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12 Jun 2013
Flash: Morning re-cap – TD Securities
FXstreet.com (London) - Research teams at TD Securities have said that the equities in Europe opened higher today amid 0.4% gains in S&P and NASDAQ futures overnight.
GBP/USD, EUR/USD higher
Consequently, they said the USD has declined vs. all majors, but EUR/USD remains near yesterday’s closing level at 1.3290, having declined from overnight highs at 1.3335 as equity sentiment improved. They noted that the USD/JPY touched 97.0 for a few minutes in London trading, before declining by 0.7% to 96.4 at the time of writing.
USD/NZD and AUD/USD outperform
Then they have highlighted that the NZD and AUD outperform, having gained more than 1% overnight on strong retail and house price data from N. Zealand and consumer confidence from Australia. They said that the volatility and lack of drivers leaves them prone to further volatility, with the implication for EMs being that their team could see more currency intervention. When macro becomes relevant again, they like short AUDNZD in the current environment as Australia talks itself into recession while New Zealand activity data goes from strength to strength.
GBP/USD, EUR/USD higher
Consequently, they said the USD has declined vs. all majors, but EUR/USD remains near yesterday’s closing level at 1.3290, having declined from overnight highs at 1.3335 as equity sentiment improved. They noted that the USD/JPY touched 97.0 for a few minutes in London trading, before declining by 0.7% to 96.4 at the time of writing.
USD/NZD and AUD/USD outperform
Then they have highlighted that the NZD and AUD outperform, having gained more than 1% overnight on strong retail and house price data from N. Zealand and consumer confidence from Australia. They said that the volatility and lack of drivers leaves them prone to further volatility, with the implication for EMs being that their team could see more currency intervention. When macro becomes relevant again, they like short AUDNZD in the current environment as Australia talks itself into recession while New Zealand activity data goes from strength to strength.