The euro (EUR) appreciated against most of its major counterparts, following the European Central Bank (ECB) President Draghi comments made overnight. He pointed out that buying options of a maturity up to 3 years would not constitute state financing, something against the ECB’s mandate. Thursday’s press conference by the eurozone’s central bank is expected to set the tone for all the policymaking that will follow in the coming months. The US dollar (USD) highlight for today will be the Manufacturing Purchasing Managers Index (PMI) due at 14:00 GMT.
§ OIL is rebounding against the US dollar (USD) after violently dropping to 96.45 at the end of the European session yesterday. However, a break-and-hold above the 97.40 resistance level is needed to pave the way for higher highs.
§ The 2nd quarter Gross Domestic Product (GDP) for Switzerland came out negative, and below expectations. Nevertheless the Swiss franc (CHF) reaction so far, has been muted.
§ The Australian dollar (AUD) strengthened significantly overnight as the Reserve Bank of Australia (RBA) chose not to proceed with a rate cut.
§ The British pound (GBP) is trading higher this morning ahead of today’s Construction Purchasing Manager Index (PMI) release.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.2560||LONG @ 1.2560||32% of deals buy EUR|
|.||USDJPY||78.45||LONG @ 78.45||91% of deals buy USD|
|.||GBPUSD||1.5845||LONG @ 1.5845||33% of deals buy GBP|
|.||AUDUSD||1.0280||LONG @ 1.0280||59% of deals buy AUD|
|.||GOLD||1685||LONG @ 1412||38% of deals buy GOLD|
|.||OIL||96.00||LONG @ 96.00||32% of deals buy OIL|
|.||GBP||08:30||Construction PMI in August||50|
|.||EUR||09:00||PPI output m/m in July||0.2%|
|.||USD||14:00||Manufacturing PMI in August||50|
The New Zealand dollar (NZD) has been falling against the Canadian dollar (CAD) over the past few days. The pair broke through the 0.7970 support area on Friday and has since move down to 0.7857, a solid 1.42% appreciation. The pair lies well below its 200-day moving average, and it will be interesting to see whether lower lows can be recorded.
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