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Rates at Market Open (6.30am)

All rates are indicative only and are subject to change without notice

 

10 Second Summary

Equities decline on Fed fears and German vote aftermath. Euro zone though dormant now, remains the ‘Haunted House’ of the FX land. The AUD and NZD continue to sail in familiar waters and are not expected to venture further out in deep oceans for the next few days.

Australian Dollar

While the equities softened, the AUD managed to keep its head above the water as China manufacturing growth picks up. With uncertainty seeping into the markets, the Aussie is likely to come under pressure soon. But for today expect the local currency to trade in the high 93USc levels.

United States Dollar

Traders were wary of playing with the Dollar as US policy makers defended the central bank’s decision to continue its easy money policy. These Fed wobbles were transferred to Wall Street too. Despite fiscal uncertainties looming at large, analysts predict a brighter Greenback future in the near term.

Euro

Darghi strikes a dovish tone while speaking to the European Parliament. Super Mario confirms that the EU zone interest rates would remain at current or even lower levels for some time. The Euro expectedly suffered from such comments and was down across the board. The outcome of German elections thought initially negative is likely to support the Single currency in the long run.

Japanese Yen

Given the mixed sentiments on global markets, the Yen traded within narrow ranges last night. The Yen strength against the USD continued as the later was shunned across the board following Fed announcements. Unless there is significant shift in risk factor, expect the Yen to remain range bound today.

New Zealand Dollar

While the FX rates remained at a standstill, the Kiwi hearts were dropping this morning. Team NZ once again fails to capitalize on its ‘Favoured Start’. The Kiwi however managed to hold on to the 83USc. Asian session is unlikely to bring major changes in the NZD graph, with the local currency trading comfortably in the 83USc levels for now.

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