EU Morning Report - Unemployment key issue for Euro

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By NikolasX | January 29, 2013 7:28 PM EST

Easy Forex

The euro (EUR) has remained within a tight range around 1.344 against the US dollar (USD) expecting further news from Europe and looking ahead to Non-farm Payrolls by Friday. Recent reports indicate that the ongoing euro-crisis has cost dearly on employment. For the fifth month unemployment in the Eurozone has climbed reaching 11.9 percent. Should the issue not be resolved soon, it could undermine the recent optimism for the single currency. Today consumer confidence in the US is set to set the stage in EURUSD trading.

 

§ The US500 (SPI), which tracks the S&P 500 is moving steady on bull territory following positive earnings data from US corporations. Currently at 1497 it looks likely to move above the 1500 level and move even higher,

§ Gold (XAU), currently at 1662, continues to slide as investors turn to riskier assets. The precious metal which reached a peak of 1791 in September has been moving lower and lower.

§ The sterling (GBP) is looking to rebound against the US dollar (USD) moving to 1.5715 after finding support at 1.5675

Stay in tune throughout the day with foreign exchange bullets!

 

. Pivot Preference1 Sentiment2
. EURUSD 1.3425 LONG @ 1.3425 30% of deals buy EUR
. USDJPY 91.00 SHORT @ 91.00 35% of deals buy USD
. GBPUSD 1.5750 SHORT @ 1.5750 65% of deals buy GBP
. AUDUSD 1.0400 LONG @ 1.0400 66% of deals buy AUD
. GOLD 1672 SHORT @ 1672 71% of deals buy GOLD
. OIL 95.40 LONG @ 95.40 22% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
.
Currency Time (GMT) Event Forecast
. USD 14:00 House Prices 20HPI y/y 5.5%
. USD 15:00 CB Consumer Confidence 64.8
. NZD 21:45 Building Consents m/m -5.4%

 

Movers Shakers
AUDJPY
The Australian dollar (AUD) has seen volatile trading versus the Japanese yen (JPY) now trading at 94.73, following Prime Minister Abe’s move to seek a weaker yen to boost exports. It is interesting to notice the pairs’ direction as Japan is a major export market for Australia’s metals and natural resources.

 

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