|Day's Range||1.127 - 1.132|
|52 Week Range||1.1223 - 1.2558|
Investing.com - The dollar dipped against a currency basket on Wednesday, while the pound slipped back below the 1.30 level ahead of a key UK cabinet meeting to debate the draft agreement on Brexit hammered out after more than a year of talks.
The euro zone economy grew at its slowest pace in four years in the third quarter of 2018, while employment growth also eased during the period, data released on Wednesday showed. Euro zone gross domestic product (GDP) rose by 0.2 percent in the July-Sept period, European statistics agency Eurostat reported, confirming its earlier preliminary flash estimate from Oct. 30. The economy of Germany, the euro zone's largest, contracted by 0.2 percent, France's was 0.4 percent stronger, while Italy's was unchanged in the quarter.
Investing.com - The yuan was flat on Wednesday after China reported a mixed economic report card for October. The dollar was unchanged as traders awaited Federal Reserve chairman Jerome Powell’s speech later in the day.
While inflation figures out of the UK and U.S and 3rd quarter GDP numbers out of Germany will be in Focus, it could all come down to Brexit and Italy.
Euro zone GDP growth will hit a faster albeit still modest rate this quarter, allowing the European Central Bank to end its stimulus programme next month as planned, despite economic and political concerns, a Reuters poll found. The Nov 8-13 poll of nearly 90 economists predicted economic growth of 0.4 percent this quarter, double the unexpectedly weak 0.2 percent - the slowest pace in the bloc more than four years - of the third.
Investing.com – The dollar eased against its rivals Tuesday, amid a surge in sterling after the European Union and Britain agreed a draft text of a Brexit withdrawal agreement, though doubts lingered about whether the U.K. parliament would back the deal.
European rivals of the U.S. dollar rebound Tuesday from their sharp selloff at the start of the week, as Brexit hopes support Britain’s pound though the infighting in London continues.
The Italian government failed to produce a revised deficit target requested by the European Commission, with Rome officials instead saying they would stick to a budget deficit that is 2.4% of gross domestic product and economic growth that is a 1.5% of GDP for its 2019 budget plan, according to Bloomberg News. Italy was slated to resubmit a new proposal on Tuesday with a failure to do so likely intensifying a dispute with the European Union because the original draft ran afoul of eurozone fiscal rules. Citing an official from the far-right League, Bloomberg said the Italian government will defend its proposal, which had already been rejected by eurozone officials. The 10-year Italian government bond yield was flat at 3.450%, while the 10-year German bond yield was up 2.2 basis points to 0.410%. The euro strengthened against the U.S. dollar, rising 0.4%, with the dollar changing hands at $1.1261, compared with with $1.1220 late Monday.
Given the EURUSD’s extended downturn beneath 1.1300-1.1285 support-area, comprising 200-week SMA, the pair is likely to avail the 1.1120 and the 1.1020 rest-points prior to meeting the 1.1000 round-figure. In case the pair continue trading southwards past-1.1000, the 1.0835-25 and the 1.0770 may entertain the Bears. Alternatively, a D1 close beyond 1.1300 can trigger the pair’s recovery targeting the 1.1360 and the 1.1430 immediate barriers ahead of confronting the 1.1500-1.1510 resistance-area. During the pair’s successful rise above 1.1510, the 1.1580 and the 1. ...
The Euro bounced a bit during the trading session on Tuesday, as it looks like the market is trying to retest the 1.13 handle above. At this point, I’m looking for some signs of exhaustion to start selling, because breaking below the 1.13 level was very crucial.
Investing.com - The dollar was lower on Tuesday, but still remained near a 16-month high in anticipation of Federal Reserve rate hikes.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.29% to 97.10 as of 10:54 AM ET (15:54 GMT), but remained near Monday’s high of 97.52.The greenback continued to push higher amid expectations that the Federal Reserve will raise rates in December and beyond, as the U.S. economy gains strength. ...
The market is currently in a holding pattern because investors are waiting for news about Italy’s budget and the Brexit negotiations. If these events continue to cast a negative pall on the Euro then look for sellers to drive the EUR/USD into 1.1185.
The euro zone's top three investment banks are facing an 11 billion euro (9.57 billion pounds) question from their supervisor. A decade after the start of the financial crisis, supervisors are still trying to make the banking sector more robust and avoid a repeat of the meltdown that started on trading floors and brought low the whole euro zone economy. ECB Vice President Luis De Guindos said after results of the Europe-wide stress test were published on Nov. 2 that the job was not done.
Investing.com - The dollar was trading near the highest levels of the year on Tuesday, amid expectations for higher U.S. interest rates, while the pound rebounded from one-and-a-half week lows despite ongoing Brexit uncertainty.
With Italy frequently dominating the headlines in the recent weeks, it’s a good idea to take a macro look at the Eurozone: its origins, some aspects of its structure, and what dangers it might face in the near future.
EURUSD broke the horizontal support on the 1.13 and went lower. From the technical point of view, the main trigger here is the breakout of the lower line of the flag pattern (green). Currently, the price is bouncing from the long-term neckline of the giant H&S formation. That can be a good occasion for a bullish correction, which can test the 1.13 as a fresh resistance.
EUR/USD ticked higher in Asia over renewed US-China trade optimism, the gains will likely be short-lived if Italy resubmits a high-spending budget to the EU today.
Economic data is likely to have a relatively muted impact on the majors through the day, with heightened geo-political risk to drive the EUR and the GBP.
Investing.com - The dollar hit 17-month highs against its rivals Monday, led by a decline in sterling after the UK Prime Minister's spokesperson denied a report claiming the main elements of a Brexit deal could be presented to the UK as soon as Tuesday.
The U.S. dollar took flight on Monday as political uncertainties in Europe— Italy’s budget dilemma and Brexit—drove the British pound and euro lower against key rivals.
Investing.com - The dollar remained near a 16-month high on Monday, as concerns over Brexit and political issues in Italy weighed on the pound and euro.The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, surged 0.47% to 97.19 as of 10:36 AM ET (15:36 GMT), not far from a session high of 97.36, the most since June 2017.The greenback surged amid expectations that the Federal Reserve will raise rates in December and beyond. An equity selloff also helped boost demand for the dollar, as Wall Street opened lower. ...
The Euro fell during the trading session on Monday, breaking through the 1.13 level, an area that has been rather supportive. Ultimately, I think that the market will find a lot of pressure as we have so many issues involving the European Union.
Based on the early price action, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the steep downtrending Gann angle at 1.1261.
The US dollar rose to new near 16-month high on last week’s bullish news. European markets moved lower as selling in the tech-sector intensifies. Traders wary of global oil supply.