Trading foreign exchange involves a high degree of risk. CitiFX Pro offers trading on margin. The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should ensure that you understand the risks and can withstand the losses and that you seek advice from your advisors as appropriate.In the United States, CitiFX Pro is a service offered by Citibank N.A., New York, 390 Greenwich Street, New York, NY 10013. Citibank N.A. is an entity organized under the laws of the United States of America.Please review the Risk Disclosure and Privacy Disclosure carefully before opening an account.
Copyright © 2012 Citigroup Inc.
NY Open: Same as it ever was
10.05.2012
Another day, another dollar is the old market saying. It should perhaps be replaced by a new phrase: Another day, same old euro.
The world and his brother probably still want to sell EUR, but the currency remains remarkably stable. Given the lack of movement over the session, it should be no surprise that EURUSD volumes are below the recent average. There is no bias in our flow, suggesting perhaps that the market has given up for the time being.
Somewhat bizarrely, ECB Executive Board member Peter Praet warned that the central bank has to be vigilant about upward price pressures; this suggests the ECB could be setting the path for tightening, which seems absurd given the ongoing Eurozone crisis.
Eurozone spreads are steady and equities are relatively calm.
AUDUSD took the limelight in Asia after Australian April employment data came in stronger than expected. The unemployment rate fell to 4.9% (consensus 5.3%). The employment change was 15.5K (expected -5K). AUDUSD jumped from 1.0060 to 1.0120 as a result.
The AUD also gained against its Antipodean neighbor, with AUDNZD rallying from 1.2810 to 1.2850; EURAUD fell from 1.2865 to 1.2810.
This is an excerpt of CitiFX Research & Commentary as received in full by CitiFX Pro clients. It is provided to you only as an example of information made available to CitiFX Pro clients, and it does not contain the full analysis, conclusions, or other information found in original document.