EU Morning Report - Nasdaq bullish amidst investor support

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By NikolasX | February 6, 2013 8:56 PM EST

Easy Forex

The euro (EUR) has regained some lost territory and remains aloof versus the US dollar (USD) at 1.3565 after finding support at 1.34577. The single currency, which has gained strength after last month’s confident announcement by Mario Draghi, is set to look for new levels of support before tomorrow’s European Central Bank (ECB) press conference. At the same time, the stronger euro was a cause for French socialist President Francois Hollande to remark that the single currency is stirring higher than is optimal for the European economy; without however commenting whether the ECB should intervene.

 

§ Silver (XAG) consolidated previous gains moving from 32.05 down to 31.73. The precious metal failed to move above previous support as investors move to riskier territory.

§ The Australian dollar (AUD) dropped to 1.0354 against the US dollar (USD) after the Reserve Bank of Australia signalled it could slash interest rates further, probing markets to push the pair into lower territory.

§ The British Pound (GBP) found lower support against the US dollar (USD) at 1.5655 just before the new Bank of England Governor Mark Carney takes control.

Stay in tune throughout the day with foreign exchange bullets!

 

. Pivot Preference1 Sentiment2
. EURUSD 1.3540 LONG @ 1.3540 34% of deals buy EUR
. USDJPY 93.00 LONG @ 93.00 35% of deals buy USD
. GBPUSD 1.5710 SHORT @ 1.5710 67% of deals buy GBP
. AUDUSD 1.0390 SHORT @ 1.0390 73% of deals buy AUD
. GOLD 1661 LONG @ 1661 73% of deals buy GOLD
. OIL 97.00 SHORT @ 97.00 61% of deals buy OIL
1 data generated by Trading Central, 2 data obtained from easy-forex Inside Viewer
.
Currency Time (GMT) Event Forecast
. EUR 11:00 German Factory Orders m/m 0.8%
. CAD 15:00 Ivey PMI 53.7
. NZD 21:45 Unemployment Rate 7.1%

 

Movers Shakers
US Tech
The US Tech (NDQ), which tracks the Nasdaq index of American technology companies, has been through bouncy trading after it moved up to 2758 from a recent low of 2709. The index has been moved by uncertainty over industry giants such as Dell’s move to go private and strong earnings releases.

 

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