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FX Headlines: Euro Gains as Summit Boosts Confidence

FX Headlines: Euro Gains as Summit Boosts Confidence

2011-03-14 12:45:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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Fundamental Headlines

Nikkei Plunges 6.2% After Deadly Quake - CNBC

Japan Adds $182 Billion to Economy, Doubles Asset Purchases - Bloomberg

Rebels Lose Ground in Libya - WSJ

Risky Loans Stage Comeback – Financial Times

Euro-zone Leaders Reach Deal on Key Reforms – Financial Times

EURJPY: The EUR/JPY pair gained in the overnight as details of the expanded bailout package for Europe’s most indebted nations were well-received by the markets. The summit, which propelled the Euro higher against all other major currencies, was aimed at widening the scope of the sovereign debt rescue fund and cutting the cost of loans to Greece. On the other side of the pair, the Yen was weighed down as the Bank of Japan said that it would inject 15 trillion Yen ($183 billion) to the financial system and increase the size of its asset-purchase program.

Taking a look at price action, key support looks to be in place at the 50-SMA at 111.772, which the pair has not closed below on the daily chart since January 17. Recent fundamental developments have painted a clear picture for the pair to test the 115.000 area, a level of significant psychological resistance. Currently, the EUR/JPY pair is sitting comfortably above its 76.4 Fibo retracement, on the August 23 to October 6 move.

Written by Christopher Vecchio, DailyFX Research.

To contact the author of this report, please send inquiries to: research@dailyfx.com

http://online.wsj.com/article/SB10001424052748704893604576200101635920420.html?mod=WSJ_hp_MIDDLENexttoWhatsNewsSecond

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