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Free AccessFed Powell's Cautionary tone Friday.....>
EURO-DOLLAR: Fed Powell's Cautionary tone Friday managed to provide a counter to
the USD demand, prompted by the release of stronger than forecast US NFP data.
EUR/USD had dropped to a data react low of $1.1346 only to bounce back to
$1.1418 (erasing all the data losses) before it drifted off to $1.1395 into the
close. Rate extended pullback low to $1.1389 in pre Tokyo trade, USD/JPY
influenced as traders positioned for a strong Nikkei, but this early USD demand
quickly faded as USD/JPY met decent resistance into Y108.80 before reversing
which in turn allowed EUR/USD to edge to a high of $1.1430 before it settled
around $1.1420 into Europe. Release of disappointing Germany Factory Orders data
-1.0%mm vs forecast -0.1% was countered by stronger than forecast Germany Retail
Sales(+1.4%mm vs forecast 0.4%). US Govt shutdown impasse continues but signs
over the weekend that talks have been productive. Support $1.1389, $1.1346.
Resistance $1.1430/35, $1.1450/55.
- German, French & Italian industrial output due Tue, Thu & Fri respectively.
ECB de Guindos speaks today, ECB Villeroy Thursday, ECB Mersch Friday. ECB's
account of its Dec Gov Council meeting, due Thursday.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.