EUR/usd

Passions are rising. Stock markets displayed their inner nervousness, flinging down out of the slack downtrend. At the end of the US session the stock exchanges showed a decrease by about 1.5% from the intraday highs. Investors regained self-possession already during the Asian session, when the quotes stabilized. As has been often the case recently, the currency market behaves in a different way. The bulls tried to swing eurusd, which was seen in two attempts to grow to 1.36 late on Tuesday and early on Wednesday. The bulls obviously sought to launch a counterattack to take the pair farther away from the support of the upward channel. Breaking through that support would surely inspire sellers of the single currency. The coming news was also in their favour. The IMF tried to put pressure on the US lawmakers, once again referring to the possible scale of consequences which the delay in taking appropriate laws may cause. However, even without these threats the Fund could still upset the markets. The growth forecast for this year was revised down from 3.1% to 2.9% and for the next one – 3.6% against 3.8% which were mentioned three months ago. It is remarkable where such heavy growth will come from next year, taking into account that from Asia we can expect only growth slowdown. Speaking about this year, it's no good. The thing is that markets in the preceding years have been quite unsteady with the global economy growing by less than 3% a year. Over the last 15 years it was seen in 1998, 2001 and 2002, 2008 and 2009 and it is quite likely to be that in 2013. In all the previous years the market was falling considerably. And as you understand, 2013 with its numerous global highs in the stock markets stands out sharply here. For now. If the markets roll down, we shouldn't hope that the single currency will be able to stay immune for long like it is now against the background of investors' cautiousness about the dollar. 

GBP/USD

Similar attempts to grow were taken by the sterling. The pair tried to consolidate above 1.61 exactly with the same result as the euro. The charts clearly show that growth has stalled. It's quite possible that the ‘head and shoulders' will take a complete shape with breaking through 1.60. Now trading is held a bit higher – at 1.6040. 

USD/JPY

The pair is gradually reversing. Today trading is held at 97.40 in comparison with the local low of 96.50, hit early on Tuesday. We still believe in the further growth in the pair, supposing that money infusion in the Japanese financial markets will eventually be more effective than it is now. At least, the level of 100 yens per dollar may be broken through in the next couple of weeks. 

AUD/USD

The aussie had a couple of very hot hours yesterday. First, the rate flew up to 0.9480, but failed to stay there for long. On the other hand, bulls should be happy that the pair is above 0.9400 and still has the potential to grow despite the fact that PIMCO, the largest bond fund, expects that the RBA will again cut the interest rate.