AceTraderFx Sept 01: Intra-Day Market Moving News and Views -EUR/USD
Intra-Day Market Moving News and Views
01 Sept 2017 3:00GMT
EUR/USD - 1.1909… The single currency regained traction in Asia on Friday after a ‘roller-coaster’ session on Thursday. Although short covering lifted price from 1.1868 to 1.1906 in European morning, euro tumbled broadly n hit session lows of 1.1824 at NY open after sources told Reuters some ECB members were concerned by the recent strength of the euro n the central bank is highly unlikely to discuss tapering at its next Sept. meeting.
However, release of soft U.S. core PCE data (a key inflation measure by the Fed) led to broad-based decline in the usd as well as U.S. yields, this triggered a strong short covering rebound n price later rallied back to 1.1912 near the close, then marginally higher to 1.1923 in Australia before easing.
Well, looks like the decline from Tuesday’s 30-month peak at 1.2070 has hit a bottom and range trading would continue ahead of U.S. NFP, however, it is our view euro’s Medium Term uptrend has made a temp. top, current rebound is a retracement and if U.S. jobs report (NFP and ave. wage growth) is upbeat, usd may stage another rally.
For now, bids are noted art 1.1890-80 and more at 1.1850/40 with stops below 1.1820.
Offers are tipped at 1.1920/30 and more above there with stops above 1.1950.
Today is PMI day, Italy will release Markei mfg PMI, then the same from France, Germany n Italy as as as Italy’s GDP. ECB board member Nowotny will participate in a panel discussion in Alpbach, Austria at 06:30GMT, then ECB Vice-President Constancio will give a speech at a forum in Cernobbio, Italy at 09:15 GMT.