As we noted yesterday, the euro (EUR) moved to the highest level since November 2011 versus the US dollar (USD) amid worse than expected ADP employment change in the US. Many investors expected the Fed will continue its QE policy until better employment results come out. At the same time major European banks are releasing mixed revenue results which are negatively affecting major European indices.
§ Brent Crude (BRT), currently at 114.86, continues its rally as investors put their confidence in a rapid return to growth despite lower than expected US employment data.
§ The euro (EUR) moved lower against the Swiss franc (CHF) as the pair corrects the recent explosive rise and moves back to equilibrium.
§ The GER 30 (DAX), tracking Germany’s largest listed companies, has moved lower after worse than expected earnings releases from Deutsche Bank. Some investors’ view this with a positive eye; however the industry can now focus on growth now that all skeletons are out of the closet.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.3535||LONG @ 1.3535||33% of deals buy EUR|
|.||USDJPY||90.75||LONG @ 90.75||66% of deals buy USD|
|.||GBPUSD||1.5760||LONG @ 1.5760||60% of deals buy GBP|
|.||AUDUSD||1.0430||SHORT @ 1.0430||69% of deals buy AUD|
|.||GOLD||1672||LONG @ 1672||69% of deals buy GOLD|
|.||OIL||96.80||LONG @ 96.80||20% of deals buy OIL|
|.||EUR||08:55||German Unemployment Change||9K|
|.||CAD||13:30||Canadian GDP m/m||0.2%|
Gold (XAU), currently at 1677, reversed its downward trend after testing resistance at 1654. The precious metal looks set to test the 1695 resistance as news from the US comes weaker and investors seem reluctant to move away to riskier assets. Should the metal be unable to pass that critical level we could see it slide lower.
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