Updated on: 16-05-2012
Knocked out EUR Throws in the Towel
No government in Greece. Yes-new elections. This equals new uncertainty and may quicken the exit from the EU. The USD took advantage of this, staging a massive surge vs. the European currencies, including the GBP. The greenback knocked the EUR out today.
Today also pay attention to US protocols of last interest rate decision. They may switch the focus on the USD as the rate there is to stay at 0% low for a long time.
Majors
EUR/USD
Pair crumbled to hit 1.2681 low today. This level was in the market only back in January 2012. The USD just surged against the EUR, hitting 4 months highs against it. Next support, which is really important and guards from 1.25 lows, is situated at 1.2623, January's low.
Keep in mind that if Greece exits, or maybe when they exit, there will be a new currency to trade: the drachma.
USD/JPY
Pretty good economic data from the US, like 1.1% rise in industrial production, pushed the pair higher and closer to test 80.50 resistance.
At night watch out for Japanese GDP.
USD/CHF
Pay skyrocketed as EUR/USD dived. Support lies near 0.9365, while resistance is at 0.9470.
AUD/USD
The surging US dollar carved a new low in the pair. Daily low at 0.9871 has not been seen in the market since December 2011. Analysts write that above 1.00 the AUD was overvalued against the USD, and its fall was long overdue.
Crosses
EUR/JPY
Daily low at 101.92. Daily high 102.70. Down 0.13%.
GBP/JPY
Daily low 127.71. Daily high 128.50. Down 0.3%.
EUR/CHF
Daily low 1.2008. Daily high at 1.2011. Down 0.03%.
Commodities
GOLD
Gold set a new low for 2012 at $1527 today. Support is at $1522, December 2011 low. The metal has plummeted more than $130 per ounce since 1/05 high at $1671.
SILVER
Daily high 29.00. Low at 28.30. Down 2.66%.
Economic Data
18:00 GMT US release of protocols of last rate decision
For more information check our Eco Calendar.
Check our Market News Section for updated real-time news.
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