Forex Market Today Comment

Some recovery in the Euro, Aussie and Swissy today, after lows seen in the US session yesterday. Further strength or consolidation may be possible

The Euro trades near 1.4725, up 100 pips from a low near 1.4625. The Aussie (0.9017) has been seen buyin in the 0.8905-15 region over the last two days. Dollar-Swiss (1.0260) has moved back down below 1.03 after spiking to 1.0340 yesterday. Dollar-Yen (90.25) has remained stable since yesterday, between 89.85-90.60. The Pound (1.6415) has bounced, like the Euro, from a US-session dive to a low near 1.6260.

In Asia, the Sing Dollar and the Korean Won are relatively strong/ stronger today. The USD-SGD (1.3998) has been consolidating between 1.3950-4050 for the past few days within an overall bear trend. USD-KRW (1180.50) has dipped over the last few days from an earlier high near 1210 on 26-Oct. In contrast, the Indian Rupee (close near 47.40 yesterday) has been relatively weak over the last few days, impacted by the fall in the Sensex. Resistance is seen at 47.65 today for USD-INR.

Tags: EUR/USD, forex market comment