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18 Feb 2013
Forex Flash: High noise to signal ratio - BBH
Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman notes that the official talk surrounding the G7 statement and G20 meeting generated a great deal of needless noise in the fx market, and it was almost akin to a librarian yelling “Quiet” and ensuring that she is much more disruptive that the initial noise.
With the meetings out of the way, he is expecting the official jawboning about the currency market to die down and of course, there is a chronic low level murmur of economic commentary that may have broad implications for foreign exchange rates. He notes that the Dollar Index (DXY) closed above the downtrend drawn of the mid-November highs. The strong close before the weekend drew it near the retracement objective in the 80.70-80 area with the next target would be 81.35 and 82.00.
With the meetings out of the way, he is expecting the official jawboning about the currency market to die down and of course, there is a chronic low level murmur of economic commentary that may have broad implications for foreign exchange rates. He notes that the Dollar Index (DXY) closed above the downtrend drawn of the mid-November highs. The strong close before the weekend drew it near the retracement objective in the 80.70-80 area with the next target would be 81.35 and 82.00.