Intra-Day Market Moving New and Views
17 Sep 2014
EUR/USD - ...... Although euro remained under pressure in Asia and briefly dipped to 1.2945 at European open, renewed broad-based weakness in dlr lifted price to 1.2957.
Investors are reluctant to add bets before the release of euro zone inflation data at 09:00GMT and range trading below yesterday's high of 1.2995 should continue. Bids are touted at 1.2940-30 and around 1.2920 with stops emerging below 1.2900, whilst offers are placed at 1.2975/80 n then 1.2990-00 with stops noted just above 1.3000.
Earlier, the single currency moved in volatile fashion on Tue. Despite initial retreat from Asian high at 1.2962 to 1.2923 in European morning, euro bounced to 1.2967 n then climbed to fresh 1-1/2 week peak at 1.2995 in NY as traders cited WSJ webcast saying Fed will stick to near-zero rate language. Later, euro dropped to 1.2950 in Australia n then marginally to 1.2949 shortly after Asian open on renewed broad-based strength in greenback before moving sideways.
Today, euro zone will release a slew of inflation data and market expects the readings to pick up last month, however, economists are skeptical about how successful the latest measures from ECB will be. Until then, range trading is envisaged.
Bids are placed at 1.2940-30 n around 1.2920 with stops emerging below 1.2900, whilst offers are located at 1.2975/80 n then 1.2990-00 with stops noted just above 1.3000.
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