on weekend China rate cuts, downhill thereafter
• NZD/USD leads AUD/USD down on RBNZ ease expectations, confidence weak too.
• AUD/NZD surges from 1.0608 to 1.0698, somewhat AUD supportive.
• Talk of larger Aussie budget deficit, more debt issues, supportive?

NZD/USD opens Asia at 0.7525, plunges from early 0.7532 to 0.7375.
• Effect of weekend China rate cut ephemeral.
• Bank forecasts for RBNZ OCR cuts in June and July trump China.
• Key supports at 0.7422, 0.7403, 0.7390 succumb, 0.7177 2/3 low in sights.
• AUD/NZD surges as players look for remaining high-yield bets.

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