Intra-Day Market Moving News and Views EUR/USD

Intra-Day Market Moving New and Views

EUR/USD - .. German Econ ministry said 'German economy on track for expansion despite contraction in Q2; geopolitical conflicts are preventing better performance in economy; growth impulse coming mainly from U.S. and Asian emerging markets; overall foreign demand is weaker than previously expected.'

Ukraine's Poroshenko says 'Ukraine regrouping its forces in east not to stage new offensive but to defend territory.'

French FinMin said 'France does not seek change of EU deficit rules but wants weak economic reliability to be taken into account; sees 2015 public deficit of 4.3%, will reach 3% target in 2017.'

ECB's Coeure said 'ECB measures will be much more effective if we see structural reforms and fiscal position appropriate for euro area; TLTROs and measures announced last wk are not a quantitative increase in liquidity, or QE.'

During the Asian opening, the single currency finally staged a near 1-cent rebound from yesterday's fresh near 14-month trough of 1.2860 to 1.2957 in NY afternoon, traders cited the move was broad-based short-covering in euro.

As the magnitude of said Tuesday's rebound from 1.2860 was the largest seen in over a month. looks like euro has finally made a temporary base there, a few days of 'choppy' consolidation is in store. Having said that, intra-day retreat fm 1.2952 in Asia suggests euro bears are not yet beaten and would make further attempts to test the downside side, so trading on both sides of the market is the appropriate strategy today. Offers are tipped at 1.2950-60 with stops abv there, more offers are reported at 1.2980/90. Initial bids are noted at 1.2920-00 area with stops below there, however, there is market chatter of good buying interest at 1.2860-50 area.