EU Morning Report - Eurozone GDP out today

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By NikolasX | November 15, 2012 7:56 PM EST

Easy Forex


The euro (EUR) is strengthening against most of its major counterparts, as Germany released its 3rd quarter Gross Domestic Product (GDP) at 0.2%, in line with expectations. The eurozone’s GDP is due at 10:00 GMT and any deviation from the anticipated -0.2% contraction, will affect the single currency. Yesterday, the FOMC minutes revealed that the 3rd round of quantitative easing (QE3) may intensify, as there are members within the committee that believe more assets purchases will be required once the Operation Twists ends. Another point of attention for investors today is US unemployment claims due at 13:30 GMT.


§ The Australian dollar (AUD) is falling across the board this morning, and the same is true for the Japanese yen (JPY) and the British pound (GBP).

§ OIL keeps trading above the 85 US dollars (USD) a barrel level early in the US session. Please keep in mind that Light Crude and Brent Oil expire today, ahead of the Crude Oil Inventories release and this is likely to move the commodities wildly.

§ Gold (XAU) is in need of a catalyst that will push the precious metal higher or lower versus the US dollar (USD). Gold is currently trading below 1725 US dollars an ounce, having started the week yesterday at 1734.39.

Stay in tune throughout the day with foreign exchange bullets!


. Pivot Preference1 Sentiment2
. EURUSD 1.2705 LONG @ 1.2715 55% of deals buy EUR
. USDJPY 80.30 LONG @ 80.30 38% of deals buy USD
. GBPUSD 1.5880 SHORT @ 1.5880 62% of deals buy GBP
. AUDUSD 1.0395 SHORT @ 1.0381 58% of deals buy AUD
. GOLD 1717 LONG @ 1720 67% of deals buy GOLD
. OIL 84.90 LONG @ 84.90 69% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
Currency Time (GMT) Event Forecast
. GBP 09:30 Retail Sales m/m in October 0.0%
. EUR 10:00 Gross Domestic Product (GDP) flash q/q in 3rd quarter -0.2%
. USD 13:30 Consumer Price Index (CPI) m/m in October 0.1%


Movers Shakers
The euro (EUR) broke through the short-term resistance level found around 11.3720, and recorded a 3-week high at 11.3870 against the South African rand (ZAR) this morning. Minor retracements should be expected, however, the previous resistance is now expected to act as a support and an excellent risk/reward entry point for long positions.


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