AUDUSD: The Australian dollar was sharply higher late Thursday after stronger-than-expected March employment numbers forced a reality check on the likelihood of big cuts to Australian interest rates.
Australia added 44,000 jobs in March from February and the unemployment rate was steady at 5.2%, against economists’ expectations for just 6,000 new jobs and an unemployment rate of 5.3%.
Many economists still expect the RBA to cut rates by 25 basis points on May 1 to 4.0%, but the employment data “dampened any expectations of multiple rate cuts in the future
We expect a range for today in AUDUSD rate of 1.0330 to 1.0450
We SELL AUDUSD at 1.0450
Stop loss at 1.0490
Target at 1.0350 and 1.0320
EURUSD: The International Monetary Fund is raising its forecasts for world growth from its dour outlook in January, but warned that there is still a “high degree of instability” in the world economy
Europe has moved too slowly to address a debt crisis that now threatens to capsize two of its largest economies, Italy and Spain, euro zone leaders have recently built a sufficient defense.
We expect a range for today in EURUSD rate of 1.3120 to 1.3210
We SELL EURUSD at 1.3190
Stop loss at 1.3220
Target at 1.3130 to 1.3080
USDJPY: A worldwide initiative to strengthen financial regulation in the wake of the 2008 financial crisis has much further to go, a financial industry organization said Thursday, arguing that more governance reforms are needed to ensure future stability.
Meanwhile, the push for reform has hit several roadblocks. In recent days, a number of public officials have warned the appetite for financial reform has waned, and the legislation has become increasingly subject to lobbying that dilutes it.
We expect a range for today in USDJPY rate of 80.80 to 81.60
We BUY USDJPY at 81.00 ranges
Stop loss at 80.50
Target at 81.50 and 81.80
