Daily Forex Market by FXCC 01Mar2012
Cable reached a morning session highs after the ECB’s LTRO
The Euro fell to a 1-week low versus the UK Pound following the ECB LTRO operation, which injected €530 billion into the European banking system. EUR/GBP is quoting in the 0.8440 zone, where it's currently showing a 0.2% loss on the day. The euro has dropped 1 percent versus the New Zealand dollar, and has declined 0.7 percent versus Australia’s currency.
Currencies EUR/USD has traded in the range of 1.3454-1.3485 this morning and it holds itself above the 100-day moving average at 1.3316; it has kept above this key level since last Friday ahead of today’s much anticipated 3-year Long Term Refinancing Operation (LTRO). To the upside next immediate levels are 1.3535/1.3619 (the 61.80% retracement of the October 27th – January 13th move lower) while to the downside support should be found at 1.3408/1.3357.
US Dollar fell to 3 month low against