FOLLOW MARKETMOVES

EUR/USD update (29th Aug 2011, 06:00)

With EUR/USD pushing up to the top-end of the range on Friday, the pair opened relatively flat in Asia before sellers emerged with a raft of euro-negative headlines.

The price action continues to frustrate both the bulls and the bears as the pair struggling to sustain breaks above 1.45, although each sell-off is met with insatiable demand from sovereign and macro funds. We are looking closely at a pivot resistance of 1.4540 and onto 1.4580, which could attract sellers in the near-term. However, we don’t expect these levels to be under any huge threat though today, given that London is on a bank holiday tonight.
 
The talk during Asian trade was centred around an article written in the Telegraph (UK publication), which suggested that German Chancellor Angela Merkel no longer has enough coalition votes in the upper house (Bundestag) to vote through the revamped $440 billion European rescue fund (EFSF). The next meeting is not scheduled until October 14, so this could weigh on markets as the long-winded process will only add to confusion. Newly elected President of the IMF Christine Lagarde also caused a stir amongst European officials over the weekend, by saying that the global financial system is on thin ice and vulnerable to the slightest shocks; comments which were quickly rebuffed by European officials.

With negative news surrounding Greece and the new debt swap plan, it is amazing to see the euro hold up as well as it is. However, this may well be down to reports driven by the Sunday Times (UK), which suggested that European officials are working on a ‘radical’ plan for banks, which may include guarantees over certain types of debts issued. With the European banks struggling to access credit at present, this could be an interesting development; however it is early days, and unclear how this will play out.

comments powered by Disqus

All Forex News

Trusted Firms

All Reviews
AUD/USD update (23rd April 2014, 14:00) 23 Apr 2014

The Australian dollar has slipped following softer-than-expected inflation figures.

EUR/USD update (23rd April 2014, 13:00) 23 Apr 2014

The EUR/USD is higher after the eurozone manufacturing and services report exceeded estimates.

Market Comment 23rd April 2014 23 Apr 2014

European equities are set to open mixed as traders remain cautious. 

GBP/USD update (22nd April 2014, 19:00) 22 Apr 2014

GBP/USD looks set to continue its move higher, as it consolidates above $1.68.

EUR/USD update (22nd April 2014, 18:00) 22 Apr 2014

The EUR/USD is trading around the $1.38 level as traders return from the Easter holidays

Market Comment 22nd April 2014 22 Apr 2014

European equities are set to grind higher tracking a positive session overnight in the US. 

EUR/USD update (16th April 2014, 14:00) 16 Apr 2014

The euro is higher versus the US dollar, after the level of inflation in the eurozone remained unchanged in March.

GBP/USD update (16th April 2014, 13:00) 16 Apr 2014

UK unemployment has now dipped below 7%, the initial threshold level the Bank of England introduced in August but reneged upon last month, which has s...

Market Comment 16th April 2014 16 Apr 2014

European equities are set to open higher tracking an overnight surge in the US markets. 

EUR/USD update (15th April 2014, 15:00) 15 Apr 2014

Having popped its head above the $1.39 level at the tail end of last week, EUR/USD has found itself pulled back.

Market Comment 15th April 2014 15 Apr 2014

European equities are set to open flat as they’re caught between two competing poles of sentiment. 

AUD/USD update (14th April 2014, 18:00) 14 Apr 2014

The Australian dollar is gaining ground against the US dollar, as traders prepare for the latest minutes release from the Reserve Bank of Australia.

EUR/USD update (14th April 2014, 16:00) 14 Apr 2014

The euro is under pressure against the US dollar as tensions in eastern Ukraine weigh on the currency.

Market Comment 14th April 2014 14 Apr 2014

European equities are set to start on the back foot as last week’s negative sentiment remains firmly intact. 

GBP/USD update (11th April 2014, 16:00) 11 Apr 2014

After touching $1.68 yesterday, sterling has dropped back, hit by weaker UK construction output figures.

EUR/USD update (11th April 2014, 16:00) 11 Apr 2014

If we see the euro close above $1.39 today, then it will be the icing on the cake for the currency, which has enjoyed a remarkable week.



Share this with your friends

To:
From:
Your comments:

EUR/USD update (29th Aug 2011, 06:00)

With EUR/USD pushing up to the top-end of the range on Friday, the pair opened relatively flat in Asia before sellers emerged with a raft of euro-negative headlines.

Read more »

Connect to successful traders – join Marketmoves.com free now

Log In or Sign up

Facebook User?

You can use your facebook account to sign up with Live streaming sport.

Connect with facebook
Remember me.
Did you forget your password?