Category Archives: Forex News

EUR/USD: Euro, slightly down in Asian session

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FXstreet.com (Barcelona) – The Euro lost ground and recovered on Monday’s Asian session. From levels about 1.2690 at Asian session opening times has dropped to levels above support line at 1.2565, remaining in a range from there and a maximum of 1.2600.

According to Per-Erik Karlsson,technical analyst at Avantage Financial GMBH,the Euro is expected to fluctuate parallel with stock markets today: “Expect the correlation between Euro and stock prices to be the main theme also today, which suggest stronger Euro when stocks rally and stronger USD when stocks fall. Closed above the 1.2820 falling resistance line Tuesday, which ended the recent down trend and neutralize charts and opens sideways to higher prices.”

Support and resistance lines according to Karlsson, stand as follows: “Only a break below the 1.2500 support would open for another leg down. Have resistance today at yesterday’s high at 1.2810, with minor resistance at the 21 day EMA of 1.2832.”

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Asian markets tumble on Monday on concers about the global financial system

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FXstreet.com (Barcelona) – Asian stock markets have opened the week with declines on widespread concerns of a distant economic recovery on the back of new government bailouts to AIG and Citigroup.

Tokyo Nikkei 225 index has lost 4% on Monday while the South Korean Kospi Index lost 3.6% and Hong Kong’s Hang Seng Index went 3.8% down.

Stock markets were driven lower mainly by banks Mitsubishi UFJ and Mizuho Financial Group have posted losses above 4% on Monday in Tokyo, on investors’ fears about the health of the global banking system.

Euro and Pound slightly down, Yen steady

Euro and Pound have opened the week with slight declines against the Dollar while the Yen remains at the same levels as on Friday.

The Euro has dropped from about 1.2640 at Asian opening times declining to a session low of 1.2545 although it has bounced back and at the moment of writing, ahead of European session opening, the European united currency advances higher towards 1.2600.

The Pound traded about 1.4300 in Asian session opening times and fell afterwards to a session low of 1.41800 to recover ahead of European session to advance towards 1.4280/90.

The USD JPY has moved sideways during Monday’s Asian session from a minimum of 97.00 to a maximum level right below 98.00.

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Euro comes under pressure

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FXstreet.com (Barcelona) – “The Euro (EUR) came under pressure as US stocks slumped toward the 7000 level but failure to break this and extremely weak US GDP caused a lot of volatility and 1.2600 providing support,” as Easy Forex Team said.

EUR/JPY came off the 125 level as traders took profits after very large gains during the week. January CPI was confirmed at 1.1% Y/Y and Unemployment rose to 8.2%.

Overall the EUR/USD traded with a low of 1.2604 and a high of 1.2749 before closing the day at 1.2694. Eurozone Inflation Flash forecast at 1.0% Y/Y.

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Sterling rallies into the US

FXstreet.com (Barcelona) – The Sterling (GBP) although better supported the others currencies, cable succumbed to USD strength and tested 1.4150 before rallying into the US close. GFK Consumer Confidence improved to -35 vs. -39 forecast.

Easy Forex Team said: “Overall the GBP/USD traded with a low of 1.4112 and a high of 1.4365 before closing the day at 1.4313 in the New York session. “

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Euro tests bids around the US$ 1.2605 level

FXstreet.com (Barcelona) – The euro depreciated vis-à-vis the U.S. dollar today as the single currency tested bids around the US$ 1.2605 level and was capped around the $1.2750 level. GCI Financial Team said: “Traders are closely monitoring U.S. equity markets after it was announced Citigroup preferred equities would be converted into common equity and the U.S. government would take up to a 36% stake in the troubled banking giant in exchange for its bailout investment.”

In eurozone news, German consumer price inflation was up a stronger-than-expected 0.6% m/m and 1.0% y/y in January but economists do not believe this is the end of the strong disinflationary pressure in the eurozone’s largest economy. The EMU-16 unemployment rate climbed to 8.2% in January from 8.1% in December, the fifth consecutive monthly increase, while Germany’s jobless rate ticked higher to 7.3%. The higher unemployment and lower inflation data render it increasingly likely the European Central Bank will reduce its main refinancing rate by at least 50bps next Thursday.

Euro bids are cited around the US$ 1.2475 level.

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