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Forex Flash: RBA Governor Stevens testifies today - NAB

RBA Governor Stevens testifies before the House of Representatives Standing Committee on Economics, the event is scheduled at 22.30GMT, the NAB strategists note.

According to NAB: "While he will face many questions on the state of the economy and the outlook for mining investment, his responses will largely reflect the Bank’s views as reported in their February Quarterly Statement and he is unlikely to give much away in regards to the outlook for the cash rate."

However, in the eyes of NAB, "the session does provide an opportunity to talk down the currency, as RBNZ governor did on Wednesday, but we are doubtful his words will have as much effect."

"The intervention threat rings hollow after recent data showing a complete hands off approach by the central bank, and he cannot claim the scale of currency overvaluation that the RBNZ did" the bank concludes.

Wall Street closes lower on risk aversion

The US stocks market has closed with losses on Thursday as investors was concerned following the recent US data in jobless claims and Manufacturing data. Philly Fed Manufacturing index was the biggest bad news as the February figures posted an unexpected decline to -12.5 from -5.8 in January. Wall Street had its worst 2-day drop of 2013.
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Forex: EUR/USD closes below 1.3200; Bears on command?

Following a 100 pips decline on Thursday, the EUR/USD is closing its second negative day in row. In the last two days, the pair dropped 200 pips from Wednesday high at 1.3430. Since February 1st top, the Euro has lost 5 cents against the US Dollar from 1.3710 to the current 1.3190. So, are market trading the Euro on bearish mode?
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