The euro (EUR) strengthened against most of its major counterparts, ahead of a day that may prove to be one of the most pivotal in the eurozone’s history. The European Central Bank (ECB) will announce its lending rate and as that is expected to remain unchanged, worldwide attention will turn to the press conference that will follow at 12:30 GMT. ECB President Draghi is expected to reveal details on how the central bank will act, within its mandate, and proceed into bond buying. We believe it is these details or the lack thereof, which will move the euro (EUR) violently either way. The US dollar (USD) will also experience heightened volatility, as the ADP employment report due at 12:15 GMT is considered a good indicator of the Non-Farm payrolls release due tomorrow.
§ Gold (XAU) has pierced through the 1700 area against the US dollar (USD), early in the European session and higher highs should be expected.
§ OIL rebounded off the 94.10 support area against the US dollar (USD). The Crude Oil Inventories print due today at 15:00 GMT will be a catalyst for the commodity’s price progression.
§ The Australian dollar (AUD) welcomed a strong boost, following better than expected labor data overnight and risk sentiment will either support or halt this retracement.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.2560||LONG @ 1.2570||32% of deals buy EUR|
|.||USDJPY||78.20||LONG @ 78.20||90% of deals buy USD|
|.||GBPUSD||1.5850||LONG @ 1.5850||33% of deals buy GBP|
|.||AUDUSD||1.0225||LONG @ 1.0225||62% of deals buy AUD|
|.||GOLD||1685||LONG @ 1685||37% of deals buy GOLD|
|.||OIL||95.00||LONG @ 95.00||51% of deals buy OIL|
|.||GBP||11:00||Bank of England (BoE) Rate Announcement
|.||EUR||11:45||European Central Bank (ECB) Rate Announcement
|.||USD||12:15||ADP Employment Report in August
The euro (EUR) is now at a very interesting level against the Canadian dollar (CAD) ahead of the European Central Bank (ECB) policy meeting today. The single currency has rebounded off the multi-year lows over the past couple of weeks and has now met resistance around the 1.2490. If the pair cans convincingly break-and-hold above this level, this will pave the way for higher highs.
Most Popular Slideshows
- Australia Bids Adieu to Adam Spencer's Mornings on ABC's "702 Breakfast" Show [PHOTOS]
- Top 10 Hottest Celebrities with Shocking Weight Loss (And Find Out Their Secrets!) [PHOTOS]
- SEE PHOTOS! Eva Longoria Wears No Panties at Cannes 2013, Revealed in Embarrassing Wardrobe Malfunction [SLIDESHOW]
- Demi Lovato Snapped Getting Flirty with The X-Factor Boss, Simon Cowell? [PHOTOS]