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

Intra-Day Market Moving News and Views
13 Oct 2017 04:00GMT

EUR/USD - 1.1839. Despite continuing its recent winning streak on Thur n hitting a fresh 2-week high of 1.1880 at European open, intra-day selloff in sterling pulled euro lower to 1.1829 n subsequent rally in cable pressured price to session low of 1.1828 in New York afternoon due to selloff in eur/gbp cross.

The single currency traded narrowly in Australia n briefly dipped to 1.1826 when Reuters reported the ECB will reduce its QE purchase by a half but price inched back to 1.1847 in Asian morning on lack of follow through selling, suggesting range trading would be seen. As Thursday's decline from 1.1880 signals recent upmove has made a temp. top, consolidation with nr term downside bias is expected ahead of release of key U.S. CPI n retail sales data.
Offers are tipped at 1.1850/60 n more above with stops above 1.1880 n more above 1.1900.
Bids are noted at 1.1830-20 n more below with stops reported below 1.1790.

The euro area countries will release a slew of eco. data starting with Germany's CPI n the same from Italy. ECB's Mersch will speak in Luxembourg at 09:30GMT, German FinMin Schaeuble/Bundesbank-President Jens Weidmann will speak on G20 and IMF-Meeting at 12:00 GMT n later in New York session, several ECB officials will be speaking at the 2017 IMF/World Bank Annual meeting; ECB's Draghi, Coeure, Constancio n Lautenschaleger will speak in Washington D.C. (refer EI page for details).


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