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EU Morning Report- Euro recovers, Aussie higher on jobs data

Autore: Written by Easy-Forex for


The euro (EUR) recovered against the dollar to 1.2585 from 1.2440 supported by a rebound in world equities and hopes that EU leaders are focusing on Greece’s deepening debt crisis and Spain’s banking sector. The European Central Bank decided to keep rates unchanged during yesterday’s monetary policy meeting. ECB President Mario Draghi stressed the downside risks of the economy and also said that ECB stands ready to act signaling the possibility of a rate cut next month.

The US dollar (USD) weakened against a basket of currencies on an improved sentiment in the market. The greenback is also weighed by expectations that the Federal Reserve could embark on a third round of quantitative easing following the recent disappointing Non Farm Payrolls figures. Attention shifts to the Fed Chairman Ben Bernanke and its speech before a congressional committee later today where he is expected to give signs over the Fed monetary policy. Versus the safe haven Japanese yen (JPY), the greenback jumped to 79.47 from 78.10 as investors remain cautious that the Bank of Japan may step in the markets to weaken the yen. All eyes turn to the Bank of England interest rate decision where no change in the policy is expected this month.

The Australian dollar (AUD) rose against the dollar to 0.9968 from 0.9764 supported by upbeat employment data. Figures showed an increase of 38.9K of employed people last month comparing to an expected decrease of 5K. Yesterday, the release of the first quarter Gross Domestic Product figures surprised the markets by showing an unexpected 1.3% expansion of the Australian economy. The solid data helped the Aussie trade higher towards parity against the greenback on speculation of no for further interest rate cuts.

Oil edged higher to 86.25 dollars a barrel from 83.98. Gold (XAU) dropped to 1612.98 dollars an ounce from 1640.85 and against the euro it slid to 1287.18 from 1298.59. Silver (XAG) edged higher to 29.88 dollars an ounce from 28.49. Stay in tune throughout the day with foreign exchange bullets!


Pivot Preference1 Sentiment2
EURUSD 1.2520 LONG @ 1.2530 37% of deals buy EUR
USDJPY 78.90 LONG @ 78.90 57% of deals buy USD
GBPUSD 1.5435 LONG @ 1.5435 56% of deals buy GBP
AUDUSD 0.9875 LONG @ 0.9875 42% of deals buy AUD
GOLD 1608.00 LONG @ 1608.00 75% of deals buy GOLD
OIL 84.50 LONG @ 84.50 85% of deals buy OIL
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
Currency Time (GMT) Event Forecast
GBP 11:00 Purchasing Manager Index Services 52.5
GBP 11:00 BoE Interest Rate Decision 0.5%
USD 12:30 Initial Jobless Claims 377K
FTSE 100 2.36% S&P 500 2.30% NIKKEI 1.20%
DAX 2.09% DJIA 2.37% HIS 1.29%
CAC 2.42% NASDAQ 2.40% CSI 300 036%
3 at the time of writing Please note that Forex trading (OTC Trading) involves substantial risk of loss, and may not be suitable for everyone. In no way is it a recommendation by easy-forex® for you to engage in any trade. The information provided is based on data generated by third party investment research providers. easy-forex® does not assume any liability as to the accuracy of such information. This information shall be used for reference only and it is not binding on easy-forex®. This is not an advertisement or a recommendation in engaging / binding you in any forex transactions.



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