EU Morning Report - Dijsselbloem new Eurogroup chief

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By NikolasX | January 21, 2013 7:28 PM EST

Easy Forex

The euro (EUR) has been trending between 1.33 and 1.32 against the US dollar (USD) ahead of today’s Eurogroup Meeting. Dutch Finance Minister, Jeroen Dijsselbloem, set to replace Jean-Claud Junker as head of the group, will set forth his roadmap for the euro area. As Head of the Eurogroup, Mr. Dijsselbloem will play a critical role, like his predecessor, in managing the European Debt Crisis and bringing consensus amongst other members.

§ The UK100 (FTS) which tracks London’s FTSE100 has gained substantial ground on Friday’s session closing at 6128. Today it could correct amid lower demand.

§ Brent Crude (BRT), currently at 111.50, has been moving higher amid volatile trading. Over the long term however lower highs are noticed, a sign of bearish behaviour.

§ The euro (EUR) has substantially gained against the pound (GBP) in Friday’s session. The sterling has continued to slide amid positive European news. A break above 0.84 could mean a breakout into higher levels and higher volatility

Stay in tune throughout the day with foreign exchange bullets!

 

. Pivot Preference1 Sentiment2
. EURUSD 1.3360 SHORT @ 1.3360 33% of deals buy EUR
. USDJPY 89.35 LONG @ 89.35
51% of deals buy USD
. GBPUSD 1.5910 SHORT @ 1.5910 62% of deals buy GBP
. AUDUSD 1.0530 SHORT @ 1.0530 32% of deals buy AUD
. GOLD 1697 SHORT @ 1697 63% of deals buy GOLD
. OIL 94.90 LONG @ 94.90
15% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
.
Currency Time (GMT) Event Forecast
. EUR 07:00 German PPI m/m
0.0%
. EUR 13:30 Wholesale Sales m/m
0.5%
.


Movers Shakers
USDJPY
The US dollar (USD) climbed to its highest level against the Japanese yen (JPY) since 2009 and found resistance at 90.23 after which it eased back down to 89.60 where it has firm support. The yen has weakened against the greenback since the new PM Abe is expected to be quite lenient on Japanese monetary policy.
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