Forex Flash: Long CNY, CNH, PHP on outright basis - ANZ

FXstreet.com (Barcelona) - According to Khoon Goh, Senior FX Strategist at ANZ, they stay constructive on currencies with positive local factors, thus "we are long CNY, CNH and PHP on an outright basis" he says.

"We are also long a basket of KRW, PHP and CNY against SGD as we see limited upside potential for SGD given that the NEER is trading close to the upper bound. We are short IDR outright given our bearish view on the rupiah" Khoon adds.

Apr 3, 2013

Forex: GBP/JPY barely above 141.00 dragged on Pound weakness

Dragged on continued Pound weakness for last 2 trading days, being Pound the weakest currency among majors in that time span, and Yen strength, just the opposite, the strongest one, the cross GBP/JPY is currently dealing with fresh 4-week lows last at 141.10, off absolute lows at 140.95.

Precious metals resume the selling off

Gold has continued the downside move trading last at $1568 in the spot market, off recent fresh 3-week lows at $1563, down -1.81% for the week so far, while Silver is still barely holding above the $27 handle, fresh 7-month lows. According to 2ndSkiesForex founder Chris Capre, for Silver: “Next up is $26.50 and $26.21 which are just above the 2012 lows, thus threatening a serious downside move and the bulls likely parked there,” the analyst notes, adding: “Any corrective rallies towards $27.87 can be used for potential sell signals to rejoin the trend.”