Charts of Note

Euro weakened against the US Dollar ahead of the European Finance Ministers Meeting in Brussels this morning. As more leaders placed pressure on the quantity and quality of the Euro-zone 'bailout fund' the Euro rose back to its initial height. The markets want security, but we can see the cross on the MACD, and the double top on EUR/USD clearly showing some weakness. Take note of the Portugal bond auctions last week - at around 7%, IMF is cautious about the country's ability to re-pay the debt. Spain will soon be an issue, and Italy too. Economists are sounding the alarm for the next of the PIIGS to fall this spring. Something to keep an eye out for. In the short term, speculation will define the movement of Euro.

I found this one funny. Apparently, news all over the web has been bearish on the Aussie during the 'biblical' floods in northern Queensland. However, us traders saw the opposite. The Aussie has maintained a strong uptrend throughout the floods, despite some dips of retracement. It's important to note that natural disasters do not have a significant affect on a country's exchange rate, unless it's of massive scale.  This did not disrupt trade, and economic data flowed uninterrupted. Zero Hedge did an analysis of this here. Strange how the media fails to look at the charts sometimes.