Intra-Day Market Moving News and Views
29 Oct 2014
EUR/USD - ...... Although the single currency rallied to 1.2765 in NY morning after disappointing U.S. durable goods orders, price retreated briefly to 1.2721 as U.S. Conference Board reported upbeat consumer confidence index (October's reading at 94.5 was the highest in 7 years), which was boosted by a more favorable assessment of the current job market and business conditions.
Later, euro recovered to 1.2753 and then moved sideways for rest of the NY session and well into Wednesday's Asian morning.
As all eyes are on the release of Fed's monetary policy announcement and the following Fed statement later today at 18:00GMT, range trading is envisaged in Asia n Europe.
France will release consumer confidence for Oct at 07:45GMT and economists expect the reading to be slightly better at 87 compares to 86 in previous month, however, it should have little impact on euro.
Offers are noted at 1.2750-60 and then 1.2780/85 with stops emerging above 1.2900, whilst bids are placed at 1.2710-00 and around 1.2680 with stops emerging further out below 1.2650.
Last night despite euro's early brief rise to 1.2764 after the release of weaker-than-expected U.S. durable goods data, the single currency subsequently retreated on the robust U.S. consumer confidence. Offers was tipped at 1.2750-60 and more at 1.2780. On the downside, some bids was located at 1.2720-10 with stops building up below 1.2700.
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