FX Commentary – 04Nov

Posted: 04 Nov 2009, 6:43pm (FOREX)


It was a relatively quiet session overnight, as Tokyo returned from their holiday. The USD settled just below one month highs against a basket of currencies. Expect the markets to be treading water until the release of the FED statement later on this evening.

AUD/USD range 0.8951-0.9048. Trading at 0.9025/30 area before the release of the retail sales numbers falling to the lows on first reaction. 0.8950 support also 0.8920/0.8900 now. 0.9050/70 area still plenty of resistance but could see a test of the lows with a move to 0.8850 if equities weaken.

USD/JPY range 90.04-90.43. Still range bound resistance at 90.70/91.20 support at 89.50/89.00. It would appear that traders are waiting for Fed comments and NFP this week for more direction.

EUR/USD range 1.4703-1.4737. Again quiet after the move in London/NY. Resistance 1.4740/70 with support at 1.4650/20. As with AUDUSD resistance levels topside seem to be holding and could break lower testing down to 1.4600 which is a key level.

On the economic front, watch out for the Oil Inventories at 1500 and the Interest Rate decision later on this evening – scheduled for 1915

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