5 Nov 2013
Session Recap: Euro remains weak... so the Dollar!
FXstreet.com (San Francisco) - The Euro traded lower on Tuesday as investors are speculating that the ECB could announce new measures in the incoming Thursday's meeting. The story in the Dollar is pretty similar as the market is reluctant to take decisions ahead of GDP and employment data.
Earlier in the day the EU cut the Eurozone's growth forecast for 2014 to 1.1% next year, compared with the previous prediction of +1.2%. The European Commission expects the euro area to advance 1.4% in 2014 and by 1.9% in 2015.
"Trading at its lowest levels since the failed Septaper, the pair is trapped in the 1.3440/1.3520 area, and unless a clear break of any extreme, there’s little hopes for action," FXstreet.com chief analyst Valeria Bednarik commented in a recent report. "Technically, short term charts maintain a slightly negative tone that suggests the pair can ease even further, yet nothing should be taken for granted until Friday."
Currently, the EUR/USD is trading at 1.3472, closing its sixth negative day in the last eight.
The GBP/USD extended its recovery from 1.5900 area reached on Monday and currently is trading around the 1.6050 area. The USD/JPY declined to 98.20 but the pair managed to recover ground and to close at 98.60, almost flat on the day.
Main headlines in the American session
Fed’s Rosengren says US may see 3% growth fairly soon
Mario Draghi: Europe is gradually recovering from crisis
US: ISM Non-Manufacturing PMI up a notch in October
US: IBD/TIPP Economic Optimism grows to 41.4 in November
Pause in stocks, Wall Street closes mixed
Earlier in the day the EU cut the Eurozone's growth forecast for 2014 to 1.1% next year, compared with the previous prediction of +1.2%. The European Commission expects the euro area to advance 1.4% in 2014 and by 1.9% in 2015.
"Trading at its lowest levels since the failed Septaper, the pair is trapped in the 1.3440/1.3520 area, and unless a clear break of any extreme, there’s little hopes for action," FXstreet.com chief analyst Valeria Bednarik commented in a recent report. "Technically, short term charts maintain a slightly negative tone that suggests the pair can ease even further, yet nothing should be taken for granted until Friday."
Currently, the EUR/USD is trading at 1.3472, closing its sixth negative day in the last eight.
The GBP/USD extended its recovery from 1.5900 area reached on Monday and currently is trading around the 1.6050 area. The USD/JPY declined to 98.20 but the pair managed to recover ground and to close at 98.60, almost flat on the day.
Main headlines in the American session
Fed’s Rosengren says US may see 3% growth fairly soon
Mario Draghi: Europe is gradually recovering from crisis
US: ISM Non-Manufacturing PMI up a notch in October
US: IBD/TIPP Economic Optimism grows to 41.4 in November
Pause in stocks, Wall Street closes mixed