Eur/usd - page 362
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EUR/USD: Euro Hits 7-Month Low Ahead of ECB The eurozone's currency was seen trading at its lowest level since April 2015 ahead of the European Central Bank (ECB) decision, 0.58% lower at $1.0552.
The German services PMI improved from 54.5 to 55.6 in November, while the euro zone services gauge only marginally improved from 54.1 to 54.2 and fell short of expectations of a 54.6 print.
These figures spurred no volatility whatsoever as market participants are bracing for today's bazooka from the ECB. The EUR/USD pair remained trading at daily lows around $1.0560.
Retail sales from the euro zone are now due, with the monthly print expected to accelerate from -0.1% to 0.2%, while the year-on-year change is expected to weaken to 2.6% from 2.9%.
The data will be followed by the much anticipated ECB meeting. The ECB is projected to lower the deposit rate further into negative territory and according to German two-year yields, the rate should be cut to -0.4%.
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EUR/USD spiked suddenly and rose over 400 pips and now we are back to test 1.100.
Like a sky rocket the EUR/USD moved from the 1.0500 to the 1.1000 level, strong buy pushing the pair to test 1.1010 resistance level.
On Thursday session the euro recorded significant gains against the dollar as the intraday erased most of November’s losses. The euro retained its growth today against other major currencies after yesterday recorded its biggest one-day rise of nearly seven years amid weaker than expected stimulus from the ECB.
Yesterday the made a massive rally of 321 pips and closed near the high of the day although shy below the 50-day moving average after the European Central Bank disappointing high market expectations for greater stimulus.
Today we will have the non-farm payrolls and unemployment rate in the US, also being another market mover.
The key levels to watch are the 1.1097 (resistance), a 200-day moving average at 1.1078 (resistance), the 50-day moving average at 1.0931 (resistance), 1.0900 (Support) and 1.0819 (support).
EUR/USD: Greenback Erases Gains Shortly After Strong Payrolls The US unemployment rate remained at 5.0%, while the payrolls slowed from an upwardly revised 298,000 to 211,000, but still maintained a very healthy and strong jobs gain. Wage growth declined from 0.4% to 0.2% month-on-month and decelerated from 2.5% to 2.3% on a year-on-year basis.
In the immediate reaction, the greenback was bid and the EUR/USD pair was seen near daily lows, but greenback lost its support soon and was trading flat around $1.0940.
The pair had soared four big figures on Thursday as the European Central Bank (ECB) under-delivered. The ECB announced that the QE program would now last until March 2017. However, the central bank did not increase monthly purchases, as was widely expected. In addition, the deposit rate was cut by only 10 bps to -0.3%, while investors had expected the rate would go to -0.4%.
This spurred a massive short covering of euro positions and a squeeze of epic proportions, with the pair rocketing higher, hitting all the stops and nearly touching the $1.10 barrier, before stalling above $1.09.
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The EUR/USD fell lazily to the Fibonacci 1.0834 support level by the end of Friday, Hopefully the pair continue climbing to the 1.1010 level.
EUR/USD is truing to rebound with the NFP and unemployment data. But It can be only a correction before continue to rise. Both ways no chance for me until I see the close of today.
EUR/USD: Euro Soars Over Week on ECB Disappointment The week was very volatile and full of important macro data, however, the ECB meeting was the biggest mover. The pair soared on Thursday and ended the week 2.72% higher at $1.0881, gaining almost 300 pips.
Monday started slowly, with some euro zone data that failed to move markets. German CPI increased in November month-on-month from 0.0% to 0.1%, while the yearly change also slightly improved from 0.3% to 0.4%. In addition, HICP indices accelerated as well.
Furthermore, German retail sales for October dropped from 0.0% to -0.4%, when measuring the monthly change, while the yearly print declined from 3.5% to 2.1%. From the US dollar point of view on Monday, the Chicago PMI for November ticked down from 56.2 to 48.7, though US pending home sales for October improved from -1.6% to 0.2% month-on-month.
Tuesday brought manufacturing PMIs across the euro zone, with the German manufacturing PMI for November ticking higher to 52.9 from the 52.1 booked in October, while the French gauge remained at 50.6. The ISM's US manufacturing PMI released on Tuesday fell into contraction territory, dropping from 50.1 to 48.6. Volatility was minimal after these numbers as market participants were waiting for Wednesday's data and Thursday's ECB meeting.
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Interesting month already.