Wednesday, June 19, 2013

EU Morning Report – Eurozone discusses baking union

Tuesday, October 2nd, 2012

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The euro (EUR) is strengthening against most of its major counterparts, as details from discussions for a single banking authority within Europe emerge. European Central Bank (ECB) Executive Board member Asmussen restated his view that initially only financial institutions considered systemically important should be placed under this banking supervision and then this supervisory framework could be broaden to ultimately involve all banks. Furthermore, he added that the ECB should not be expected to be ready to act as supervisor by January 2013. The Australian dollar (AUD) is weakening across the board after the Reserve Bank of Australia (RBA) decided to cut its lending rate by 0.25%, naming international developments as the catalyst for this action.

§ Gold (XAU) has apparently met a resistance level around 1790 against the US dollar (USD), as it appears to be unable to break through it at the moment. Nevertheless, the trend still remains bullish.

§ OIL now hovers over 92.00 US dollars a barrel and a break above 92.80 could see the commodity recording new highs.

Stay in tune throughout the day with foreign exchange bullets!

Outlook . Pivot Preference1 Sentiment2
. EURUSD 1.3810 LONG @ 1.3820 37% of deals buy EUR
. USDJPY 76.60 LONG @ 76.55 97% of deals buy USD
. GBPUSD 1.5850 LONG @ 1.5860 33% of deals buy GBP
. AUDUSD 1.0305 LONG @ 1.0305 38% of deals buy AUD
. GOLD 1629.00 LONG @ 1629.00 66% of deals buy GOLD
. OIL 87.00 LONG @ 87.00 51% of deals buy OIL
1 data generated by Trading Central™, 2 data obtained from easy-forex Inside Viewer™
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Calendar Currency Time (GMT) Event Forecast
. GBP 08:30 Construction PMI in September 49.9
. EUR 09:00 PPI m/m in August 0.5%
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Movers Shakers
CADJPY
The Canadian dollar (CAD) has rebounded against the Japanese yen (JPY) after dropping near the 78.80 support area. This level has acted in a similar way in the recent past and a short rally up to 80.80 should not be unexpected. Normal 0 false false false EN-US X-NONE X-NONE

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Written by Easy-Forex

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