EU Morning Report - EURJPY breaks 2.5 year high - NFP sets the stage

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By NikolasX | February 1, 2013 7:56 PM EST

Easy Forex

 

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!

. Pivot Preference1 Sentiment2
. 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
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
.
Currency Time (GMT) Event Forecast
. GBP 09:30 Manufacturing PMI 51.0
. USD 13:30 Non-Farm Employment Change 161 K
. USD 13:30 ISM Manufacturing PMI 50.8

 

Movers Shakers
EURJPY
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.

 

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