After yesterday's German IFO business climate index rose far above expectations, this morning`s Gfk consumer confidence survey also indicated a positive outlook. This renewed optimism could have a positive effect on the whole Eurozone, since Germany is the most important economy on the continent. The same indices only seven months ago stared into a lurking abyss, and now they already see the light again. A seldom and remarkable U-turn, which makes the 2008/9 economic phase a historically most peculiar one.
Forex, meanwhile, remains unimpressed, with the major pairs still following a sideways trend, with only a long-term underlying slight selling tone in the dollar. We are follwing this sideways trend in the USD for today’s trading, still expecting the USD to show some upward correction. See the details below. Note the second preliminary estimate for the US GDP (2nd Q) at 14:30 CET - expected is a bigger decrease of -1.5%.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The euro remains in low volatlity against the dollar this European morning and is currently trading at 1.4245 near the 1.4200 support. We see that support being tested today, but not significantly broken.
GBP / USD
Having lost more ground against the dollar yesterday, the pound is currently consolidating near the lows of 1.6150 and right now priced at 1.6205. Although some recovery moves are likely, we expect the lows to be tested again in today’s trading.
USD / CHF
The dollar is pausing in its upmove against the Swiss franc this European morning, in very low volatility. Currently priced at 1.0695, we expect some further moderate upmoves, up to levels around 1.0740.
USD / JPY
Against the yen, after tending weak in all of Asian trading, the dollar currently is trading now near its lows at 93.68, in nearly no real move. We expect the lows at 93.40 to be tested again in today’s trading and an even lower market eventually.
Forex, meanwhile, remains unimpressed, with the major pairs still following a sideways trend, with only a long-term underlying slight selling tone in the dollar. We are follwing this sideways trend in the USD for today’s trading, still expecting the USD to show some upward correction. See the details below. Note the second preliminary estimate for the US GDP (2nd Q) at 14:30 CET - expected is a bigger decrease of -1.5%.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The euro remains in low volatlity against the dollar this European morning and is currently trading at 1.4245 near the 1.4200 support. We see that support being tested today, but not significantly broken.
GBP / USD
Having lost more ground against the dollar yesterday, the pound is currently consolidating near the lows of 1.6150 and right now priced at 1.6205. Although some recovery moves are likely, we expect the lows to be tested again in today’s trading.
USD / CHF
The dollar is pausing in its upmove against the Swiss franc this European morning, in very low volatility. Currently priced at 1.0695, we expect some further moderate upmoves, up to levels around 1.0740.
USD / JPY
Against the yen, after tending weak in all of Asian trading, the dollar currently is trading now near its lows at 93.68, in nearly no real move. We expect the lows at 93.40 to be tested again in today’s trading and an even lower market eventually.
