Into the new week and the Asian markets return to full-strength was offset by the belated UK holiday for May Day. Asian EUR/JPY sales weight while European buying of EUR/CHF propped as the Euro was underpinned by a host of factors. EU and ECB comments combined with the fresh record SENTIX data while German orders data saw a surprise rise in March. However, EUR/USD has continued to pivot the 1.3600 mark with 1.3585/3615 worked on the wide.
More offers trail from 1.3625 to 1.3650 with talk of stops mixed in while on the downside only a break below 1.3550/65 take the pressure off the topside. Looking ahead, with both the ECB and the FOMC set to conclude their latest meetings this week many will prefer to hold fire before taking fresh longer-term positions. Short-term trading should keep the topside in EUR/USD in view with the all-time high at 1.3683 and the option barriers at 1.3690 and 1.3700 then eyed.
Intraday and event-risks are evenly balanced with the 16:00 GMT EuroGroup meeting and the 17:30 GMT speech by the ECB's Tumpel-Gugerell offset by the 18:30 GMT comments from Former Federal Reserve Chairman Alan Greenspan. The only data set for release intraday is the 19:00 GMT release of March US consumer credit data (USD 4.5Bln expected).
No comments:
Post a Comment