daily forex news march 14th 2013

Daily Forex News March 14th 2013FCTOFX: The Aussie and the Kiwi are having very different fortunes today. While the Aussie is boosted by much stronger than expected employment data, the Kiwi was weighed down by a Reserve Bank of New Zealand statement. The job market in Australia grew an impressive 71,500 in February versus expectation of 10,000. That was the biggest rise since 2000. The Prior month's figure was revised up to 13,100, from 10,400. The details were also strong with gains in both part-time and full-time jobs by 17,800 and 53,700 respectively. The Participation rate also rose to 65.3%. However the unemployment rate was unchanged at 5.4% versus expectation of a rise to 5.5%. The Reserve Bank of Australia mentioned that the current rate is appropriate but the inflation outlook allows for a further cut should the economic situation make it necessary. But based on the solid job market data, there shouldn't be much need for the central bank to cut rates any time soon. AUD/USD breached the 1.0374 resistance on today's rally and it looks like further strength should be seen in the near term back to the resistance zone at around the 1.06 level.

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Daily Forex News March 14th 2013The Reserve Bank of New Zealand left rates unchanged at 2.5% as widely expected. Governor Wheeler said that the central bank expects to "keep the official cash rate unchanged throughout the end of the year" amid an "uneven" economic recovery. The central bank also said that “if the exchange rate rose for reasons not justified by New Zealand’s economic fundamentals, all other things equal, this would lead to a lower-than-expected Official Cash Rate.” That is the Reserve Bank of New Zealand opening the door for a rate cut should the New Zealand dollar appreciate more than expected. NZD/USD dipped to as low as 0.8161 after the release and remains soft there.


Daily Forex News March 14th 2013In Japan the main focus is on the confirmation of the nomination of the Bank of Japan governor and deputies. The lower house with ruling the Liberal Democratic Party holding the majority, has already endorsed the appointment of Kuroda as governor and Iwata and Nakaso as deputies. The upper house will vote tomorrow at 10am Tokyo time. The main uncertainty: Iwata's appointment should also be cleared after “Your Party”, the “Japan Restoration Party” and the “New Renaissance Party” voiced support yesterday. Together, Prime Minister Abe should have secured enough votes to pass the nomination. The current Bank of Japan governor will step down on March 19th.


Daily Forex News March 14th 2013Looking ahead, the Swiss National Bank rate decision will be a major focus today. The central bank is expected to stick to the policy of low rates and holding the EUR/CHF 1.2 floor through 2013 and even longer. Swiss National Bank chairman Jordan has mentioned last month that the Swiss Franc remains at "a very high level" and it's "quite far from the exit" from the EUR/CHF floor. Volatility in the EUR/CHF has been very high since the start of 2013 as it's been boosted by the improving confidence in the Eurozone. But then it's also dropped sharply on political uncertainties in Italy. Nonetheless, the volatility is making the cross quite tradable now, much better than last year's tight range trading.

Also, US PPI, jobless claims, Eurozone employment, Canadian capacity utilization and the new housing price index will be released.


Daily Forex News March 14th 2013The new retail forex trading offering from Forex Currency Trading Online Ltd., www.FCTOFX.com, has been developed out of the retail customer’s desire to profit from managed Forex trading, without having their capital held, managed and controlled by an unknown or unregulated third-party.

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daily forex news march 14th 2013

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