Currencies respond to euro-zone minister meeting
The U.S. dollar has traded towards the upper end of its recent range as experts had anticipated, finally moving above the 100-day moving average at 0.9880, daily trend line resistance at 0.9930 and topping out near 0.9950. The 0.9875-80 area will now become support with only a move below its previous low at 0.9815 turning the fortunes of the U.S. dollar lower. A break above the 0.9985 area will target a move higher but look for some consolidation before any renewed directional trading as this most recent move has occurred rather quickly from what we have been used to in recent weeks. Tomorrow brings retail sales which are expected to be weaker than last month, Wednesday sees the Bank of Canada meeting where no change is expected with Friday inflation data slated to be flat vis-a-vis December’s number rounding out the week on the data front. Observers expect a range today of 0.9915 to 0.9973 All-day meetings kicked off today in Brussels between European finance ministers where discussions will centre on "how and when the 500-billion-euro ($665 billion) European Stability Mechanism can bypass governments and provide direct help to banks." Market movements are expected to be limited due to today’s U.S. bank holiday. We expect a range today of 1.3175 to 1.3250 The Pound Sterling is flat today as the market waits for Bank of England meeting minutes on Wednesday and Gross Domestic Product figures on Friday. The Sterling-Canadian-dollar pairing traded largely within Friday’s range. Resistance at 1.5800 should cap any topside movement today. The Australian-Canadian-dollar pairing is better supported to kick this week off. The pair is ranging at the top of last week’s range. Resistance comes in at 1.0470 on the topside and support at 1.0425 on the downside today. The New Zealand-Canadian-dollar pairing continues to trade sideways. The pair has been unable to break above 0.8310 last week after the pair had failed to test the December high near 0.8350. Data Releases CAD: Wholesale Sales AUD: No data today EUR: German PPI, Eurogroup Meetings GBP: No data today JPY: Monetary Policy Statement, Overnight Call Rate, All Industries Activity NZD: No data today USD: Bank Holiday
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