EU Morning Report - EURJPY breaks 2.5 year high - NFP sets the stage
By NikolasX | February 1, 2013 7:56 PM EST
The euro (EUR) continued its climb against the US dollar (USD) moving above 1.36. Looking ahead, this afternoon will see the release of US Non-Farm Payrolls (NFP), expected to come out at 161 thousand, it is a key indicator of economic growth. To make things worse for the dollar, the Fed has agreed to continue its Quantitative Easing program until unemployment drops substantially. This has helped in the rise of the euro so far but a reversal to the trend may come, should the first signs of growth appear.
§ WTI Crude (OIL), currently at 97.51, regained its earlier losses and moved fast back to 97.51. Today’s NFP results could boost demand for the energy further.
§ The US dollar (USD) has been losing ground versus the Canadian dollar (CAD) moving below 1.00 before finding support at 0.9958.
§ The US500 (SPI), which tracks the largest 500 American companies, has moved lower to 1497 after worse than expected earnings releases. It looks like it is moving towards a head and shoulders formation which may lead it lower unless the NFP’s results push it higher.
Stay in tune throughout the day with foreign exchange bullets!
|.||EURUSD||1.3565||LONG @ 1.3565||31% of deals buy EUR|
|.||USDJPY||91.25||LONG @ 91.25||30% of deals buy USD|
|.||GBPUSD||1.5815||LONG @ 1.5815||55% of deals buy GBP|
|.||AUDUSD||1.0420||SHORT @ 1.0420||69% of deals buy AUD|
|.||GOLD||1677||SHORT @ 1677||76% of deals buy GOLD|
|.||OIL||96.80||LONG @ 96.80||45% of deals buy OIL|
|.||USD||13:30||Non-Farm Employment Change||161 K|
|.||USD||13:30||ISM Manufacturing PMI||50.8|
The euro (EUR) leaped to new highs over the Japanese yen (JPY) pushing over 125.5 and reaching the highest level in over two and a half years. The single currency has been helped by stronger fundamentals coming out of the continent and a more determined European Central Bank.
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- Pope Francis: World War III Has Started On Piecemeal
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
Join the Conversation
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence
- iPhone 6 Plus vs Xiaomi Mi4 – The iPhone Killer Certainly Can Battle Well With The New Apple Phablet
- Ukraine Crisis: Poland Denies Supplying Weapons To Kiev
- Google Nexus 8 Release Date Countdown Begins Oct 8: 8 Killer Specs and Features to Expect
- Malaysia Airlines Flight MF 370: Indonesian Police Chief Claims He Knows What Happened To Missing Jet