Intra-day Market Moving News and Views
19 Oct 2015 01:27GMT
EUR/USD -..... Reuters reported that European Central Bank executive board member Benoit Coeure told German lawmakers on Friday that the euro zone needs deeper integration to stem possible shocks in the future and should therefore complete its banking union as fast as possible.
The need to go beyond the quick fixes and intermediate solutions that were necessary, but insufficient, & stressed the urgency of completing the banking union; this contribution is to make financing cheaper, with the rest has to be done by the governments.
Despite Friday's rebound from 1.1334 to 1.1391 in New York afternoon, the single currency retreated to 1.1347 near New York closing.
However, euro found renewed support in Australia today and rebounded to 1.1378 in Asian morning, helped by cross-buying of euro vs sterling.
Since there is no major eco. data due today, order book remains relatively thin n the market's main focus is now on ECB's rate decision later this week and whether Draghi will expand the bank's currency QE program.
Offers have now been raised to 1.1380/90 and more above at 1.1400/10 with stops building up above 1.1420/25 whilst initial bids are noted at 1.1320/30, suggesting downside bias would be seen.
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