Intra-Day Market Moving News and Views -EUR/USD
Intra-Day Market Moving News and Views
12 Sept 2018 04:00GMT
EUR/USD - 1.1592.. Euro orbited the 1.1600 handle in subdued Asian trading after yesterday's roller-coaster ride.
Despite extending rally from Monday's 2-1/2 week trough at 1.1526 to 1.1644 in early European trading, price tumbled on renewed U.S./China trade tensions after news report China will ask WTO to sanction trade retaliation against the U.S., euro hit session lows of 1.1565 at New York open before staging a short-covering rebound to 1.1612 near New York close as selloff in usd/cad on NAFTA optimism lifted the commodity currencies n pressured usd.
Expect sideways swings to continue in European morning but as yesterday's fall from 1.1644 to 1.1565 signals said correction from 1.1526 has possibly ended, below 1.1565 would add credence to this view and yield re-test of 1.1526. Therefore, selling euro on further recovery is cautiously favoured.
Offers are tipped at 1.1610/20 with stops above 1.1650.
Some bids are noted at 1.1575-65 with stops reported below there.
The euro area will release a slew of eco. data during European morning starting with Italy's industrial output, then the same from the EU as well as EU's employment change data.
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