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ECB Forces EURJPY 99.00 Breakout, Can NFPs Drive EURUSD Through 1.2650

ECB Forces EURJPY 99.00 Breakout, Can NFPs Drive EURUSD Through 1.2650

John Kicklighter, Chief Strategist

The ECB followed the route that the market's had projected - announcing plans to purchase government bonds. The news carried enough influence to produce the EURJPY breakout expected, but it lacked the conviction needed to drive the EURUSD through 1.2650. We will have another chance for the world's most liquid currency pair to overtake resistance in the final trading session this week. The positive drive for risk trends Thursday amplifies interest in Friday's August NFPs. However, there is reason to doubt both the data and conviction behind this rise in optimism. With more critical (less certain) events next week, both the potential of EURUSD and fledgling reversal for AUDUSD are in jeopardy.

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