Market Overview & Analysis

The real concern for the week ahead would again come on Tuesday's US ISM manufacturing number of 57.9 vs.57 not to mention today's Canadian GDP report, The RBA Rate Decision in Australia and Friday's US Non-Farm Payrolls that would certainly be watched. Although, we do not expect any real change in NFP numbers with what the actual market sentiments are showing by the price movements. The volatility towards these reports would only provide market volatility for the major players. As market speculators from the retail side has had difficulty in trading and reading how the market reacts due to the wider price fluctuations even within intra-day trading.
As our outlook still remains bearish for the USDX currently working at the 77.80. A re-test of the previous low should not be discounted at the 76.65/80 basis point range. The numbers could not make any real serious recovery as the investors sentiments has been negative for quite a while now. Which prompted the steadier EURUSD moving north of the charts with sustaining weekly volumes on the financial futures. And thus helping to make price move forward at the opening levels for the week. EURUSD is currently at the 1.3717 where its initial target is at the 1.383-80 range for this week with up and down movements are expected before it attains this objective.

The previous outlook from our market view report has been quite supportive where a steadier cross rate of the EURGBP have been the key in the EURUSD trade in spite of the Irish negative reports that have resurfaced in the news reports. However, the more influential factor is the USD continues decline. Specially with today as the closing prices for the month would weigh-in on the sentiments and market outlook.

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