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29.12.2010 12:46

EU session review: Dollar settles after whipsaw moves

Data released
09:00    European Monetary Union M3 Money Supply (QoQ) (Nov)     1.3%    1.3%    1.0%  
09:00    European Monetary Union M3 Money Supply (YoY) (Nov)     1.9%    1.6%    0.9%
10:30    Switzerland KOF Leading Indicator (Dec)     2.10    2.10    2.13
10:38    Germany Consumer Price Index (MoM) (Dec) Preliminar    1.1%    0.9%    0.7%  
10:39    Germany Consumer Price Index (YoY) (Dec) Preliminar    1.8%    1.5%    1.5%

The dollar found a firmer footing on Wednesday after a sharp reversal against the euro the previous day in whipsaw action exaggerated by thin year-end flows.
Partly due to the erratic nature of the market, the Swiss franc held near a record high against the euro and the dollar as investors sought refuge from euro zone debt, while the dollar threatened to break below a familiar range against the yen.
"The market is not driven by factors, but the thin conditions mean there could be more volatile moves," said a trader at a Japanese bank. "A lot of positioning has been flushed out after last night, so I don't expect much action today. There's nothing around in the order books at the moment."
The euro stayed flat after a whipsaw move on Tuesday that took it to $1.3275, its best level since Dec. 17.
Although it slipped from that high, the euro held above its 200-day moving average, now at $1.3086, which has served as a strong support for more than a week.
But the euro remained near a record low against Swiss franc, a safe-haven currency that has attracted funds escaping euro zone debts on worries that some euro zone countries could face severe financing problems.
The franc also held not far from a record high against the dollar.
The yen, which tends to be favoured when investors grow risk-averse, was also supported after having hit a 6-week high against the dollar and a near two-year high against the British pound on Tuesday.
Meanwhile commodity currencies also maintained momentum.
The Aussie stayed within sight of retesting a 28-year peak of $1.0182 set in November. But depending on how the Aussie performs from here, a double-top could be in the making, traders cautioned.
The Aussie is up around 14% on the U.S. dollar so far this year, and has surged 23% against the euro.
However, some analysts doubt the Aussie can perform as well next year.

EUR/USD holds within the $1.3110/$1.3150 range.

GBP/USD holds  within the $1.5360/$1.5410 range.

USD/JPY set stable around Y82.00/30.

There is no major news for today.

29.12.2010 11:49

USD/CHF holds within range

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