Forex Flash: EUR/CAD in the middle of its downside target - Westpac

FXstreet.com (Barcelona) - With EUR/CAD last at 1.3133 bids, near fresh 1-month lows, Westpac Bank believes the cross still “sits only in the middle of its range year to date,” the analysts say, being “EUR/CAD downside a key bet in our model portfolio this week.”

“EUR fares poorly on our total yield, short run data pulse, medium term growth factor and logit probability signals while,” they argue, while “CAD ranks favourably on these signals,” Westpac concludes.

May 8, 2013

Forex: AUD/USD chart setting up for further declines?

The AUD/USD finished the session down 65 pips at 1.0186. Initially the pair had traded as high as 1.0252 early in the Asia session, but plummeted after the latest RBA Rate Decision which was released later in the Asia session at 4:30GMT. The RBA decided to cut rates by 0.25%, taking its cash rate from 3.00% to 2.75% which is the lowest rate since 1959.

Forex: AUD/NZD shrugs off initial declines to finish slightly higher

The AUD/NZD finished the day up 28 pips at 1.2068. The pair at one point traded as low as 1.1954 (its lowest levels since early October 2009), but was able to shrug off early weakness and edge higher much of the European and US Session. The RBNZ Financial Stability Report was released earlier in the session at 21:00GMT but didn’t seem to have much influence on the pair which is currently flat at 1.0253.