Produced every day by our Trading Desk, the Daily profiler aims to provide you with a close insight into the major currencies and to explain current market trends. Part of our fundamental forex analysis, the Daily Profiler is the perfect tool to understand what’s going on behind the scenes.
20 May 2013 (Updated 16:29 CET)Daily Currency Trends
|EUR||EUR is slightly higher versus the USD but lower against most of its major rivals. The single currency trimmed some of its losses from Fridaya against the USD but additional gains were limited as the European Central Bank is widely expected to cut its deposit rate in the coming months.|
|USD||USD was lower across the board as forex investors booked their profits of long USD positions ahead of a testimony by Federal Reserve Chairman on Wednesday.|
|GBP||GBP/USD rose above 1.5200 after hitting a one-month low of 1.5158 on Friday. Technically the pair put in a bearish flag pattern, and downward acceleration is expected towards 1.5000 or lower.|
|CHF||The Swissie rose versus the USD and EUR as forex investors cut some of their risk exposure on Monday after strong rallies at the end of last week. From a technical perspective both EUR/CHF and USD/CHF remain in strong bullish set ups and further weakness is expected for the CHF.|
|JPY||JPY rose on Monday, lifted by comments from Japan's economy minister Akira Amari who said the Nipponese currency may have weakened enough.|
|CAD||Loonie remained under pressure on Monday, but pared some of its recent losses against the buck. The CAD was down 0.80% versus the NZD and 0.60% against the JPY.|
|AUD||Aussie was up 0.20% on average versus its major rivals but under pressure against the NZD and JPY.|
|NZD||The kiwi was the strongest performer on Monday after Finance Minister Bill English said home prices will pressure the RBNZ to raise interest rates.|
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