"It looks like Prime Minister Shinzo Abe has finally made up his mind and it's fair to consider that he decided to go to the people."- Former deputy chief of Japan's Liberal Democratic Party (based on Reuters)Pair's OutlookUSD/JPY continues trading between the monthly and weekly R1 for a third day in a row. It seems that the latter level looks
"We are seeing encouraging signs with respect of pay... we expect this pick-up to accelerate."- Mark Carney, BoE Governor (based on BBC)Pair's OutlookGBP/USD declined significantly on Wednesday due to inflation report from the Bank of England. The pair breached a number of strong support lines, including monthly and weekly S1. The current trading level is located below the weekly S1
"Resolute action by national authorities and other European bodies is needed to reduce the risk that the region could fall into a deeper slump. The world cannot afford a European lost decade."- Jack Lew, US Treasury Secretary (based on CNBC)Pair's OutlookThe most traded currency pair decided to prolong its sideways movement for a fourth consecutive day. The EUR/USD is trading
The Kiwi has started this week strongly, it already has added more than 100 pips to its value and it has all the prerequisites to climb even higher.
It seems that the US Dollar is likely to prolong its yesterday's decline, as it has touched the 20-day SMA at 1.1291 today.
The Aussie continues its rebound from last week's 200-pip slump; although, the pair managed to appreciate just slightly today.
EUR/JPY has dipped below the major level at 144, after yesterday's advance of 144.72,which is just 40 pips away this year's high.
"The 2012 precedent suggests that the SNB might intervene and purchase euros at around 1.2010."- UBS (based on Bloomberg)Pair's OutlookAfter an unsuccessful attempt to breach the Oct high at 0.9687, the pair continues to hover below this important level for a third day in a row. It has even plunged even more, namely below the weekly pivot point at 0.9658.
"The market's looking at the discussion of the possibility of a Japanese election as a negative for the yen. Pressures are likely to remain in place as long as the incentives to invest abroad are in place and the Japanese economy underperforms."- Citigroup (based on Bloomberg)Pair's OutlookUSD/JPY pair took a pause below the weekly R1 at 115.87, as it is
"Japan's experience and now Europe's current situation both indicate that indifference to very low inflation rates can generate a significant loss of confidence in the ability of a central bank to hit its inflation goal."- Boston Fed President Eric Rosengren (based on Reuters)Pair's OutlookGBP/USD currency pair returned back to the levels seen in the middle of the previous week, as
"There are many indicators that tell us interest rates are too low."- Philadelphia Fed President Charles Plosser (based on CNBC)Pair's OutlookAfter a confirmation of the resistance line at 1.25, the EUR/USD pair returned back below this level and is trading there for a second consecutive day. Concerning the fact that today there are no bullish signals on a daily chart
The NZD/USD cross is not actively trying to climb higher and to reverse its losses; however, currently it also looks quite well supported around the weekly PP at 0.7756.
Apparently, USD/CAD has regained its bullish momentum, after the sharp drop on Friday, as the pair gained yesterday and has prolonged its advance with a test of the 1.14 level today.
The Aussie has not enough of bullish momentum to breach the weekly PP and monthly S1 at 0.8649/59 for the time being.
Due to the weak performance of the Japanese Yen the Europe's shared currency was able to outperform the peer.
Despite the Greenback taking a hard hit from the up-trend at 0.9750 last week, the currency managed to recover some of the losses this Monday instead of preserving the downward tendency.
As it turned out, a more pronounced correction than the one observed on Friday was not necessary for the bulls to regain control of the market.
A rebound from the 2013 Q4 low and monthly S1 failed to extend beyond the weekly pivot point.
As suspected, the Euro had insufficient bullish momentum to move past the resistance around 1.25 (weekly PP and Oct low).
After climbing for the first two weeks of October, the NZD/USD cross lost its bullishness and it has posted three consecutive weekly losses.
USD/CAD lost around 100 pips on Friday; however, the pair still managed to post weekly gains.
The AUD/USD cross has not fluctuated much today, as it is trading around the weekly PP and monthly S1 at 0.8649/59.
EUR/JPY has slid below May high at 142.45 earlier today, after appreciating almost 200 pips in the last week.
Although USD/CHF succeeded at surpassing the previous maximum at 0.97, the pair remains unable to overcome the resistance represented by the trend-line that connects Aug 18 low and Nov 7 high.