EU Morning Report - EUR strengthening, as US labour market improves

  • Rate this Story
  • 0
  • 0

By NikolasX | January 25, 2013 8:28 PM EST

Easy Forex

The euro (EUR) is rising against most of its major counterparts, early in the European session. The single currency recorded a fresh daily at 1.3418 against the US dollar (USD). French disappointing manufacturing data and a record high unemployment in Spain pushed the euro (EUR) lower yesterday during the EU session. However, the release of better than expected German data and signs of an improving labour market in the US helped the single currency rebound. Market participants today will be closely monitoring the release of the German IFO Business Climate at 09:00 GMT.

 

§ The US dollar (USD) is trading sideways against the Japanese yen (JPY) after rising above the 90 figure, following the comments made by the Japanese Trade Minister Nishimura who said that an exchange rate of “USDJPY“ at 100 would not be a problem”.

§ GOLD (XAU) is relatively quiet, trading just above 1670 US dollars (USD) an ounce. Nevertheless the precious metal is susceptible to wild moves following calm spells such as this one.

§ The British pound (GBP) has weakened considerably in the past few days and it will be very interesting to trade its price action before and after the release of the 4th quarter Gross Domestic Product.

Stay in tune throughout the day with foreign exchange bullets!

 

. Pivot Preference1 Sentiment2
. EURUSD 1.3320 LONG @ 1.3340 42% of deals buy EUR
. USDJPY 90.00 LONG @ 90.00 37% of deals buy USD
. GBPUSD 1.5820 SHORT @ 1.5810 51% of deals buy GBP
. AUDUSD 1.0480 SHORT @ 1.0480 23% of deals buy AUD
. GOLD 1676 SHORT @ 1676 69% of deals buy GOLD
. OIL 96.25 LONG @ 96.25 21% 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 German IFO Business Climate 103.1
. GBP 09:30 Preliminary 4th Quarter GDP -0.1%
. USD 15:00 New Home Sales in December 387 k

 

Movers Shakers
XAGUSD
Silver (XAG) is rising against the US dollar (USD) following its drop to a major support level found at 31.60. The precious metal could launch a reversal from here but a break-and-hold below this level could pave the way for lower lows.

 

  • Rate this Story
  • 0
  • 0
For more forex information, go to www.easy-forex.com

Join the Conversation

IBTimes TV
E-Newsletters

We value your privacy. Your email address will not be shared.