News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bullish
USD/JPY
Bullish
More View more
Real Time News
  • $NZDUSD is back above 0.7200 this morning, trading near one of January's key levels for the pair. $NZD $USD https://t.co/WIsB7K8Zus
  • UK PM Johnson to visit Scotland to make impassioned plea for Scotland to reject narrow separatism - The Sun $GBP
  • 🇺🇸 Chicago Fed National Activity Index (DEC) Actual: 0.52 Previous: 0.27 https://www.dailyfx.com/economic-calendar#2021-01-25
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 100.00%, while traders in EUR/JPY are at opposite extremes with 69.28%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IcGOFR0QfL
  • Becoming a forex trader means living and breathing the excitement, risk and reward of trading in the biggest and most liquid market in the world. Do you have what it takes? Read here to discover the qualities and processes it takes to build consistency: https://t.co/EfWEACQ6Cz https://t.co/LTWADdQYbL
  • Forex Update: As of 13:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.40% 🇦🇺AUD: 0.16% 🇨🇦CAD: 0.10% 🇯🇵JPY: 0.02% 🇨🇭CHF: -0.16% 🇪🇺EUR: -0.16% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/Lipxi7E6zE
  • Heads Up:🇺🇸 Chicago Fed National Activity Index (DEC) due at 13:30 GMT (15min) Previous: 0.27 https://www.dailyfx.com/economic-calendar#2021-01-25
  • A bout of strength this morning has driven #Bitcoin back above $34,000, its highest level since last Thursday. $BTC https://t.co/MtTFLxJXjZ
  • 🇲🇽 Economic Activity YoY (NOV) Actual: -3.9% Expected: -4.5% Previous: -5.3% https://www.dailyfx.com/economic-calendar#2021-01-25
  • US Corporate Earnings (Jan 25-29) Ticker (Earnings Implied move) Jan 26th - $JNJ (2.4%) - $AXP (4.3%) - $VZ (2.1%) - $MSFT (3.5%) Jan 27th - $T (3.6%) - $BA (2.9%) - $FB (6.1%) - $TSLA (6%) - AAPL (4.7%) Jan 28th - $MCD (3%) - $MA (3.6%) - $V (2.8%) Jan 29th - $CAT (4%) https://t.co/4Hir4UHXdY
Forex News: Euro Rallies on Banking Supervisor Optimism

Forex News: Euro Rallies on Banking Supervisor Optimism

Benjamin Spier, Technical Strategist

The Euro is now trading higher against the US Dollar for the fifth straight day, as excitement and optimism has been building ahead of today’s meeting of European Union finance ministers. Traders seemed to be slightly surprised by comments ahead of the meeting that the a deal on ECB oversight over all banks could be made as soon as today. That surprise drove EURUSD from 1.3050 to 1.3075 during the European session thus far.

The Swedish Finance Minister Borg said that a compromise could be made today, and his optimism was echoed by his French equivalent Moscovici, who said that France seeks ECB oversight for all banks. However, the optimism was counterbalanced by German Finance Minister Schaeuble, who said that an ECB supervisor over all banks will have trouble getting approval from the German parliament, and he said that the ECB should be able to chose which banks it covers.

So, clearly we see a slight divide over the amount of banks the single supervisor will be able to cover. Optimism from France and Sweden should be taken with a recollection of the certainty ahead of the first meeting of finance ministers on the issue of Greek bailout payments; the ministers were forced to schedule a second meeting when the first one didn’t come to an agreeable solution. Here too, please remember that the outcome of the meeting is still uncertain.

European Central Bank member Nowotny also spoke today, he predicted that the southern Europe economies will detract in 2012 and 2013. He also mentioned that yields are too high in the periphery and too low in the core.

There were only a few economic releases during the European session. The UK PMI for construction fell back below 50.0 in November, following the previous month’s expansion in activity. Euro-zone producer prices beat expectations with a slight rise in October. Neither event significantly affected trading.

In forex markets, EURUSD might now find resistance by the 2-month high at 1.3139. Support could now be provided by the key 1.3000 figure.

EURUSD Daily: December 4, 2012

Euro_Rallies_on_Banking_Supervisor_Optimism_body_eurusd_daily_chart.png, Forex News: Euro Rallies on Banking Supervisor Optimism

--- Written by Benjamin Spier, DailyFX Research

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES