Currency markets are currently stuck in very narrow trading ranges in early European trading today despite the important German ZEW report, which showed an unexpected weakening in the expectations over the next six months for the German economy.
With no economic reports expected this afternoon from the U.S., we expect the currency markets to remain subdued today.
by Steve Nigg
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD is currently priced at 1.4795, up from the low at 1.4764 seen right after the disappointing German ZEW report. No recommendation.
GBP / USD
Sterling is currently at 1.5752 and is trading slightly weaker than yesterday. No recommendation.
USD / CHF
Though the USD / CHF is trading under the important 1.0300 handle (currently 1.0255), it looks like the dollar has found support around the 1.0230 level. No recommendation.
USD / JPY
The USD / JPY is trading in a very tight range of 30 pips and is currently priced at 89.81. No recommendation.
