Mar. 12: American Session
Tatiana Norkina, analyst at FBS
Trades in the U.S. session today began with a steep decrease in the major U.S. stock indexes. However, the bulls have compensated for the fall in the past hour: S&P500 has lost about -0.20%, DJIA - -0.30%. The dollar index has lost a bit less than 0.10%.
Currency pairs are recovering after sharp movements that were a market reaction to the G7 statement regarding the situation in Ukraine. Thus, the EUR/USD pair has leaped to 1.3900, but is now back to the 1.3880 level. GBP/USD was recovering to the 1.6620 level, after forming the minimum at 1.6570, but the current market activity of the bears has lowered the pair to the 1.6600 figure.
Against the background of the weakening U.S. dollar, the USD/CHF and USD/JPY pairs were also decreasing. The first keeps making new year minimums, trading in the 0.8750 area now, while the second has formed a new minimum in the past four days at 102.55.
There is an unexpected turn of events for the USD/CAD pair. After yesterday's corrective decline, it has returned to the long-term resistance at 1.1145 and is consolidating under it at the moment.