The SEK was up after the Riksbank lowered interest rates to 1.75% from 2.00%. There are two explanations for this counterintuitive move in the SEK. Firstly, the Swedish central bank delivered on the expected 25 bp of...
USD/CAD fell on Tuesday as the oil markets rallied hard. The pair managed to break below the 1.03 level for a sustained period of time during the session, but bounced back above it by the close.
AUD/USD rose rapidly on Tuesday as the latest round of “risk on” suddenly came back to the markets. The Spanish managed to sell bonds at a decent rate for the session, and this got the market a...
USD/CHF had a bearish day on Tuesday as the Dollar got sold off in general. However, the pair only managed to sell off to the all-important support level at the 0.93 handle.
GBP/USD rose on Tuesday as the markets bought into the “risk on” scenario. The pair rose all the way to the 1.57 level where is promptly turned around, suggesting it was a low volume move.
The USD/JPY pair fell on Tuesday as the Dollar got sold off in general. The downward momentum in this pair is immense, and the path of least resistance is certainly to the downside.
The EUR/USD pair rose on Tuesday as the market bounced from the 1.30 level. The rise has been rather strong, but it also gave up a lot towards the end of the session.
The U.S. dollar rose against most major currencies on the report of the death of leader Kim Jong-IL, the North Korea’s leader.
Market review for 12 – 16.12, 2011
EUR bears are out in full force. According to the most recent CFTC Commitment of Traders Report, speculators in the futures market have built their largest EUR short position since May 2010.
