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The euro (EUR) dropped more than 200 pips against the US dollar (USD) after yesterday’s European Central Bank (ECB) press conference. The single currency lost nearly 1% as the investors felt ECB president Mario Draghi’s comments to be more dovish than expected. Following certain questions regarding the recent euro’s strength from the press, he failed to support the higher euro pushing the currency to a two week low. The single currency has since corrected to 1.3387. Today’s trading may see it correct further as analysts review Mr Draghis remarks in more detail. |
§ Gold (XAU) continues its sluggish trend around 1671 as investors are still weary to move out into riskier assets amidst European negative sentiment.
§ The US 500 (SPI) looks like moving for a third test at its resistance at 1510; a possible break above could lead the index to new highs.
§ The euro (EUR) moved lower against a stronger Japanese yen (JPY) following the ECB conference. Since falling to a low of 124.65 it has corrected and is moving above 125.00
Stay in tune throughout the day with foreign exchange bullets!
| Outlook | . | Pivot | Preference1 | Sentiment2 |
| . | EURUSD | 1.3455 | SHORT @ 1.3455 | 43% of deals buy EUR |
| . | USDJPY | 93.00 | LONG @ 93.00 | 47% of deals buy USD |
| . | GBPUSD | 1.5770 | SHORT @ 1.5770 | 62% of deals buy GBP |
| . | AUDUSD | 1.0355 | SHORT @ 1.0355 | 68% of deals buy AUD |
| . | GOLD | 1684 | SHORT @ 1661 | 73% of deals buy GOLD |
| . | OIL | 96.50 | SHORT @ 96.50 | 71% of deals buy OIL |
| Calendar | Currency | Time (GMT) | Event | Forecast |
| . | CHF | 08:15 | Swiss Retail Sales y/y | 3.2% |
| . | CAD | 13:30 | Unemployment Rate | 7.2% |
| . | USD | 13:30 | Trade Balance | - 45.7 B |
| Movers Shakers | |
| WTI Crude |
WTI Crude (OIL) touched 95.55 after a vertical fall from 97.10. The energy moved lower after a weaker than expected economic sentiment from Europe coming from the ECB press conference, as a weaker European economy would have lower energy needs until well into 2013. It has since corrected its fall but its outlook remains bleak.
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