FX.co ★ Fundamental Analysis For February 15, 2013

The G20 meeting that started today in Moscow, as a central event, generated no significant variations on Forex market with respect to the closing of trading on Thursday.

The euro has a strong downtrend against the dollar, but with a bullish line passing through 1.3270, which may provide support to a new bearish movement. The pound, meanwhile, remains with its main trend, but appears to be very oversold in the short term, so it could recover some positions during the American session.

Returning to the G20 meeting, some protests appear towards the yen's devaluation. Subtly, central banks suggest that Japan will serve little to bring down its currency, with the argument that last time it happened, the country did not get out of the situation well. In turn, they warn it will result in curbing inflation.

Naturally, Japan has another arguments, and that is what market activity will focus in the coming days.

Anyway, the day's agenda also includes other useful information such as data on manufacturing in New York State, industrial production, capacity utilization and consumer confidence. The latter one can give good movement to the dollar pairs.

The Australian dollar remains at the side against the dollar right now, at this junction formed a sort of trend continuation figure, which can give the Aussie some bullish momentum for the rest of the day.

The Canadian dollar and the Mexican peso, show no major changes, and the Swiss franc together with the euro following their pace without further developments.