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.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/d00z4019XE
  • The medium-term #gold outlook still seems favorable as the #Fed, #ECB and more keep rates around 0. Immediate event risk ahead includes the #RBA and #BoC interest rate decisions, US jobs data and Brexit. Get your gold market update from @ddubrovskyFX here: https://t.co/ABXy78LmUn https://t.co/rCALcGaKOL
  • The trio of central banks overseeing the commodity currencies have already cut their main rates to all-time lows. Get your market update from @CVecchioFX here: https://t.co/OSUXrN5P3j https://t.co/Cxt86jl28N
  • The Japanese Yen fell for a third consecutive week with price testing resistance into June open. Here are the levels that matter on the $USDJPY weekly technical chart. Get your #currencies market update from @MBForex here: https://t.co/1QPXP0g7Ew https://t.co/WUtXHoRoQX
  • $USDZAR: A rally from here could be an important tell as to whether the level seen as support previously (17.76) will turn into a point of resistance for sellers to lean against. Get your $USDZAR technical analysis from @PaulRobinsonFX here:https://t.co/TNsQ4JJu6E https://t.co/I4yCjs2ja0
  • The US dollar continued to sell-off this week and the greenback’s future will be decided by commentary from the White House and not the Federal Reserve over the coming days and weeks. Get your #currencies market update from @nickcawley1 here: https://t.co/lpHneO3s2h https://t.co/bZ5klohLNd
  • #Gold prices have continued to push higher as expectations have built for global Central Banks to remain very loose and passive with monetary policy for the foreseeable future. Get your $XAUUSD technical analysis from @JStanleyFX here: https://t.co/h5tF3kAZfd https://t.co/VAYy9FGHcQ
  • Major investment bank models have touted USD selling, given the outperformance in US equities relative to its counterparts over the past month. How is this likely to impact the month-end rebalancing? Find out from @JMcQueenFX here:https://t.co/MtNrHmXZpD https://t.co/YvoHlUsdVr
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/X15k6b4ZyB
  • The month of May saw equities rise across the board. The #Dow Jones and #DAX 30 will look to hold above nearby support while the #Nasdaq 100 may look to attack all-time highs. Get your #equities market update from @PeterHanksFX here: https://t.co/dQxkG68R0I https://t.co/cgfcOs14qG
Euro Floats Back Above 1.30 in a Quiet Session

Euro Floats Back Above 1.30 in a Quiet Session

2013-04-08 09:42:00
Benjamin Spier, Technical Strategist
Share:

Since the release of the disappointing US Non-Farm Payrolls on Friday, the Forex markets seem to be waiting for the next event worth trading.

One of the few significant releases during the European session, the Euro-zone Sentix Investor Confidence Survey for April fell to a 5-month low. The -17.3 index level was worse than the expected -12.8 Sentix index result. The lower Sentix result matches the declining PMI results reported recently, which have been fueled by recovery doubts and political instability in Italy.

In Portugal, 10-year bond yields were temporarily trading 25.8 basis points higher today to 6.5%, following the court’s ruling to disallow tax hikes, which forced the government to look for spending cuts to continue austerity measures. However, most of the yield increase was soon erased, and the benchmark bond is now trading closer to 6.25%.

The Forex reaction to the Portugal story has been minimum, as the country only makes up 1.83% of the Euro-zone economy. However, similar things were said about the meaning of the Cyprus bailout before the deposit holders were forced to share losses in the bank closure. I am neither suggesting that Portugal will or will not have a significant effect on Forex traders, I am just reiterating that it’s always worthwhile for Euro traders to follow the economic developments in any Euro-zone country, no matter how small.

The Euro is trading slightly above 1.3000 against the US Dollar at the time of this writing, which has served as a resistance line over the past few weeks, and may now serve as support. Resistance might next be seen at 1.3055, by the 38.2% retracement of the decline from Euro’s all time high to its all time low.

The Yen fell to 99.00 against the US Dollar for the first time in nearly four years during the European session, but USD/JPY quickly declined back towards 98.70. Chief Cabinet Secretary Suga said during the European session that the stock gains and Yen fall shows the markets valued BoJ actions.

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

EURUSD Daily: April 08, 2013

Euro_Floats_Back_Above_1.30_in_a_Quiet_Session_body_eurusd_daily_chart.png, Euro Floats Back Above 1.30 in a Quiet Session

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

News & Analysis at your fingertips.