EU Morning Report – USD Under Pressure, Euro Tests 1.3100
Here are the latest Financial News:
EU Morning Report – USD Under Pressure, Euro Tests 1.3100
- The Euro (EUR) was strong in Europe pushing to month highs above 1.3100. The German Unemployment Rate fell to 7.6% in July with a drop of 20k unemployed. The market stalled above 1.3100 and when stocks turned negative in the US session the pair fell back to 1.3050 supports. EUR/USD traded with a low of 1.2976 and a high of 1.3109 before closing at 1.3070.
- The Sterling (GBP) was strong tracking the Euro higher but the market stalled at 1.5660 twice and this prompted a pullback late in the day towards 1.5580 supports. The GBP/JPY was especially heavy falling near 2 Yen over the past 2 days. July Nationwide July House Prices fell -0.5% m/m. Overall the GBP/USD traded with a low of 1.5578 and a high of 1.5665 before closing the day at 1.5620 in the New York session.
- Oil & Gold (XAU) Gold kept to a $10 range inside $1160-70. Overall trading with a low of USD$1159 and high of USD $1170 before ending the New York session at USD$1166 an ounce. Crude rebounded on USD weakness reversing 3 days of losses. WTI Oil Closed +$1.37 at $78.36 a barrel.
Currency to watch out for: EURUSD & GBPUSD
- The EURUSD pivot point is at 1.3040 with a preference to enter into Long positions at 1.3040
- The GBPUSD pivot point is at 1.5580 with a preference to enter Long positions 1.5580
Today’s calendar and market movers:
- EUR CPI Flash estimate y/y at 1.8%
- EUR Unemployment Rate expected at 10%
- CAD GDP m/m estimated to increase by 0.1%
- USD Advance GDP q/q expected at 2.5%
- USD Advance GDP Price Index expected q/q expected at 1.1%
Equity Markets:
- US equities closed negative yesterday with the DJIA and the SP500 closing -0.29% and -0.42% respectively. The European bourses were also negative with the FTSE closing -0.11% the DAX and the CAC closing up at -0.72% and -0.50%. The NIKKEI and the HSI at the time of writing is -1.64% and -0.53% respectively.
Source: Easy Forex
Recommended Forex Brokers: AvaFX and Forex Yard
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