What’s happening in the forex market right now?
Skerdian Meta • 1 min read
The story this morning was the jump in the NZD. The bank of New Zealand diminished hopes for a near-term rate hike and the NZD buyers jumped in sending it more than 100 pips higher. It has retraced to the 20 MA right now and the stochastic indicator is oversold on the hourly chart so we opened a buy forex signal. But, what´s going on in other pairs? EUR/USD has fallen about 80 pips from the top this morning. The ECB president Draghi held a press conference but he didn´t say anything important, so the move is either technical or the other ECB member Villeroy scared the Euro bulls when he said that if the inflation remains low we must take action.
EUR/USD has lost about 80 pips from the top
We also had the UK trade balance this morning. The trade deficit was about $10 billion most of which was with the Eurozone. So the Eurozone better keep Britain in if they still want to export $10 billion worth of goods to the Uk every month. The other noticeable thing so far tody is the Yen strength. USD/JPY reached last week´s low without any apparent reasons, maybe the market is calling the bluff of the Bank of Japan Kuroda and the Japanese prime minister Abe. This must be a headache for them.