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HISTORICAL DETAILS
% Change
1 Wk -0.67%
1 Month -2.10%
3 Months -3.95%
6 Months -4.81%
1 Year -9.71%
52 WEEK
High 88.12
Low 76.25
BLOOMBERG MEDIAN FORECASTS
Q2 2011 83.00
Q3 2011 83.00
Q4 2011 85.00
Q1 2012 86.50
DAILY DETAIL
Overnight, the USD came under further selling pressure, losing ground against all G10 currencies, most notably USD/SEK, which fell a lazy 2.4%! Interestingly, the US dollar index (DXY) broke through trend line support from the May low of 74.60, this suggests the DXY could go on to target 73.60 (June low). We would not, however, be surprised to see some profit taking from the short community, with a re-test of the previous trend support not out of the question. It is interesting to see that while traders euphorically bid up risk currencies, there were simply no buyers in USD/CHF and USD/JPY and part of that could be due to the break down in the technical sector on the DXY. The lack of buyers in USD/JPY is interesting given the move higher is US treasury yields, as well as speculation in the New York Times that said US lawmakers were close to agreeing on a ‘significant’ deal to raise the debt ceiling (this was later denied by the White House). US data was mild, with marginally weaker-than-expected initial jobless claims followed by an encouraging Philly Fed index. In Asia, USD/JPY finally played catch–up, pushing to a session high of 78.73 after being as low as 78.22 overnight. With little data to drive prices tonight, USD/JPY will be thrown about by news headlines surrounding the debt ceiling. Chris Weston, Australia
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