EUR/USD is showing little movement on Wednesday, as the pair trades slightly above the 1.36 line. Int the US the highlight is the release of the FOMC minutes. In the Eurozone the sole event is a speech by ECB head Mario Draghi at an event in London.
The Federal Reserve returns to the spotlight on Wednesday, as the FOMC releases the minutes of its June policy meeting. The markets would love some clarity as to when the Fed is looking to raise interest rates. Any hints in this regard could send the currency markets scrambling. Based on updated Fed forecasts for inflation and unemployment, it's safe to say that the Fed is cautiously optimistic about the pace of the US recovery.
The week started with some positive news out of Germany, after a rash of weak data from the Eurozone's largest economy. Trade Balance improved last month, posting a surplus of EUR 18 billion, the highest reading since last October. This easily surpassed the estimate of EUR 15.7 billion. German retail sales, employment and manufacturing data softened in May, raising concerns that a weakening German economy could dash hopes of growth in the Eurozone and hurt the euro.
EUR/USD for Wednesday, July 9, 2014
EUR/USD July 9 at 10:40 GMT
EUR/USD 1.3614 H: 1.3631 L: 1.3609
EUR/USD Technical
- EUR/USD has show little activity in the Asian and European sessions.
- On the downside, the pair is testing support at 1.3585. Will this line fall? 1.3487 is stronger.
- 1.3651 is the next line of resistance. 1.3786 is next.
- Current range: 1.3585 to 1.3651
Further levels in both directions:
- Below: 1.3585, 1.3487, 1.3346 and 1.3295
- Above: 1.3651, 1.3786, 1.3893 and 1.40
Recommended Content
Editors’ Picks
AUD/USD failed just ahead of the 200-day SMA
Finally, AUD/USD managed to break above the 0.6500 barrier on Wednesday, extending the weekly recovery, although its advance faltered just ahead of the 0.6530 region, where the key 200-day SMA sits.
EUR/USD met some decent resistance above 1.0700
EUR/USD remained unable to gather extra upside traction and surpass the 1.0700 hurdle in a convincing fashion on Wednesday, instead giving away part of the weekly gains against the backdrop of a decent bounce in the Dollar.
Gold keeps consolidating ahead of US first-tier figures
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Bitcoin price could be primed for correction as bearish activity grows near $66K area
Bitcoin (BTC) price managed to maintain a northbound trajectory after the April 20 halving, despite bold assertions by analysts that the event would be a “sell the news” situation. However, after four days of strength, the tables could be turning as a dark cloud now hovers above BTC price.
Bank of Japan's predicament: The BOJ is trapped
In this special edition of TradeGATEHub Live Trading, we're joined by guest speaker Tavi @TaviCosta, who shares his insights on the Bank of Japan's current predicament, stating, 'The BOJ is Trapped.'