Eur/usd - page 474

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Italy wants more budget 'flexibility'

Italy's Industry Minister Carlo Calenda in an interview with la Repubblica daily

Reported as saying said it made no sense that a country deficit spending margins could be used only for one year
  • "We need to expand the scope (of the flexibility clauses) in terms of duration and size," he said. "If we present Europe and the markets a credible plan ... based on stimulus measures for investments and firms' competitiveness we should be able to get what we need."
 
The euro was down against the US Dollar on Friday. By the close of trading EUR/USD was traded at 1.1324, shedding 0.26%. I believe that the support is now located at the level of 1.1152, Monday's low, and resistance is likely to be at 1.1367 - maximum Thursday.
 

On the last Friday’s session the EURUSD fell with a narrow range and closed near the low of the day, in addition managed to close within Thursday’s range thus creating an inside day, which suggests to be slightly on the bearish side of neutral.

 

The pair is trading well above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.

 

The key levels to watch are: a daily resistance at 1.1460, a 61.8% Fibonacci retracement at 1.1347 (resistance), a daily support at 1.1237, the 10-day moving average at 1.1218 (support), and a daily support at 1.1097.

 
Key levels to watch for:
Support: 1.1239; 1.1197;
Resistance: 1.1382; 1.1427.
 
The EUR/USD is trading slightly higher in today's session. The pair reached a high of 1.1314 and is now 1.1308.
 

EUR/USD: Euro Pares Losses in Quiet Session, Yellen on Horizon


The single currency pared its earlier losses against the greenback in the afternoon, but the EUR/USD was trading in a relatively narrow range during the data-free Monday session.

The market mood was instead influenced by several speeches by Federal Reserve (Fed) officials, which temporarily supported the buck.

Over the weekend, Fed Vice Chair Stanley Fischer appraised the US economy's performance, pointing out employment and inflation being on the path to the central bank's targets.

"Fischer is trying to signal to the market that the Fed is more serious about normalizing policy," BK Asset Management managing director of FX strategy Boris Schlossberg said.

Meanwhile, New York Fed President William Dudley warned against potential damage to the economy induced by a prolonged period of extra-low interest rates, encouraging analysts' bets of a hike in 2016.

On Monday, the EUR/USD was seen 0.02% elevated at $1.1321, rising from an intraday low of $1.1271. Thus the pair stayed below the two-month high of $1.1367 booked on August 18.

 

Yesterday the EURUSD initially fell but found enough buying pressure to turn around and closed near the high of the day, although closed within the previous day range, which suggests being slightly on the bullish side of neutral. However the hammer pattern made yesterday suggests a bullish move today.

 

The pair is trading well above the 10, 50 and the 200-day moving averages that are acting as dynamic supports.

 

The key levels to watch are: a daily resistance at 1.1460, a 61.8% Fibonacci retracement at 1.1347 (resistance), a daily support at 1.1237, the 10-day moving average at 1.1252 (support), and a daily support at 1.1097.
 

Eurozone Markit mftg PMI Aug flash 51.8vs 52.0 exp


Eurozone Markit PMI Aug flash report 23 Aug 2016

  • 52.0 prev
  • services 53.1 vs 52.8 exp vs 52.9 prev
  • composite 53.3 vs 53.1 exp vs 53.2 prev

Composite coming in at 7 month highs to negate a weaker headline mftg headline.

Says Markit:

  • The euro area economy continued to expand at a steady pace in August. At 53.3, up from 53.2 in July, the flash estimate of the Markit Eurozone PMI® inched up to a seven-month high. With the index only slightly above the average seen throughout the year to date, growth in the third quarter is likely to be similar to that seen in the first half of the year.
  • A slowing in manufacturing order book growth and a dip in services optimism led to a weakened rate of hiring and suggested that growth could fade in coming months, however. Inflationary pressures meanwhile remained muted.
  • The August survey saw growth of output accelerate marginally in both manufacturing and services, with the former recording the slightly stronger pace of expansion.

Full report here

 
EUR/USD is trading lower in today's session after going steadily up for the last few days. The pair made a high of 1.1355 and then succumbed to a bottom of 1.1310. First support is seen at 1.13, while first resistance is the last high of 1.1355.
 

EUR/USD was trading in narrow range during today session. In the afternoon the upbeat US data pushed down the pair from the ntraday high, marked at $1.1355 to currently trade at $1.1305.

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