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Forex: EUR/USD testing January lows, around 1.3020/25

The bloc currency continues its relentless march south on Friday, hovering over the area of 1.3020/25, levels last seen in early January, as momentum in the risk-off tone is mounting.

“The Sequester in the US kicks in and even though there still remain some negative near-term risk factors for EUR/USD, we think that the main part of the correction should be behind us now and we still look for EUR/USD to move higher in three to six months’ time”, suggested Chief Economist at Danske Bank, Jens P. Sorensen.

At the moment, the pair is down 0.27% at 1.3021 with the next support lying at 1.2998 (2013 low Jan.4) ahead of 1.2996 (low Dec.12) and then 1.2929 (low Dec.11).
On the flip side, a surpass of 1.3100 (psychological level) would bring 1,3163 (high Feb.28) and finally 1.3200 (psychological level).

Forex Flash: US ISM growth in focus – Deutsche Bank

The US they have been able to eke out a small amount of growth over the last 6 years (average ISM of 51.3) and in return the equity market is slightly higher than it was at the start. According to Macro Strategy Analysts J. Reid and C. Tan at Deutsche Bank, “Greece, Spain, Italy, Japan, Ireland and France in our sample have all had PMIs below 50 on average since early 2007 and all of these have equity markets notably lower than where they were at this point. Indeed its worth highlighting that the gap between the US ISM and French manufacturing PMI is now at record wides (since we have French data from early 1998).”
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Forex: USD/CAD in fresh highs around 1.0330

The Canadian dollar continues to depreciate against its fellow neighbor on Friday, as the ‘sequester’ looms, boosting the risk aversion and pushing the cross to the area around 1.0330, or 8-month highs...
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