Forex Flash: After overshooting 1.0050, USD/CAD likely to consolidate - TDS

After USD/CAD overshot 1.0050 TDS upside target, "the market may now consolidate near-term" notes Shaun Osborne, Chief FX Strategist at TDS.

Shaun adds: "There is no obvious sign of a big turn lower in the market at this point, however, so consolidation, rather than reversal seems to be the order of the day. We look for support in the 1.0035/40 area now. Below here and the market might ease back to 0.9990/00. We still think this is a buy dips market."

Feb 12, 2013

Forex: AUD/JPY breaks above 96.50 purely on Yen weakness

AUD/JPY is last at 96.75, off recent double intraday high at 96.88, printed on the back of Yen weakness. The cross is up +1.23% for the week so far, even though Aussie fell to a fresh 3-month low against USD at 1.0250 in early Asian trade. Instead, USD/JPY broke thru new 4-year highs above 94.40, while Nikkei index opened above 11400 up +2.36%.

Possible North Korea nuclear test, story developing

South Korea is reporting that a possible North Korea nuclear test took place, according to NHK. Meanwhile, Reuters just published a follow-up headlines saying that "the USGS said the epicentre was close to North Korea's known nuclear test site." The story is still developing, yet nothing has transcended into the currency market.