FX.co ★ Fundamental Analysis for March 6, 2012

The dollar continues recovering positions against the major currencies during the European session on Tuesday.
The Australian dollar is the currency that loses the most at these times, the Reserve Bank of Australia may cut the exchange rates at its next meeting.
This movement of the Aussie at least was expected. With an ounce of gold being at the minimum for several days, and with an interest rate which is the highest in the countries with "hard" currencies, the Australian currency had touched 1.09, the highest value since last July. This sharp decline appears to have no return next time, and it does have a lot more road to follow in the coming weeks. In Asia on Wednesday morning, however, it can regain some positions if the Australian GDP grew as expected, by 0.7% last quarter.
The Canadian dollar declines as well, although oil is stable, in the area of $106 per barrel. The Loonie is coming back to parity against the dollar, and if the road exceeds the area of $1.03 / 4, that we mentioned several times in recent reports, it would be paved in a move which we hoped by the end of this month .
On the other hand, the euro again approaches lows on Monday, and this time seems to have no problem breaking the trendline on the daily chart against which it rebounded on Tuesday. Everything is given to the single currency area look even 1.30 without many obstacles, and is positioned closer to 1.25 in the next few days.
This situation, again, is influenced by Greece along the way. Incredibly complicated it is to return the loan of 130 billion euros promised not to fall into default, still there is a failure about reaching complete agreement with its private creditors. However, the payment of the maturity of 14.4 billion euros on 20th will be guaranteed. There will not be any international collapse.
Also the British pound is weak.The British currency is already at minimum since the 24th of February and may continue its downward path during the rest of the day.
Reports of macro importance are not expected during the American session, so the day was provided to operate short-term technical parameters.