Friday, April 10, 2009

All Quiet

All Quiet

The Usd was mixed in the Asian session, despite the recovery in equity markets. The EurUsd traded sharply lower from 1.3281 to 1.3091, while the UsdJpy was range bound between 100.70 and 100.21.. With European and US markets closed for a long weekend, we expect trading to be light and continued consolidation in the majors for the rest of Friday through Monday. With the earnings season yet to enter full swing (financial sector earnings releases beginning on Apr. 14), we expect recurring correction in risk taking. Over the past week, the USD appreciated against the Eur, Chf and Jpy but weakened versus the Cad, Aud and Nzd. We are seeing a slight breakdown in the correlation between EurUsd and equity markets and have yet to determine if this decoupling is a short term event or the start of a larger trend.

European and US Markets are Closed Today and Monday for Holidays.

AC Markets

Disclaimer: This report has been prepared by AC Markets (thereof ACM) and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Salesperson or Traders of ACM at any given time. ACM is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.