AUD,NZD/EUR/USD/Flows and Orders/JPY crosses/Open/Wrap/USD/JPY

The day ahead in the FX market, Thursday November 15th

  • Speech from Ben Bernanke is the highlight on the economic calendar:
  • EUR crosses made big rally overnight and will be the key to Asian market moves:
  • EUR/AUD has made a significant reversal and has little technical resistance until 1.2375:
  • EUR/JPY has dumped the bears and is back in the middle of its recent 100/104 range:
  • Market positioning is pretty flat apart from EUR shorts (which are obviously being unwound), so there is plenty of scope for some speculative pushes:
  • AUD/USD bids from reserve managers are expected at 1.0350:
  • USD/JPY stops are reportedly quite heavy above 80.50:
  • FOMC minutes show some unexpected resistance to future QE:
  • Emerging currencies like ZAR and MXN get hit especially hard overnight and Asian currencies will also need close watching today.

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