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
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Indices Update: As of 08:00, these are your best and worst performers based on the London trading schedule: US 500: 0.78% Wall Street: 0.51% France 40: 0.01% Germany 30: -0.11% FTSE 100: -0.30% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/iShSJAHcN2
  • Euro Price Forecast: EUR/USD Perched Atop 200-MA with ECB In Focus - https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/euro_open/2021/03/09/Euro-Price-Forecast-EURUSD-Perched-Atop-200-MA-with-ECB-In-Focus.html?CHID=9&QPID=917708&utm_source=Twitter&utm_medium=Moss&utm_campaign=twr $EUR $EURUSD https://t.co/louQGcvBI5
  • Traders focus a lot of their energy on spotting the perfect time to enter a trade. While this is important, it is ultimately where traders choose to exit trades that will determine success. Learn about the three types of trading exit strategies here: https://t.co/muYkTNXH7s https://t.co/17PKF2fWMh
  • 🇩🇪 Balance of Trade s.a (JAN) Actual: €22.2B Expected: €16.4B Previous: €16.4B https://www.dailyfx.com/economic-calendar#2021-03-09
  • 🇩🇪 Balance of Trade (JAN) Actual: €14.3B Previous: €15.2B https://www.dailyfx.com/economic-calendar#2021-03-09
  • 🇩🇪 Balance of Trade (JAN) Actual: €14.3B Previous: €14.8B https://www.dailyfx.com/economic-calendar#2021-03-09
  • 🇩🇪 Balance of Trade s.a (JAN) Actual: €22.2B Expected: €16.4B Previous: €16.1B https://www.dailyfx.com/economic-calendar#2021-03-09
  • Brush up your knowledge on #tradewars with this tool from DailyFX research briefly outlining trade-war history dating back to the early 1900s here: https://t.co/ZWaL6laTU5 https://t.co/1gdOjST2dn
  • Heads Up:🇩🇪 Balance of Trade s.a (JAN) due at 07:00 GMT (15min) Expected: €16.4B Previous: €16.1B https://www.dailyfx.com/economic-calendar#2021-03-09
  • Heads Up:🇩🇪 Balance of Trade (JAN) due at 07:00 GMT (15min) Previous: €14.8B https://www.dailyfx.com/economic-calendar#2021-03-09
Euro Fails to Stay Above 1.30 Ahead of the Finance Ministers Meeting

Euro Fails to Stay Above 1.30 Ahead of the Finance Ministers Meeting

Benjamin Spier, Technical Strategist

The Euro has again declined below 1.3000 against the US Dollar in today’s session, after setting a new 2-month low at 1.2966 on Friday.

The first dip below 1.30 seemed to be unrelated to any new story, but rather may have been an expression of the uncertainty surrounding the political situation in Italy. Euro-zone finance ministers will be meeting in Brussels this afternoon, and they are expected to discuss the Italian uncertainty as well as a Cyprus bailout. Italian bonds yields were 6 basis points higher at some points in the session.

The Euro then declined below 1.3000 again following a disappointing UK PMI for construction and a lower Sentix Investor Confidence survey. The UK PMI also sent GBP/USD towards the key 1.500 figure. The 1.30 figure may now provide resistance, and support could be provided by the current 3-month low at 1.2876.

The Yen has seen a bit of volatility following a lot of comments from Japanese officials and BoJ nominees. BoJ governor nominee Kuroda said earlier in the session that he will do whatever he can to achieve 2% inflation if he is appointed as the central bank head. While BoJ deputy governor Kikuo said that fiscal and monetary stimulus must occur at the same time. Also, Japan Vice Finance Minister Nakao said Abenomics have been successful so far, and the Yen depreciation reflects the global economy and the US recovery. USD/JPY set a new weekly high at 93.72 during overnight trading.

(Did you understand all the terms used in today’s report? If so, test your skills with DailyFX’s Trading IQ Quiz.)

EURUSD Daily: March 4, 2013

Euro_Fails_to_Stay_Above_1.30_Ahead_of_the_Finance_Ministers_Meeting_body_eurusd_daily_chart.png, Euro Fails to Stay Above 1.30 Ahead of the Finance Ministers Meeting

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

DISCLOSURES