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FOREX
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.
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