OctaFX | OctaFX Forex Broker
Open trading account
Back

Forex: EUR/GBP supported around 0.8630

Today's downside is stalling at 0.8630 surrounding area that is offering support against an extended drop. The EUR/GBP was trading sideways during Asian time but then started moving increasingly lower, eager to retrace Friday's gains.

The UK PMI Construction dropped from 48.7 to 46.8 in February, instead of rising to 49.0 as expected by analysts.
January Producer Price Index in the Eurozone rose 0.6%, beating 0.5% consensus, while the annualized data eased from 2.1% to 1.9%, as expected. The EMU Sentix Investor Confidence for March fell more than predicted, from -3.9 to -10.6, while consensus was pointing to -5.2.

Mataf.net analysts point to resistances at 0.8655, 0.8685 and 0.8710, while supports are at 0.8630, 0.8605 and 0.8575.

Forex: USD/JPY backs away from highs, still rangebound

The dollar edged lower against the yen at the beginning of the New York session, pulling back from a 1-week high, after the ISM New York index came in better than expected for February.
Read more Previous

Forex Flash: Eurozone GDP projections cut to -0.8% – Deutsche Bank

“For the EU, the immediate consequence of the Italian election is, in our view, the risk of the ‘Brussels consensus’ (fiscal austerity coupled with structural reform) losing its appeal. Pushing ‘new fiscal realism’ beyond automatic stabilizers will be a temptation, however the question is whether markets accept the higher level of debt.” writes Giles Moec at Deutsche Bank. It is not in German or ECB interests to rock-the-boat, but markets are not necessarily pricing this new configuration yet.
Read more Next
Start livechat