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The euro (EUR), is moving above 1.3535 versus the US dollar (USD) and it is shyly gaining some ground ahead of the European Central Bank’s (ECB) press conference later today. The consensus is that the rate should stay the same; however the ECB President’s comments could be critical in stirring the single currency to a new direction. Mr Draghi’s previous press conference was a catalyst to the ensuing bull rally of the euro and European stocks. At the same time, other voices within the Eurozone, such as French president Francois Hollande and Greek Finance Minister Giannis Stournaras have been commenting on the hazard that a high euro has on European competitiveness. |
§ WTI Crude (OIL) bounced back to 96.69 after briefly testing 95.00 amid mixed news of demand coming from the US.
§ The GER 30 (DAX) has moved to its lowest point in three months, touching 7593 amidst worse than expected earnings from German exporters.
§ The British Pound (GBP) continues to trend slightly above its lower support against the US dollar (USD) at 1.5671 before the Bank rate is released at midday.
Stay in tune throughout the day with foreign exchange bullets!
| . | Pivot | Preference1 | Sentiment2 | |
| . | EURUSD | 1.3545 | SHORT @ 1.3545 | 38% of deals buy EUR |
| . | USDJPY | 93.00 | LONG @ 93.00 | 48% of deals buy USD |
| . | GBPUSD | 1.5590 | SHORT @ 1.5590 | 65% of deals buy GBP |
| . | AUDUSD | 1.0365 | SHORT @ 1.0365 | 67% of deals buy AUD |
| . | GOLD | 1661 | LONG @ 1661 | 64% of deals buy GOLD |
| . | OIL | 95.75 | SHORT @ 95.75 | 44% of deals buy OIL |
| Calendar | Currency | Time (GMT) | Event | Forecast |
| . | CHF | 08:00 | Swiss Foreign Currency Reserves | 427B |
| . | GBP | 12:00 | Official Bank Rate | 0.50% |
| . | EUR | 12:45 | Minimum Bid Rate | 0.75% |
| Movers Shakers | |
| AUDUSD | The Australian dollar (AUD) touched a three month low, and is now moving slightly above 1.0332 against the US Dollar (USD), amidst lower than expected jobs data. The negative data suggest that the Reserve Bank will need to ease on its monetary policy in the coming weeks to tackle these difficulties. |
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