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TJ Marta
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  • Daily FX View: USD Consolidates Losses; BRL Libra Auction 0 comments
    Oct 21, 2013 6:46 AM

    USD rebounding overnight, near unchanged or higher vs 22 major FX peers.
    • USD consolidating last week's sharp losses following temporary U.S. debt/budget deal as market focus shifted to prospects for continued QE, doubts over U.S. leadership position in global finance
    • U.S. resumes data releases this week; unemp., payrolls scheduled for tmrw

    • GBP/USD little changed overnight, consolidating gains
    • Weekly chart: Formed outside week higher, remains below ~1.6250 resistance that has held since 2012
    • BoE's Broadbent says no rate hike until after unemployment falls below 7%

    • Brazil holds auction for Libra oil field; 9 cos. presented guarantees to bid; cos. may invest $185b to develop field
    • Daily chart shows USD/BRL downtrend: Support 2.1175 June 14 low

    • MXN risk today from retail sales, Aug., est. 1.2% y/y, prior 1.3%; rate decision Fri., est. 3.50% from 3.75%
    • Daily chart indicates potential for USD/MXN rebound from Oct. low; resistance 13.0380 Oct. 1 low; support 12.7481 Oct. 17 low

    • CAD key risk this week from BoC rate decision Wed., unanimously est. unch. 1.00%; retail sales, Aug., est. 0.4%m/m reported tmrw
    • Daily chart: Upside bias from 1.0277 Oct. 18 low; 2nd consecutive doji day since Wed., Thu. declines
    • Support below Oct. 18 low: 1.0271 Sept. 24 low, 1.0182 Sept. 19 low; resistance 1.0420 Oct. 10 high

    • NOTE: TJ Marta is an FX strategist who writes for First Word. The observations he makes are his own.

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