StockMarketWire.com - Yesterday's large scale sell-off in US equities, which saw the S&P500 fall 1.21% on the day, closely followed by euro crosses, looks to have been large profit-taking rather than a shift in fundamental data following the up trend resuming today.
The EUR/USD began the day on a positive not following a positive PMI services number of 48.6. The pair rose from yesterday's low of $1.3457, retracing all the way to a 78.6% ($1.3597) Fibonacci level before returning to $1.3567 (61.8%), where it currently trades and will likely consolidate around this area for the remainder of the US session.
EUR/JPY was the biggest mover of the session (+1.62%) to ¥126.86 – the pair are now approaching a 261.8% extension (¥93.59) from the beginning of the rally at the start of the year. In Japan, news that BoJ governor announced he will be stepping down early, which could be a sign that president Abe will be implementing further monetary easing ahead of expect ions.
Australia's dollar weakened after the central bank said the inflation outlook allowed scope for further interest-rate cuts following it's meeting on Monday which saw interest rates held at 3%.
Notable daily gainers were; EUR/GBP +1.21% £0.8676, CAD/JPY +1.05 ¥93.46, AUD/CAD +0.87% C$1.0368.
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