7 Nov 2013
Session Recap: The final Countdown in EUR/USD
FXstreet.com (San Francisco) - After having traded sideways in between 1.3450 and 1.3525 almost the whole current week, the EUR/USD is set to start the party just ahead the ECB and BoE decisions and the US GDP release on Thursday.
In an atypical session, the Euro climbed from 1.3515 to fresh intra-week high at 1.3545 amid MNI news that said the ECB is unlikely to cut rates even amid inflation dip, citing ECB official sources. As reminder, the Euro's last week sell-off was due speculations the ECB would cut rates on Thursday; however, the pop in the EUR/USD was quickly vanished as the pair returned to 1.3515.
The EUR/USD closed the day around 1.3515. According to FXstreet.com chief analyst Valeria Bednarik: "the neutral stance seen on previous updates remains pretty much the same, with a slightly positive tone in the short term, that anyway needs to be confirmed with price acceleration above 1.3550 resistance zone."
The GBP/USD advanced for third day and after flirting with the 1.6120 key resistance, the cable just closed at 1.6080. In terms of technical levels, if GBP/USD manages to regain 1.6100 next resistances are seen at 1.6117 (daily high) and 1.6139 (Oct 29 high).
Regarding tomorrow Key data, the MNI rumors, if real, would diminish the surprise effect of the ECB announcement, turning traders attention to Mario Draghi's speech as well as the US GDP figures. About this last, don't forget the new way of calculating GDP by the US, something FXstreet.com's analyst Ivan Delgado wrote about 3 months ago.
Main headlines in the American session:
Fitch warns of possible US housing bubble
Canada: Ivey PMI surprises to the upside in October
UK: NIESR GDP up 0.7% in October
Euro jumps on reports that a rate cut is unlikely
The Dow reaches a fresh record high amid hopes no taper in the short term
In an atypical session, the Euro climbed from 1.3515 to fresh intra-week high at 1.3545 amid MNI news that said the ECB is unlikely to cut rates even amid inflation dip, citing ECB official sources. As reminder, the Euro's last week sell-off was due speculations the ECB would cut rates on Thursday; however, the pop in the EUR/USD was quickly vanished as the pair returned to 1.3515.
The EUR/USD closed the day around 1.3515. According to FXstreet.com chief analyst Valeria Bednarik: "the neutral stance seen on previous updates remains pretty much the same, with a slightly positive tone in the short term, that anyway needs to be confirmed with price acceleration above 1.3550 resistance zone."
The GBP/USD advanced for third day and after flirting with the 1.6120 key resistance, the cable just closed at 1.6080. In terms of technical levels, if GBP/USD manages to regain 1.6100 next resistances are seen at 1.6117 (daily high) and 1.6139 (Oct 29 high).
Regarding tomorrow Key data, the MNI rumors, if real, would diminish the surprise effect of the ECB announcement, turning traders attention to Mario Draghi's speech as well as the US GDP figures. About this last, don't forget the new way of calculating GDP by the US, something FXstreet.com's analyst Ivan Delgado wrote about 3 months ago.
Main headlines in the American session:
Fitch warns of possible US housing bubble
Canada: Ivey PMI surprises to the upside in October
UK: NIESR GDP up 0.7% in October
Euro jumps on reports that a rate cut is unlikely
The Dow reaches a fresh record high amid hopes no taper in the short term