Aug 28: risk aversion continues

August 28, 2013

EUR/USD slipped to $1.3370 after having jumped to $1.3395 yesterday. Euro zone is scheduled to release GfK German consumer climate and M3 money supply data. GBP/USD is trading under pressure around $1.5520. Traders will be watching the Bank of England’s Mark Carney speech to Parliament at 11:45 GMT. The US will release pending home sales data at 14:00 GMT (forecast: 0.2%; previous: -0.4%).

USD/JPY lost yesterday about 150 pips and hit today a 2-week low at 96.80 before recovering a bit to 97.30. Yen held its biggest gains in 2 1/2 months against USD and EUR as a safe haven amid escalating tension in Syria. USD/CHF closed below 0.9200 yesterday. 

MSCI Asia Pacific Index of shares fell by 1.8%. Standard & Poor’s 500 Index slid by 1.6% yesterday. AUD/USD is trading on the downside for the third day. The pair has tested a 3-week low just above $0.8900 today. NZD/USD was rejected yesterday by resistance at $0.7860 and tested $0.7745 today. At the moment of writing kiwi was trading 40 pips above the latter. USD/CAD recovered from the daily low of 1.0470 to 1.0490.

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