Poor German IFO and healthy greenback sees....>

FOREX: Poor German IFO and healthy greenback sees EUR/USD hit 2019 low

-EUR/USD ebbed lower from the off Wednesday, starting poorly on the back of a

disappointing German IFO business climate print and carried through by a poor

equity market performance in the Eurozone periphery. EUR/USD found a modicum of

support at the $1.1161 trendline, but momentum indicators continue to point

lower.

-USD/CAD rallied to touch the best level since early January as the Bank of

Canada rate decision proved more dovish than expected, stopping dead on the

76.4% Fib retracement of the 1.3665-1.3069 drop at C$1.3524.

-AUD held its losses throughout European and US trading hours and was the

poorest performer in G10 despite receiving some minor support halfway through

the session on a Terry McCrann article positing that an RBA "Rate cut is still

not coming in May".

-ANZAC day may keep Aussie and NZ markets quiet, but the Bank of Japan rate

decision will draw focus ahead of US weekly jobless claims and March durable

goods orders.