Overall, the major currency pairs opened again with gaps, as traders bought the dollar over the weekend. In the last few weeks, most of the time the market gapped at the Sunday open, reflecting the weekend events. Ahead, the calendar is very light in the European session, but the U.S. session holds a red-flag release, existing home sales.
The Euro (EUR/USD) saw a 75-pip gap at the Asian open. The pair fell nearly 1100 pips in the last month, of which 400 pips only in the previous week. The pair will probably need a strong momentum to break lower, the pair bottomed near the 1.2850 area.
The Pound (GBP/USD) had a massive gap at the beginning of the Asian session, a little more than 200 pips. The pair plunged lower, as the market has a very downbeat view over the U.K. economy. Currently, the pound trades near a 23-years low.
The Aussie (AUD/USD) moved in a very small range since the new trading week started. For the moment, the pair is trading just above the 0.6500 area, a previous important swing point. This week, the Reserve Bank of New Zealand is expected to cut 100 basis points, something that could affect the aussie too.
The Cad (USD/CAD) bounced off the 50-day moving average tonight. The pair rose 40 pips soon after. At the Asian open, the pair saw a 45 pip gap.
The Swissy (USD/CHF) already gained 60 pips in the Asian session. The pair tested the 1.16 area tonight, where it had topped in the last few days. Currently, the swissy trades above all the moving averages, after it posted some strong gains lately.
The Yen (Usd/Yen) struggles to hold above the 88.00 support area for the few last days. The pair gained almost 70 pips tonight, after it opened with a 30-pip bearish gap. There are no top tier releases this week coming from Japan.
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Currency Pair Overview Gaps Saw At The Sunday Open
Published 12/31/2000, 07:00 PM
Updated 01/25/2009, 10:40 PM
Currency Pair Overview Gaps Saw At The Sunday Open
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