Intra-Day Market Moving News and Views
26 Nov 2014
EUR/USD - ....... This morning the single currency pared early losses as release of disappointing U.S. consumer confidence in NY morning following upbeat U.S. Q3 GDP (2nd reading) triggered broad-based selling in greenback. Euro rebounded strongly after a brief dip to 1.2402 and then rallied to session highs of 1.2486 b4 retreating to 1.2459 on profit-taking.
As euro has maintained a biddish tone in Asian morning, suggesting buying euro on dips for marginal gain above 1.2500 level is recommended, however, daily outlook remains consolidative and last week's peak at 1.2602 should remain intact today.
Although eco. data from EU countries due out in European morning may have little impact on euro, investors are unlikely to enter large position ahead of the release of a slew of U.S. data in NY morning.
At present this morning, bids was placed at 1.2460/55 and then 1.2440-30 with stops emerging below 1.2410, whilst offers from various accounts are located at 1.2490-00 and near 1.2520 with a mixture of offers and stops emerging above 1.2550.
Last night despite euro's brief drop to 1.2403 in NY morning after the release of robust U.S. GDP data, the single currency subsequently rebounded on dlr's broad-based weakness after the release of much weaker-than-expected U.S. consumer confidence.
Euro then jumped to as high as 1.2486 before easing. Bids were located at 1.2460-50 and more at 1.2430. On the upside, offers were tipped at 1.2485-90 with mixture of offers and stops seen at 1.2500 last night
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