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EU Morning Report - Single currency on free fall

Autore: Written by Easy-Forex for

The euro (EUR) recorded losses against most of its major counterparts as risk aversion overtook markets following developments in the eurozone. There were reports that the European Central Bank (ECB) rejected Spain's proposal to recapitalise its banking sector directly via sovereign bonds. Also, the Bank of Spain Governor Ordonez will resign on the 10th of June, a month earlier before his term ends, as criticism of poor banking supervision heightened. Versus the US dollar, the euro dropped to 1.2477 from 1.2520 – a near 2-year record low. ECB President Mario Draghi is due to speak at the European Policy Center, in Brussels at 13:30 GMT and investors worldwide will closely monitor this.

The US dollar (USD) appeared stronger versus a basket of currencies, as eurozone woes favored the buying of the greenback. The US economic data were put in the shade by the news coming out of Europe. Nevertheless, the catalyst needed for more gains never came as the Consumer Confidence index fell to 64.9 this month, the lowest figure since January. Versus the Swiss franc (CHF), the greenback rose to 0.9626 from 0.9599. The break through the 0.9610 area, a previous resistance level, could open the way for the pair to record higher highs.

Oil prices dropped to 90.21 from 90.71 dollars a barrel. Gold (XAU) plunge to 1548.00 from 1574.76 US dollars an ounce. Against the euro, gold dived to 1243.89 from 1257.31 euro an ounce. Silver (XAG) moved down to 27.7475 from 28.3725 dollars an ounce. Stay in tune throughout the day with foreign exchange bullets!

Pivot Preference1 Sentiment2
EURUSD 1.2515 SHORT @ 1.2505 71% of deals buy EUR
USDJPY 79.65 SHORT @ 79.65 82% of deals buy USD
GBPUSD 1.5650 SHORT @ 1.5640 74% of deals buy GBP
AUDUSD 0.9835 SHORT @ 0.9835 75% of deals buy AUD
GOLD 1558 SHORT @ 1558 77% of deals buy GOLD
OIL 90.95 SHORT @ 90.95 91% of deals buy OIL
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
Currency Time (GMT) Event Forecast
CHF 07:00 Retail Sales for April
EUR 09:00 KOF Indicator for May
USD 14:00 Pending Home Sales change for April
FTSE 100 0.65% S&P 500 1.11% NIKKEI -0.82%
DAX 1.16% DJIA 1.01% HIS -1.90%
CAC 1.37% NASDAQ 1.18% CSI 300 -0.48%
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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