Forex: EUR/JPY keeps "red" as NY opens

The EUR/JPY has been generally pressured today, but after going to as low as 121.27, European flows pulled the cross up to 121.92 high on the opening and ahead of EMU Sentix Investor Confidence. Disappointment there allowed a move back below the opening price. Recent bids ahead of the NY session failed to extend above the 121.78 opening level.

The market ignored BoJ Governor-nominee Kuroda's dovish speech during the Asian session and the Spanish unemployment change came in smaller than the 77.5K expected and less than half of the January figure, as it "only" added 59.4K unemployed.

"Monitor the hourly horizontal range between the support at 118.73 (25/02/2013 low) and the resistance at 122.26 (21/02/2013 low)", wrote MIG Bank analyst Bijoy Kar, pointing to another resistance at 123.30 (intraday high).

Mar 4, 2013

Forex Flash: Global growth to accelerate by 2014 – Goldman Sachs

According to the Economics Research Team at Goldman Sachs, “We expect a modest recovery in global growth this year accelerating into 2014. European equities in our view remain good value, especially versus bonds. However, near-term risks are high and domestic growth is sluggish. We search for structural growth stories, which are not already heavily priced; we think sectors such as autos, tech, personal & HH goods and healthcare fall into this category. We believe several sectors are facing continuing structural issues including telecoms and oil & gas and would continue to avoid exposure to these areas despite low valuations.”

American equity markets start off week in the red

The US Stock market experienced a negative opening as Monday as investors return from a weekend dominated by sequester-speak. While the enduring outcome of this phenomenon is not currently known – neither Democrats or Republicans envisioned this scenario originally playing out – market participants will surely be eying payrolls later this week.