AUDUSD: The Australian dollar was lower late Monday, hit by the one-two punch of strong U.S. employment data on Friday and news of a trade deficit in China.
A second shock came as China posted its largest trade deficit since 1989 in February. China posted a deficit of $31.48 billion last month after reporting a $27.28 billion surplus in January
We expect a range for today in AUDUSD rate of 1.0490 to 1.0570
We BUYING AUDUSD at 1.0510 ranges
Stop loss at 1.0465
Target at 1.0550 and 1.0590
EURUSD: The European Commission, which polices national budgets, has said it will revisit Spain’s budget figures after the country raised its 2012 deficit target to 5.8% of gross domestic product instead of 4.4% previously.
Spain took the action unilaterally after missing a 2011 target imposed by the European Union to keep the region’s economy under control.
Also, The French finance minister also said he expects Greece to start receiving aid from the second bailout program by the end of the week.
We expect a range for today in EURUSD rate of 1.3090 to 1.3190 (We bought at 1.3120, continued to hold our trade)
We buying EURUSD at 1.3120 (continued to hold our trade)
Stop loss at 1.3070 (Bring stop loss from 1.2990 to 1.3070)
Target at 1.3190 and 1.3230
USDJPY: U.S. non-farm payrolls grew by 227,000 in February, the third straight month of strong growth, enough to damp expectations the Federal Reserve will contemplate a renewed stimulus for the world’s biggest economy.
The acceleration in the ETI suggests that rapid job growth is likely to continue in the next several months, despite modest improvements in demand and production
We expect a range for today in USDJPY rate of 81.90 and 82.60
We Shorting USDJPY at the current market price 82.30
Stop loss at 82.70
Target at 81.90 and 81.70
