EU Morning Report - Monti to resign

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By NikolasX | December 10, 2012 7:28 PM EST

Easy Forex

The euro (EUR) is weakening against most of its major counterparts, following an announcement made by Italy’s Prime Minister that he will resign as soon as the as the budget is approved. Italy succeeded in passing various reforms under Monti and he was deemed a credible counterparty by his peers within Eurozone. The succession is going to bring uncertainty and fragile balances in the region’s political scene.

§ The Australian dollar (AUD) recorded a 3-month high at 1.0515 against the US dollar (USD) over the past week, following the release of an improved unemployment rate, a lower than expected Gross Domestic Product (GDP) figure and the decision by the Reserve Bank of Australia (RBA) to lower their lending rate to 3% from 3.25%.

§ The New Zealand dollar (NZD) was also strengthened after the Reserve Bank of New Zealand (RBNZ) decision to leave its lending rate unchanged at 2.5%.

§ The British pound (GBP) appears soft versus the US dollar (USD) as market participants anticipate a speech by the Bank of England (BoE) Governor King at the Economic Club in New York, at 17:15 GMT today.

§ The US dollar (USD) is falling against the Japanese yen (JPY) early in the EU session, even though Japan released a worst than expected 3rd quarter GDP.

Stay in tune throughout the day with foreign exchange bullets!

. Pivot Preference1 Sentiment2
. EURUSD 1.2930 SHORT @ 1.2930 45% of deals buy EUR
. USDJPY 81.90 LONG @ 81.90 36% of deals buy USD
. GBPUSD 1.6050 SHORT @ 1.6050 38% of deals buy GBP
. AUDUSD 1.0520 SHORT @ 1.0520 25% of deals buy AUD
. GOLD 1684 LONG @ 1684 63% of deals buy GOLD
. OIL 87.60 SHORT @ 87.60 89% of deals buy OIL

 

1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
.
Currency Time (GMT) Event Forecast
. EUR 09:00 Italian Industrial Production m/m in October -0.2%
. EUR 09:30 Sentix Investor Confidence -16.2
. CAD 13:15 Housing Starts in November 202 k

 

Movers Shakers
XAGUSD
Silver (XAG) is having an upbeat start of the week, rising against the US dollar (USD). The precious metal has already challenged the resistance area found around 33.25. If it manages to hold above this level, it could pave the way for higher highs.

 

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