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EU Morning Report- RBA cuts rates by 25 bps

Autore: Written by Easy-Forex for Easy-Forex.com




 

The euro (EUR) climbed against the dollar to 1.2542 from 1.2385 supported by a rebound in Asian shares and commodities. Hopes for decisive steps by the EU leaders to tackle the eurozone debt crisis supported sentiment ahead of the G7 conference call today. News that France and the European Commission signaled their support towards a solution of the eurozone stricken banks further supported risk appetite. But the single currency is under pressure as investors are worried about a problematic banking sector in the eurozone and a messy Greek exit from the euro. Attention shifts to Germany’s Factory Orders data as well as eurozone Retail sales figures.

The US dollar (USD) strengthened against a basket of currencies as sentiment in the market improved at the start of the new week. Versus the safe haven Japanese yen (JPY), the greenback jumped to 78.46 from 77.98 as investors remain cautious over an intervention by the Bank of Japan in order to weaken the yen. Focus now turns to the Group of Seven Industrialized Nations conference call where they will discuss developments in the eurozone. US ISM Non Manufacturing is also expected today.

The Australian dollar (AUD) rose against the greenback to 0.9803 from 0.9627 after the Reserve Bank of Australia monetary policy meeting. RBA cut its main cash rate by 25 basis points to 3.5% but the move was less aggressive as investors were expecting a 50 basis points cut. The central bank expressed concerns over the debt crisis in Europe and the global economic slowdown as well as further moderation in growth in China.

Oil edged higher to 84.90 dollars a barrel from 81.19. Gold (XAU) eased to 1608.81 dollars an ounce from 1628.05 and against the euro it rose to 1295.30 from 1309.89. Silver (XAG) edged lower to 27.89 dollars an ounce from 28.62. Stay in tune throughout the day with foreign exchange bullets!

 

Pivot Preference1 Sentiment2
EURUSD 1.2440 LONG @ 1.2450 22% of deals buy EUR
USDJPY 78.40 SHORT @ 78.40 43% of deals buy USD
GBPUSD 1.5435 SHORT @ 1.5425 59% of deals buy GBP
AUDUSD 0.9690 LONG @ 0.9690 79% of deals buy AUD
GOLD 1598.00 LONG @ 1598.00 62% of deals buy GOLD
OIL 82.90 LONG @ 82.90 82% of deals buy OIL
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
Currency Time (GMT) Event Forecast
EUR 09:00 Retail Sales -0.1%
CAD 12:30 BoC Interest Rate Decision 1%
USD 14:00 ISM Non Manufacturing 53.5
EUROPE US ASIA3
FTSE 100 -1.14% S&P 500 -0.14% NIKKEI 1.04%
DAX -1.19% DJIA 0.01% HIS 1.08%
CAC 0.14% NASDAQ 0.46% CSI 300 0.40%
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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