Intra-Day News and Views (EUR/USD) & data to be released today: Nov 24, 2014

Intra-Day Market Moving News and Views
24 Nov 2014 02:21GMT

EUR/USD - ..... The single currency weakened broadly on Friday after dovish comments from ECB's President Mario Draghi. Euro fell sharply against the greenback from 1.2553 to 1.2424 in European morning and continued to ratchet lower after a brief recovery to 1.2460.
Later, the pair fell to as low as 1.2375 in NY and then 1.2360 at Mon's NZ open before recovering in thin Asian session.

Although euro's failure to test Nov's 26-month trough at 1.2357 suggests price is likely to stage a recovery ahead of European open, the single currency is expected to undergo another round of selling pressure later in the day due to recent 'negative sentiment'.
Therefore, whilst investors may look to buy euro on dips for a recovery towards 1.2400 for st trade, preferred strategy is selling on intra-day rebound.
Bids are placed at 1.2370-60 with stops emerging just below 1.2350.
On the upside, offers are located at 1.2390-00 and then 1.2415/20 with mixture of offers and stops noted at 1.2440/45 and just above 1.2450.

Investors should pay close attention to the release of German IFO reports in European morning (09:00GMT). Market forecasts the headline IFO Business Climate Index to edge further down to 103.0 in Nov, below the 103.2 booked in October, which was the lowest level since Dec 2012.
Meanwhile, the Current Assessment sub-index is also seen edging down to 107.9, after posting a figure of 108.4 a month ago. Only the IFO Expectations Index is projected to rise to 98.6, from 98.3 in Oct.


This week will see the release of following economic data:

Swiss non-farm payrolls, German Ifo business climate and U.S. Markit services PMI on Monday;

Japan's BoJ meeting minutes, New Zealand's RBNZ inflation expectation, German GDP, U.S. prelimary GDP, PCE prices and Redbook, Canada's retails and U.S. monthly home price and consumer confidence on Tuesday;

German import prices U.S. GDP and CBI distributive trades, U.S. core PCE, durables, personal income, Chicago PMI, University of Michigan sentiment, new home sales, pending homes sales change and building permits on Wednesday;

New Zealand's trade balance, Australia's HIA new home sales, Swiss GDP, U.K. Nationwide house prices, German unemployment rate, EU business climate, consumer confidence, economic sentiment, Germn Gfk consumer sentiment, HICP and CPI on Thursday;

Japan's unemployment rate, CPI, prelimary industrial output, IP forecast, retails sales, New Zealand's NBNZ business outlook U.S. Gfk consumer confidence, Japan's construction orders, housing starts, Swiss KOF indicator, EU inflation and unemployment rate, Canada's GDP and producer prices on Friday