Forex Flash: Consolidation featured on Turnaround Tuesday – BBH
FXstreet.com (Barcelona) - With reports suggesting that Japan is likely to escape G20 wrath over devaluation, Brown Brothers Harriman analysts note that the potential for a Turnaround Tuesday is resolving itself into flattisg consolidation in the foreign exchange market.
Looking at the price action they note that the dollar is mostly weaker against other major currencies. They see that EURUSD is still stuck near 1.3450 and GBPUSD is trading on both sides of 1.57. Meanwhile, USDJPY is trading below the 90.50 level, but just barely. The MSCI Asia Pacific was up 0.8% but the Euro Stoxx index is marginally lower. S&P futures are pointing to a 0.3% lower open.
Looking at the price action they note that the dollar is mostly weaker against other major currencies. They see that EURUSD is still stuck near 1.3450 and GBPUSD is trading on both sides of 1.57. Meanwhile, USDJPY is trading below the 90.50 level, but just barely. The MSCI Asia Pacific was up 0.8% but the Euro Stoxx index is marginally lower. S&P futures are pointing to a 0.3% lower open.
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