EU Morning Report -EU industrial production to aid single currency

The euro (EUR) consolidated its strengthening versus the US dollar (USD). Currently at 1.3444, the single currency has seen boosted confidence after the ECOFIN and G7 meetings, as markets see many of the issues in the Eurozone being within reach of being solved. Looking ahead, we expect European industrial production results this morning. They are expected to come out positive and this may help the euro look at further gains

§ The US dollar (USD) edged lower versus the Japanese yen (JPY) touching 92.94 after the G7 meeting hinted that the low level of the yen had to be discussed in the upcoming G20 meeting this weekend. The Bank of Japan meets tomorrow to decide on Monetary Policy and all ears will be on the press conference that follows.

§ The US500 (SPI) which tracks the largest US listed corporations moved higher finding resistance at 1518 as before correcting to 1517.

§ Gold (XAU) moved to a lower high at 1685 before moving lower to touch 1640 as investors move to riskier assets.

MOVERS ◘ SHAKERS

AUDUSD

The Australian dollar (AUD) saw strong gains before finding resistance at 1.0360 after better than expected consumer confidence coming from down under. The Aussie’s rebound comes after it had reached the lowest point in four months as the Reserve Bank of Australia was expected to ease monetary policy.

OUTLOOK ◘		Pivot	Preference¹	Sentiment²
	EURUSD	1.3405	LONG @ 1.3405	§ 43% of deals buy EUR
USDJPY	93.60	SHORT @ 93.60	§ 34% of deals buy USD
GBPUSD	1.5635	LONG @ 1.5635	§ 74% of deals buy GBP
AUDUSD	1.0295	LONG @ 1.0295	§ 71% of deals buy AUD
GOLD	1656	SHORT @ 1656	§ 80% of deals buy GOLD
OIL	95.85	LONG @ 95.85	§ 93% of deals buy OIL
US 500	1508	LONG @ 1508	§ 17% of deals buy US 500
UK 100	6214	LONG @ 6214	§ 42% of deals buy UK 100

¹data generated by Trading Central™, ²data obtained from easy-forex Inside Viewer™

CALENDAR ◘	Currency	Time (GMT)	Event	Forecast
	EUR	10:00	Industrial Production m/m	0.3%
USD	15.00	Business Inventories m/m	0.3%
OIL	15:30	Crude Oil Inventories	2.4M

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EU Morning Report -EU industrial production to aid single currency

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