Littlefish FX Analysts
Littlefish FX
KEY DATA RELEASES TODAY (BST):
13:30 USD Core Durable Goods Orders m/m 0.5% v -0.2%
13:30 USD Durable Goods Orders m/m -0.4% v 4.0%
15:00 USD New Home Sales 501K v 481K
15:00 USD CB Consumer Confidence 95.2 v 95.2
17:30 USD FOMC Member Fischer Speaks
OVERNIGHT:
EURUSD traded in a reasonably tight range overnight due to absence of any market moving events. However, we continue to trade with a bearish tone this morning post CPI data supported by the break below minor support initially coming in at 1.0890. This is attributable to the diverging Fed/ECB expectations as well as the Greece saga which could potentially bring EURUSD down to next major support levels at 1.0890 and 1.0825 respectively.The Core Durable Goods Order, Consumer Confidence as well as any Greece debt developments are the key events to be closely watched today.
122.05 broken in USDJPY, market trades with a bullish bias. Greece issues and overall risk sentiment remain at the forefront of its momentum higher, with today’s US Durable Goods Orders release potentially being the catalyst to break this bullish triangle formation. Yesterday’s low of 121.45 should lend itself as the pair’s initial support to lean on, with a bigger level at the pre US CPI level of 120.80/90.
GBPUSD continues to soften in sympathy with the broad USD move, with the pair trading below the pivotal 200D SMA (1.5567) and the 1.55 handle. UK and NY out on holiday yesterday has dampened trading interest, but given the technical signals and the renewed USD strength, expect further weakness to be the path of least resistance. The second release of Q1 GDP (on Thurs) is the primary domestic data to watch out for this week
KEY TRADES:
All comments, charts and analysis on this website are purely provided to demonstrate our own personal thoughts and views of the market and should in no way be treated as recommendations or advice. Please do not trade based solely on any information provided within this site, always do your own analysis.
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