Forex Flash: EUR/USD short opened; targeting 1.27-1.28 - Westpac

Westpac opened a short EUR/USD at 1.3012 last Friday, targeting a run to 1.27-1.28 zone.

Westpac speculates that a second round of elections in Italy may be unavoidable, and "that could fan market fears around anti-EUR, anti-reform parties performing even better, much as we saw going into the second round Greek election last year" notes Richard Franulovich, Westpac strategist.

"Altogether it's difficult to see EUR sustaining a multi-day/week bid against this backdrop. We will add to the trade into 1.3100 and stop out of the trade through 1.3200" Richard adds..

Mar 10, 2013

New Zealand Feb Electronic Card Retail Sales (YoY) down to 2.5% vs 5.8%

Forex: AUD/USD lower on Chinese data, holds above 1.0200

With Chinese data over the weekend slightly below estimates, AUD/USD opens the week in Asia-Pacific lower, printing fresh 4-day lows at 1.0202, previous weekly open, and -0.32% for the day so far from previous weekly close Friday, following much better than expected US NFP, best in 12 months. Chinese CPI year on year came in higher than anticipated at +3.2% vs +3.0%, but PPI came in in line with previous and lower than expected, in the negative for 12 months in a row, at -1.6%, while industrial production was +9.9% vs 10.4% and retail sales at 12.3% vs 14.5%.