Intra-Day Market Moving News and Views -EUR/USD

Intra-Day Market Moving News and Views
25 Sept 2017 03:30GMT

EUR/USD - 1.1931.. Euro swung wildly in volatile trading on Mon as despite Sun's expected election win by Germany's Merkel, market concern on her difficulty in forging an unstable coalition in order to form a majority govt. together with the first right-wing AfD party to come in the parliament has unsettled the market, casting doubt on how the weak coalition govt. will move forward under present turbulent political climate surrounding the EU.

The single currency opened around 1.1951 n met renewed selling at 1.1960 in NZ, price later hit inra-day low of 1.1897 when German election result was made known.
However, short covering quickly lifted the pair n price then ratcheted higher back to 1.1934/35 shortly after Asian open. Looks like range trading usd be seen until European open n selling the euro on further rise for day trade is favoured.

Offers are tipped at 1.1960/80 area with some stops above 1.2010.
Bids are noted at 1.1920-00 with stops below 1.1890, more stops are touted below 1.1860.

The only data due out is the key German Ifo data esp the business climate at 08:00GMT, although Auh reading expected to come in at 116.0 vs previous reading at 107.90, present political uncertainty in Germany will discourage strong euro buying even if the data turns out to be higher than street forecast.

A no. of senior ECB members will be speaking starting with ECB's Constancio at 07:00GMT, ECB's Mersch at 09:15GMT, ECB President Draghi at 13:00GMT n ECB's Coeure at 14:45GMT.