Aug 29: EUR below $1.33

29 August, 2013

EUR/USD has returned to the yesterday’s low of $1.3305 as the attempt to recover was capped at $1.3345. Syrian conflict remains a negative factor for EUR/USD. European stock markets closed in the red territory yesterday. Today Germany is scheduled to release inflation and unemployment data – perhaps, these releases will divert the market attention from the Middle East. 

GBP/USD is calmly trading in the $1.5550/15 range after the yesterday’s short-term dip to $1.5430. Pound continues to have some support on yesterday’s less dovish than expected Carney’s speech.

USD/JPY reached 97.90 today. The greenback is rising for the second day, but still hasn’t erased the loss made on Tuesday. Dollar was supported against yen by rising Asian shares, though its advance was capped due to dollar-selling by Japanese players. Japanese retail sales contracted by 0.3%, while the indicator was expected to stay unchanged. USD/CHF returned back above 0.9200.

AUD/USD tested $0.8890 yesterday, but recovered to $0.8978 today. Aussie climbed against after a report showed business investment rose. NZD/USD formed a bullish hammer on the daily chart yesterday with the lowest point at $0.7743 and rose to $0.7840 today. USD/CAD is consolidating in the $1.5495/80 area. The trading range has become narrower since yesterday. Canada will release RMPI and current account figures at 12:30 GMT.

US will release today preliminary Q2 GDP data. This is the second release. Earlier the advance figures showed that American economy added 1.7%. The experts now think that this estimate may be revised up to 2.2%, adding to the case for the Fed to slow stimulus. The US and its NATO allies began presenting their justification for military action against Syria as they advanced plans for launching strikes and prepared evidence that the Middle Eastern regime used chemical weapons on its own people.


Source link  
GBP/USD: support waiting for bears

The price faced a support at 1.2270, so the price is consolidating. If we have any reversal pattern, the market is likely going to reach a support at 1.2227 – 1.2205. Considering a possible pullback from this area, there’s a chance to have an upward correction afterwards...

GBP/USD: Moving Average acted as a support

There's an upward Wedge, which was broken yesterday. The 89 Moving Average acted as a support. Therefore, the pair is likely going to rise in the short term, so we should keep an eye on the nearest resistance at 1.2584 - 1.2619 as a possible intraday target...

What will happen with the euro after the ECB meeting

Morgan Stanley strategists believe that the ECB will keep rates on hold at this week’s meeting, but can expand its QE purchase program. But they consider different scenarios with various responses from the euro...


In the countdown to the OPEC meeting

The OPEC members will meet in Vienna on Wednesday to decide on the details of the output cut deal that was agreed in Algiers two months ago. The cartel is trying to reach an agreement to curb its supply for the first time since the financial crisis and put an end to a two-year downturn in crude oil prices...

Crude prices are steady after five days of drops

On Friday, crude prices soared, stabilizing after five straight days of drops, though a soar in American crude inventories as well as doubts over the ability of crude producers to coordinate production cuts continued keeping a lid on the energy market...

Greenback skids on American election jitters

On Thursday, the greenback’s losses deepened, as positioning for next week's American presidential election definitely overshadowed the Fed’s latest review, where policymakers indicated they were on track to raise rates already next month...


Crude prices retreat on hopes for a big leap

On Wednesday, crude futures retreated during early Asia trade, following hopes that American crude inventories were spurred greatly last week, thus exacerbating the global glut, which has kept prices in the doldrums for more than two years...

Greenback sticks to three-month peaks

On Friday, the Japanese yen remained close to it weakest level against the greenback for three months during Asia trade, right after a surge in American bond yields as well as the issue of economic data backing the case for growth in American interest rates strengthened the US dollar overnight...

Crude prices back down amid rising global supplies

On Thursday, crude futures retreated further during early Asia trade, following data from the Organization of the Petroleum Exporting Countries, which showed a further surge in its output...

  


Share: