|Day's Range||1.137 - 1.141|
|52 Week Range||1.1223 - 1.2558|
The British pound ekes out a gain against the U.S. dollar Thursday, as London politicking around an alternative Brexit plan continues.
Euro zone finance ministers will invite applications on Monday for the job of European Central Bank Chief Economist, replacing Peter Praet whose term ends on May 31, a senior euro zone official said on Thursday. No candidates have been officially put forward yet, but Ireland's central bank governor Philip Lane is widely seen as a favourite, in the race that will be decided by the ministers at their next meeting on Feb. 11. "I have not heard about any other candidate ... which does not mean that there will not be any other," a second senior euro zone official involved in the process said.
The Euro initially fell during the trading session on Thursday but has turned around to show signs of support again. As we hover around the 1.14 handle, it is becoming increasingly obvious that the buyers are starting to flex their muscles and win this argument.
Investing.com – The U.S. dollar little changed Thursday as mostly upbeat economic data was offset by strong rise in sterling on bets the U.K. will avoid leaving the EU without a trade deal.
The greenback was steady on Thursday as jobless claims data showed the government shutdown has yet to have an impact on jobs. The number of people who filed for unemployment assistance in the U.S. hit its lowest level in five weeks, despite 27 days of a government shutdown which has furloughed 800,000 federal workers. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.11% to 95.77 as of 10:16 AM ET (15:16 GMT).
The Euro continues to drift lower in the Wednesday’s session, breaking below the 1.14 level, as the pair is trying to form some type of bottom around. If the market breaks down below the 108 level, then it will be extremely negative and could reach down to the 105 level.
With Theresa May and the Tories surviving the day, focus will shift to the EU and whether the British PM can find better terms.
EURO continues to decline amid lack of fundamental support while news driven momentum keeps the pair in range bound action.
Investing.com - The U.S. dollar pushed higher against a basket of its key rivals on Thursday, building on its recent strong gains, while the pound slipped amid softer risk sentiment.
The British pound is trading in a tight range on Wednesday after U.K. Prime Minister Theresa May’s Brexit deal was defeated in Parliament Tuesday and as lawmakers are debating a no-confidence motion against the government.
Elaborating on a speech she delivered on Monday, Kansas City Fed President Esther George said the central bank's shrinking portfolio of bonds may be a "fair explanation" for what's driving stock-market volatility. "This idea that it was like paint drying, I didn't really embrace that," she told The Wall Street Journal in an interview. "You have to continually watch it." That said, George told the newspaper the Fed hasn't reached the conclusion it was necessary to change the pace of the bond roll-off. George reiterated to the newspaper that she now advocates for some patience before the Fed raises interest rates further.
The Euro continues to drift during the trading session on Wednesday, falling slightly in early trading. However, there is significant support underneath and it looks as if we continue to try to form some type of “rounded bottom.”
Earlier this week, data showed Germany barely escaped a recession in the second half of 2018 and European Central Bank chief Mario Draghi warned on Tuesday the euro zone economy was weaker than anticipated. "The dimmer outlook was acknowledged by outgoing ECB President Mario Draghi, a cautious tone that gave added traction to the euro’s slide from three-month highs," said Joe Manimbo, senior market analyst at Western Union. "Add it all up and it seems increasingly less likely that the ECB would be able to normalize monetary policy later this year." In Britain, May is widely expected to retain power in the confidence motion at 1900 GMT on Wednesday, called by opposition Labour Party leader Jeremy Corbyn after a crushing defeat of the prime minister's Brexit divorce deal in parliament on Tuesday.
Based on the early price action, the direction of the EUR/USD is likely to be determined by trader reaction to a pair of Gann angles at 1.1399 and 1.1410. Basically, look for an upside bias to develop on a sustained move over 1.1410, and for the downside bias to continue on a sustained move under 1.1399.
Having failed to sustain 100-day SMA breakout, the EURUSD now rests around 50-day SMA level of 1.1380, breaking which nine-week old support-line, at 1.1320, and the 1.1260 can reappear on the chart. In case prices continue declining under 1.1260, the 1.1215 and the 61.8% FE level of 1.1080 may gain sellers’ attention. Meanwhile, the 1.1475 comprising 100-day SMA, followed by the 1.1550 & the 1.1570 could confine the pair’s near-term advances prior to challenging the 1.1610-25 region including 200-day SMA. If at all the pair manage to provide a daily closing beyond 1.1625, the ...
The pound steadied on Wednesday after having fallen late Tuesday when the U.K. parliament overwhelmingly voted down Prime Minister Theresa May's Brexit deal. The House of Commons voted 432-202 against May's deal, leaving uncertainty over the future of the country's plans to leave the EU on March 29.
The Euro was a bit negative during the Tuesday’s session, breaking below the 1.1450 level to reach the supportive 1.14 level. The 200 Day EMA is offering a significant resistance and until it breaks above that, the pair will continue to witness selling pressure on each and every rally. There are a lot of developments going around especially with the Fed on future rate hikes, ECB’s decision to step away from asset purchase and Brexit which will keep the market extremely noisy. …Read MoreGBP/USD
EURO which suffered strong declines yesterday continues to trade slightly above weekly lows as bears continue to pressure EURO post Draghi’s speech yesterday.
Investing.com - The pound firmed up on Wednesday following a plunge overnight when the UK parliament overwhelmingly voted down Prime Minister Theresa May's Brexit deal, adding to uncertainties surrounding the UK’s withdrawal from the European Union.
The British pound pares its sharp losses against the U.S. dollar in late Tuesday trading, after the British Parliament rejects Prime Minister Theresa May’s Brexit deal.
The euro zone's economy is not heading for a recession but still needs support from the European Central Bank as its slowdown could last longer than expected, the head of the ECB, Mario Draghi, said on Tuesday. Investors have pushed back expectations for the ECB's first interest rate hike since 2011 due to slowing growth in the euro zone and the rest of the world, which is driven by weaker activity in China and trade tensions between Beijing and Washington. Addressing the European Parliament in Strasbourg, Draghi acknowledged the economy had been disappointing but defended the ECB and himself against criticism from some lawmakers.
No congressional Democrats will attend the meeting at the White House ostensibly aimed at ending the government shutdown, officially the longest on record. "Today, the President offered both Democrats and Republicans the chance to meet for lunch at the White House. Unfortunately, no Democrats will attend. The President looks forward to having a working lunch with House Republicans to solve the border crisis and reopen the government," said Sarah Sanders, the White House press secretary, in a statement.
The Euro continues to bounce around during the day on Tuesday, slicing through the 1.1450 level, but found support at the 1.14 handle. Currently, the one thing that we are paying attention to is the potential “rounded bottom” that has been formed over the last couple of months.
The euro dropped to session lows against the U.S. dollar on Tuesday, after European Central Bank President Mario Draghi said recent economic developments have been weaker than expected. In a speech addressing the European Parliament, Draghi also said that uncertainties and global factors remain of great importance and that further significant monetary stimulus was needed. The euro in response fell to its weakest level of the day, briefly diving below the psychologically-important $1.14 level and trading at its lowest level in more than a week. The shared currency last bought $1.1402, down from $1.1472 late Monday in New York.
Sen. Chuck Grassley said U.S. Trade Representative Robert Lighthizer reported little progress in talks with China on structural issues, Reuters reported. The Iowa Republican said Lighthizer said there was progress about China making soybean purchases. The pair met on Friday, per an Instagram photo Grassley posted.