The euro (EUR) is weakening against most of its major counterparts, as market participants are feeling more risk averse. The European Central Bank (ECB) President Draghi met with German lawmakers in a closed-door discussion on Wednesday, specifically regarding the Outright Monetary Transactions (OMT) bond buying program and reiterated that the program will not cause inflation or weaken ECB’s independence. The International Monetary Fund (IMF) revised its forecast for Ireland's GDP growth in 2013 down to 1.1% from 1.4% naming external trading conditions. Investors worldwide are expected to closely monitor the US 3rd quarter GDP release later today at 12:30 GMT.
§ The New Zealand dollar (NZD) is falling against the US dollar (USD), following comments by Reserve Bank of New Zealand (RBNZ) Governor Wheeler, that a lower exchange rate is best for New Zealand’s economy only if price stability and financial strength are not jeopardised.
§ OIL is now trading just above 84.90 US dollars a barrel that seems to be acting as a short-term support. A break below this level could pave the way for lower lows.
§ The British pound (GBP) advanced from 1.6029 to 1.6116 versus the US dollar (USD) following a better than expected GDP release at 1.0%.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.2985||SHORT @ 1.2975||44% of deals buy EUR|
|.||USDJPY||79.90||LONG @ 79.90||59% of deals buy USD|
|.||GBPUSD||1.6080||LONG @ 1.6080||48% of deals buy GBP|
|.||AUDUSD||1.0345||SHORT @ 1.0335||59% of deals buy AUD|
|.||GOLD||1714||SHORT @ 1714||71% of deals buy GOLD|
|.||OIL||87.50||SHORT @ 87.50||85% of deals buy OIL|
|.||CHF||07:00||KOF Indicator in October||1.63|
|.||USD||12:30||GDP in 3rd quarter||1.9%|
|.||USD||13:55||University of Michigan Confidence for October||83|
The US dollar (USD) recorded a higher high at 3.2194 versus the Polish zloty (PLN) this morning and is currently holding onto it. The pair now lies above the 3.2100 support area and a continuation of this uptrend is very likely but market participants should be careful of the downside.
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