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EUR reactions on SPD Congress votes


EURUSD up slightly despite higher UST yield but lower on US stock. Also some worries for US debt ceiling and awaits for the Senate vote today. Come Sunday, SPD congress vote for deciding whether to join the Merkel’s coalition as well as the ECB meeting next Thursday have driven more mix reactions to EUR in short term which most likely in sideway position adjustment before the weekend. Germany PPI same as expected at 0.2% and nothing much impact. Later US Michigan Consumer Sentiment Index and stock/bond market move also have small intraday impact with support at 1.2185 and resistance at 1.2285. And prefers in range trading with tight stop strategy.

USDJPY lowers despite UST yield up to 2.64% and US stock retracement. Some worries for US gap funding vote that will still have some pressure for the pair. US Michigan Consumer Sentiment Index as well as stock/bond market move will have some intraday impact in support at 110.50 and resistance at 111.10. Today’s prefer is, in range trading with tight stop strategy.

GBPUSD up further on broad USD weakness and higher EUR effect despite higher UST yield. But some worries for US gap funding vote as well as the strength of GBP cross. Which still support GBP on lower side but technical overbought and weekend position ajdustment might limit the upside gains. UK retail sales and US Michigan Consumer Sentiment Index as well as stock/bond market move will have some intraday impact with support at 1.38 and 1.3850 with resistance at 1.3940 and 1.3970. Today’s prefer is, in range trading with tight stop strategy.

USDCHF lowers further in EURCHF as well as EUR strength effect. Also broad USD weakness also driven the pair lower despite in high UST yield (10 years at 2.64%). US Michigan Consumer Sentiment Index and stock/bond market move will have some intraday impact with support at 0.9550 and resistance at 0.9610. Still preferring in range trading with tight stop strategy.

EURJPY around similar level with yesterday, as US stock retracing overnight together with weak USD might still add some indirect pressure for the pair. But overall uptrend remain healthy and US data and stock/bond market move might have some intraday impact with support 135.35 and resistance at 136.50. In range trading with tight stop strategy still prefers.

EURGBP remains in base building process and GBP strength leading the cross lowers overnight with EUR staying in mix consolidation ahead of next week’s ECB meeting and German PPI as expected. Later UK retail sales and US data will have some intraday impact with support at 0.8800 and resistance at 0.8865-70. Prefer to keep on buying dips with tight stop strategy.

GOLD up on broad USD weakness as well as in stock retracement effect despite the higher UST yield (10 years 2.64%). Some worries for Senate vote for gap funding together with consistent demand from real money which both supports the GOLD in short term. US Michigan Consumer Sentiment Index and stock/bond market move will have some intraday impact with support at 1330 and resistance at 1340. Prefer to buy on dips with tight stop strategy.

Silver slightly up with in the same direction of GOLD and weak US still helping the pair. US data and stock/bond market move might have some intraday impact with support at 17 and resistance at 17.45-50. Still prefer buying on dips with tight stop strategy.


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    Research Risk Warning

    At Hantec Global Ltd we provide an execution only service. Any opinions expressed by analyst Richard Perry should not be construed as investment advice or an investment recommendation. This report does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. Forex and CFDs are leveraged products which can result in losses greater than your initial deposit. Therefore you should only speculate with money that you can afford to lose. Please ensure you fully understand the risks involved, seeking independent advice if necessary prior to entering into such transactions.