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Free AccessThursday's corrective pullback..........>
EURO-DOLLAR: Thursday's corrective pullback extended the move back from
Wednesday's FOMC react high of $1.1448 to a post 1600GMT fix low of $1.1343
before it recovered to $1.1377 into the close. Very slow start in Asia, as
markets awaited the return of Tokyo markets, following their Thursday holiday,
the rate holding within a tight range around $1.1375. Strong open on the Nikkei
took USD/JPY higher, the move influencing EUR/USD to trade down to $1.1361.
Correction lower in USD/JPY relieved the general USD demand and allowed EUR/USD
to slowly edge its way to $1.1381 ahead of the European open. Resistance remains
around the $1.1380 lwevel, a break and clear to expose next band of resistance
seen toward $1.1400. Of note, the $1.1400 level holds the strike of an expiring
option for today's NY cut for E2.29bn. A break of $1.1410 to expose $1.1430.
Stronger resistance remaining in place on any approach to $1.1450. Support
$1.1360, $1.1343/36.
- Flash PMI's for France, Germany and EZ in focus(0815GMT, 0830GMT, 0900GMT
respectively).
- US PMI's due at 1345GMT, ahead of Existing Home Sales 1400GMT.
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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.