Forex Daily Forecast, Analysis and Prediction

AUD/USD continues to grind higher overall in the face of many economic headwinds. The move has been pretty impressive if you think about it as the Aussie is historically one of the first currencies to get whacked when bad news comes out.

USD/CAD has been an interesting pair lately. The oil markets always tend to have an effect on the value of the Canadian dollar, and as such this pair, along with the Norwegian Krone, (USD/NOK) will often move inversely to the price of oil.

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EUR/USD rose during the session on Wednesday as the market celebrated the semi-decent successful bond auctions, (save Portugal) and the apparent IMF expansion of bailout money in the case of a European meltdown.

The NZD/USD had a strong day on Wednesday as the market bought up plenty of risk assets around the world. The Kiwi will almost always be a great barometer of risk sentiment as it is so highly tied in with commodities.

USD/CHF fell for the session on Wednesday as traders sold off the Dollar in general. The market seemed quite happy during the session, and that almost always seems to mean bad news for the Greenback.

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The EUR/USD had a somewhat bullish session on Tuesday as traders reacted to decent a decent bond auction in Spain. Also, the yields in several European countries came down, and as has been the correlation lately, the Euro gains in that scenario.

AUD/USD rose on Tuesday as traders continue to pump money into the commodity currencies. The fact that many believe that central banks are about to enter another round of quantitative easing will often fuel commodity booms, and as a result the countries that produce commodities for everyone else will often see massive inflow of currency causing their exchange rates to rise.

USD/CAD fell during the Tuesday session as the oil markets gained again. The Dollar sold off in general, so the fall in this market wasn’t a big surprise.

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EUR/USD had a fairly quiet session on Monday as the Americans celebrated Martin Luther King Day. The lack of volume certainly played into the lack of movement, but there was a downgrade of the EFSF bonds of one notch due to the several downgrades by S&P on Friday.