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2 May 2013

Forex Flash: FOMC gets more explicit – Nomura

FXstreet.com (Barcelona) - After a day that was highlighted by steep declines in the majority of risk assets and a slightly lower US Dollar Index (which did finish well of session lows), some analysts were looking for any differences in the most recent FOMC statement.

According to Lewis Alexander, Economist at Nomura, “Bottom line: Today's FOMC statement, at the margin, highlighted the Committee's willingness to provide additional accommodation, if needed, and placed a greater focus on inflation. At the conclusion of the April 30 - 1 May meeting of the Federal Open Market Committee (FOMC), the Committee made no change in key policy, but subtle changes in the statement packed a punch.”

He went on to add, “Chairman Bernanke has stressed before that the policy statement is designed to give flexibility to monetary policy, which means accommodation could be ramped up, or wound down in light of incoming data and how the outlook evolves. In today's statement, the Committee chose to be more explicit about the prospects of increasing the pace of asset purchases.”
May 2, 2013

Forex: NZD/USD holding ground above key 0.8500

NZD/USD is last at 0.8504, off fresh 2-day lows at 0.8479. The pair is down -0.72% from previous Asia-Pacific open yesterday, but about flat for the week, unable to get above Tuesday's weekly highs at 0.8586.
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May 2, 2013

Forex: AUD/CAD finishes sharply lower as risk assets stumble

The AUD/CAD finished the session sharply lower, down 66 pips at 1.0362. This was the lowest close (and also the first time it closed below the 200dma) since February. It was a rough day for many asset classes as both commodities and equities finished with sharp declines. Many are pointing to recent economic weakness, and the Aussie’s correlation with global growth outlook to expect further declines in the pair.
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