EU Morning Report - Euro testing lower levels

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By NikolasX | February 5, 2013 7:28 PM EST

Easy Forex

The euro (EUR) slid against the US dollar (USD) to 1.3477 without any support after failing to push above 1.3700. The single currency has approximately dropped one percent as political turmoil in the continent is proving detrimental to the confidence created. Silvio Berlusconi once more appeared to the forefront of attention, as he gains ground in the polls for Italy’s upcoming election and is causing jitters to the markets. At the same time Spanish Mariano Rajoy’s corruption allegations, pressuring the euro, are proof that politics is driving economics.

 

§ WTI Crude (OIL) shows signs of reversing its upward trend after falling to 95.98. The energy slipped lower from its pennant formation indicating a change of direction from the high of 98.00. Lower oil and gas production by major producers indicates oversupply of the commodity to some.

§ The euro (EUR) corrected against the Japanese yen (JPY) finding some support at 124.10. The move comes after the single currency moved to its highest level against the yen in two and a half years.

§ The UK100 (FTS), which tracks the largest 100 British companies, found support after its sky fall from 6317 to 6200 losing over 100 points, amid weaker earnings.

Stay in tune throughout the day with foreign exchange bullets!

 

. Pivot Preference1 Sentiment2
. EURUSD 1.3540 SHORT @ 1.3540 38% of deals buy EUR
. USDJPY 91.95 LONG @ 91.95 47% of deals buy USD
. GBPUSD 1.5775 SHORT @ 1.5775 61% of deals buy GBP
. AUDUSD 1.0440 LONG @ 1.0440 66% of deals buy AUD
. GOLD 1660 LONG @ 1660 69% of deals buy GOLD
. OIL 98.20 SHORT @ 98.20 71% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
.
Currency Time (GMT) Event Forecast
. EUR 08:15 Italian Services PMI 45.9
. GBP 09:30 UK Services PMI 49.8
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Movers Shakers
AUDUSD
The Australian dollar (AUD) dropped to 1.0404 after falling from 1.0455 against the US dollar (USD). The drop came after the Reserve Bank of Australia kept interest rates unchanged while signalling it could slash them further, probing markets to push the pair into lower territory.

 

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