FX Trading

The EUR/AUD printed a new 21-year low yesterday.

All major currencies were up against the U.S. dollar overnight, with the British pound leading the way, climbing some 0.71 percent ahead of the Bank of England interest rate decision.

The greenback weakened across the board, with the EUR/USD paring the sharp decline from the previous day to reach a high of 1.2732 during the overnight trade, and the reserve currency is likely to face increased volatility throughout the day as the Federal Reserve is scheduled to release its Beige Book Economic report at 18:00 GMT.

EURUSD: Euro US Dollar Exchange Rate Forecast

USDJPY: US Dollar Japanese Yen Exchange Rate Forecast

GBPUSD: British Pound US Dollar Exchange Rate Forecast

USDCHF: US Dollar Swiss Franc Exchange Rate Forecast

USDCAD: US Dollar Canadian Dollar Exchange Rate Forecast

AUDUSD: Australian Dollar US Dollar Exchange Rate Forecast

NZDUSD: New Zealand Dollar US Dollar Exchange Rate Forecast

We have seen yet another fresh multi-year low for USD/JPY below 83.50, and despite ongoing concerns from Japanese officials over the strength in the local currency, market participants are content on buying the Yen until proven otherwise.

We have seen yet another fresh multi-year low for USD/JPY below 83.50, and despite ongoing concerns from Japanese officials over the strength in the local currency, market participants are content on buying the Yen until proven otherwise.

Without the usual government inventory report on Wednesday, crude oil will likely fluctuate on the usual suspects: equity market direction and the economic sentiment du jour. Gold will attempt to break the all-time highs, but a failure at these levels could lead to a substantial correction.

The Japanese Yen outperformed in overnight trade, rising on safety demand as stocks slumped across Asian exchanges. More of the same is promised ahead as stock index futures tick lower, pointing to continued risk aversion.