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The euro (EUR) slowed its appreciation down against most of its major counterparts, as market participants prepare for the EU summit. The eurozone heads of state are due to meet today and tomorrow and the meeting’s agenda is expected to include the ongoing negotiations with Greece, the Spanish situation and discussions on stronger monetary integration. Moody’s upheld the Spanish rating at Baa3 yesterday, and this had a positive impact on the troubled nation’s borrowing yield.
§ The euro (EUR) lies above 1.3100 against the US dollar (USD) with a resistance level identified at 1.3139 - yesterday’s high. Any commentary coming out of the EU summit today and tomorrow could move the pair significantly.
§ The Australian dollar (AUD) continues its advancement versus most of its counterparts, as the recent release of the minutes from Reserve Bank of Australia (RBA) latest meeting, point out a cut in interest rates and bullish market sentiment which favour buying the Aussie.
§ OIL dropped versus the US dollar (USD) from 92.41 to 91.96, having first recorded a new high at 92.83.
| Outlook | . | Pivot | Preference1 | Sentiment2 |
| . | EURUSD | 1.3080 | LONG @ 1.3080 | 34% of deals buy EUR |
| . | USDJPY | 78.90 | LONG @ 78.90 | 76% of deals buy USD |
| . | GBPUSD | 1.6115 | LONG @ 1.6115 | 36% of deals buy GBP |
| . | AUDUSD | 1.0325 | LONG @ 1.0325 | 57% of deals buy AUD |
| . | GOLD | 1753 | SHORT @ 1753 | 56% of deals buy GOLD |
| . | OIL | 92.85 | SHORT @ 92.85 | 41% of deals buy OIL |
| Calendar | Currency | Time (GMT) | Event | Forecast |
| . | GBP | 08:30 | Retail Sales m/m in September | 0.4% |
| . | USD | 12:30 | Initial Jobless Claims over the past week | 365 k |
| . | CAD | 12:30 | Wholesale Trade in August | 0.1% |
| Movers Shakers | |
| CADJPY | The Canadian dollar (CAD) managed to break through a key resistance level versus the Japanese yen (JPY) overnight. The pair recorded a 1-month high at 81.101 after breaking through the 80.80 resistance area. This level is now expected to act as support and a very good entry point for long positions. |
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