Intra-Day Market Moving News and Views
28 Jan 2016 03:45GMT
[B]EUR/USD[/B] - 1.0891.. The single currency has made positive gains in last 3 sessions this week despite intra-day swings and will the pair continues to ratchet higher again today.
Well, although buying euro on dips is still the preferred strategy, do not lose sight of the range of 1.0921-1.0776 set immediately after ECB President's dovish comments at last Thursday's post-ECB monetary policy meeting press conference.
Intra-day retreat after o/n jump to 1.0918 in post-FOMC New York high suggests this res may well hold until release of slew of EZ economic data starting with EU confidence index and more importantly, German January CPI, if the m/n inflation is below market consensus at -0.8% and y/y at 0.5%, then euro may come under selling pressure ahead of U.S. durable goods order.
In the meantime, offers are reported at 1.0910/20 with stops above there, however, more selling interest is tipped at 1.0970/80 with fairly large stops above 1.0985 (January high).
Bids have been raised to 1.0870-60 and more below with stops touted below 1.0820.
Pay attention to speeches by 2 ECB Governing Council member with Austrian National Bank Governor Ewald Nowotny speaking in Vienna at 16:30GMT followed later by Bundesbank President Jens Weidmann in Bonn at 18:00GMT