The Reserve Bank of Australia (RBA) Tuesday cut its interest rate to a new record low of 2.25%, down from 2.50%. The RBA said that the Aussie remains overvalued, despite the recent decline.
Falling commodity prices and a slowdown of the Chinese economy weigh on the Australia's economy. China is Australia's biggest trading partner.
Since its low on October 16th the DAX is in rally mode again. The intraday low at 8350 points was the start for a new climb towards its all-time high currently at 10,987 points in the DAX-future, only short 13 points of the magic 11,000 level. Bullish momentum slowed in the last couple of days but the bullish trend is still intact. The situation is comparable to the one we saw at the end of January.
The Swiss National Bank (SNB) has discontinued the minimum exchange rate of 1.20 per euro on January 15, 2015. The Swiss has appreciated against the euro and the U.S. dollar.
The SNB President Thomas Jordan said that the CHF1.20 exchange rate floor has been discontinued because it was unsustainable. But he added that the SNB will intervene in the foreign exchange markets if required.
Recap: the single currency is in a long-term downtrend versus the greenback since July 2008, where the euro hit its all-time high at USD1.6063. In the last three months of 2014 trading became more volatile and we even saw a breakout over the latest resistance line (red) where the currency-pair managed to stay for a short while before being sold off again. After closing below the established support (pink) for three consecutive days at the end of 2014, we saw a massive slump in the first days of 2015.
The European Central Bank (ECB) has decided on Thursday that it will expand its asset purchase programme to 60 billion euro a month starting from March 2015 until September 2016. In aggregate, the asset purchasing programme will be over 1.1 trillion euro.
The volume of the bond-buying programme is larger than expected by analysts. Analysts had expected the ECB President Mario Draghi to announce an asset purchase programme of 50 billion euro a month.
The euro remains under pressure. Economic and political concerns in the Eurozone weigh on the euro. Inflation in the Eurozone dropped to an annual rate of -0.2% in December from 0.3% in November. That was the lowest level since October 2009.
German preliminary consumer price index also decreased to an annual rate of 0.2% in December from 0.6% in November. That was the lowest level since October 2009.
The single currency is in a long-term downtrend versus the greenback since July 2008, where the euro hit its all-time high at USD1.6063. In the last three months trading became more volatile with stronger pullbacks but with the exception of a false breakout from December 10th to December 17th, with the euro almost reaching intraday a higher high, the currency pair traded within its established corridor.
In the larger picture the single currency established a long-term downtrend versus the greenback since July 2008, where the euro hit its all-time high at USD1.6063. The last bearish trend started in May 2014. Since then we saw the euro decline from USD1.3993, to an intraday low at USD1.2246 on December the 8th. Rebounding from the low the euro managed to break through its steep downtrend resistance line reaching USD1.2569 on December 16th but the euro came under further pressure and is now quoted at 1.2275, just 19 pips from its low.
The euro dropped against the U.S. dollar on Wednesday as the Fed released its interest decision. The Fed kept its interest rate unchanged, but changed its guidance language. It said that it will be "patient" before to raise its interest rate.
The Reserve Bank of New Zealand (RBNZ) released its interest rate decision on Wednesday. The RBNZ kept its interest rate unchanged at 3.50%. This decision was expected by analysts. But the kiwi jumped against the greenback. What happened? The RBNZ Governor Graeme Wheeler said that interest rate hike "is expected to be required at a later stage" because of the economic growth of around 3% and as New Zealand's jobless rate declines.
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