OctaFX | OctaFX Forex Broker
Open trading account

Forex: EUR/USD retraces early gains

FXstreet.com (Barcelona) - The single currency is now retracing earlier gains after climbing to fresh intraday highs in the vicinity of 1.2840. Market participants are now shifting their attention to the ADP report due later. Prior surveys expect the US private sector to add 200K jobs in March, a tad higher than February’s 180K.

In light of tomorrow’s ECB meeting, analysts at Brown Brothers Harriman commented, “Despite soft euro zone data reported this week (CPI, unemployment), the central bank is widely expected to stand pat. As usual, the press conference afterwards will be most important, and Draghi is likely to get many questions about the macro outlook, the exchange rate, and still-simmering problems such as Italy and Slovenia”.

At the moment, the cross is losing 0.04% at 1.2814 and a breakdown of 1.2751 (low Mar.27) would open the door to 1.2730 (low Nov.19) and finally 1.2680 (61.8% of 1.2042-1.3711).
On the upside, resistance levels are located at 1.2878 (high Apr.2) followed by 1.2890 (MA200d) and then 1.2924 (MA21d).

Forex: EUR/JPY erases gains back to 119.75

Investors are cautious ahead of the BoJ and despite some movement, from 119.46 low to 120.18 high, the EUR/JPY is biased to a flat trading today and fell back to the opening price of 119.75. The entrance of the US market may change the mood as the economic calendar will provide the update of the ADP employment in March, which may be used as an indication for tomorrow’s nonfarm payrolls. The ISM non-manufacturing PMI in March is also due today. The economic calendar released the preliminary report of EMU CPI in March, coming in at 1.7% from 1.8%, as expected.
Read more Previous

Forex: NZD/USD trading at session highs at 0.8436/39

The kiwi craze has extended into Wednesday, following an otherwise steadfast rise against the American dollar yesterday. Having edged higher continuously during overnight and European trading, the cross is now settling at session highs at 0.8436/39 in these moments, up +0.27% on the day.
Read more Next
Start livechat