|Day's Range||1.106 - 1.109|
|52 Week Range||1.1028 - 1.1815|
A scheduled FED Chair Powell speech from the Jackson Hole symposium is the main event of the day. He may feel Trump over his shoulder…
Today, ECB Meeting minutes read that the outlook for the economy remains weaker and further stimulus would come as early as in September. Greenback had maintained a choppy performance today, remaining within 98.14/98.38 range levels.
The Euro went back and forth during trading on Thursday again as we continue to find the 1.11 EUR level as a bit of a ceiling, but also have significant support just below. Ultimately, the market is waiting with bated breath to whatever happens and comes out of Jackson Hole.
Based on today’s wide range and current price at 1.1085, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the short-term Fibonacci level at 1.1112 and the uptrending Gann angle at 1.1066.
Investing.com - The U.S. dollar dipped on Thursday before recovering after data showed a decline in the manufacturing and services sector as businesses remain wary about the health of the U.S. economy.
Despite the Fed meeting minutes yesterday and positive Euro data today, EUR/USD continues to trade within a range that started a week ago.
It’s often like this prior to market-moving events. Prices keep trading in a narrow consolidation, dropping subtle clues here and there. The context remains though, and coupled with the preceding price action, it allows to us to see the market tipping its hand. So, how have we prepared for what’s to come?
It’s a busy day ahead as the markets react further to the FOMC meeting minutes. Chatter from Jackson Hole may overshadow the stats…
The Euro has gone back and forth during the trading session on Wednesday, as we continue to hang around the 1.11 EUR level, which of course is an area that has attracted a lot of attention recently, as we await the Federal Reserve Meeting Minutes, and then of course the speech from Jerome Powell on Friday.
Based on the early price action and the current price at 1.1104, the direction of the EUR/USD on Wednesday is likely to be determined by trader reaction to the uptrending Gann angle at 1.1097.
EUR/USD caught a bid from support on Tuesday to end a 5-day consecutive decline. Volatility is expected in the session ahead as the Fed will release minutes from their latest meeting.
Apologies for the essay, but I was writing to a client about things that keep me up at night, other than an 11-month old, and it got a little out of hand. The central theme is that the big issue is that the global economy is bearing the impact of nine Fed hikes and $730b in balance sheet normalisation.
The S&P500; fell Tuesday, down 0.8%, and U.S. 10-year Treasury yields fell 5bps to 1.55%. The market seems to have paid little attention to the U.S. president indicating he would explore” various tax reductions” to help stimulate growth, for example. Instead, investors succumbed to apprehension in rates and trade talks.
Investing.com - The U.S. dollar was hovering just below three-week highs in subdued trade on Wednesday as investors looked ahead to the minutes of the Federal Reserve’s July meeting later in the day for fresh clues on the monetary policy outlook.
The upward-facing USD/CHF pair was aiming to breach above the overhead red Ichimoku Clouds. After displaying three consecutive positive sessions in a row, the Japanese Yen pair was attempting to breach above the 106.742 resistance.
The Euro is staging a modest recovery against the Dollar despite Italy’s Prime Minister Guiseppe Conte confirming that he will resign ahead of a no-confidence vote.
The Euro fell again during the trading session on Tuesday, as we continue to see a lot of selling pressure. At this point, I think it makes sense that you can’t buy this pair, because quite frankly not only do we have very negative technical analysis, we have no fundamental reason to think things are changing anytime soon either.
Based on the early price action and the current price at 1.1077, the direction of the EUR/USD the rest of the session is likely to be determined by trader reaction to the uptrending Gann angle at 1.1092.
Investing.com - The euro recovered from earlier lows after Italy’s Prime Minister Giuseppe Conte said he is resigning ahead of no-confidence vote, putting the future of the Italian government in jeopardy.
A recovery attempt on Monday was short-lived as sellers took the exchange rate into negative territory late in the day to close for a fifth consecutive daily loss.
The RBA looks set to hold on rates near-term. For the day ahead, a lack of stats will leave the markets exposed to any trade war chatter.
Fiber continued to slip for the fifth consecutive session today. The Ninja continued to stay within the lower vicinity of the Bollinger Bands, sustaining adverse price actions throughout the day.