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Forex: EUR/USD ranges at 1.3035/50

FXstreet.com (Barcelona) - The EUR/USD remains weaker on Monday and has been trading under a narrow range at 1.3035/50 during the European morning. As the morning ends, the market is moving towards the lower band of the range in a very quiet mood.

Reuters reported that Luxembourg Finance Minister Frieden said the Cyprus bail-in shouldn’t be repeated and that the Eurozone has to be able to intervene in troubled countries without formal request from such country. The EUR/USD isn’t particularly fussing about such comments.

The economic calendar will provide EMU consumer confidence and US existing home sales. “Existing home sales for March are expected to hit the 5m mark for the first time since the stimulus-induced pop in November 2009. Sales have not been sustainably above 5M since mid-2007”, wrote TD Securities analysts.

“The recent test of 1.3110 resistance has failed and the outlook here is negative, for a slide towards 1.2950”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to minor intraday resistance at 1.3080.

Forex Flash: Markets welcome end to short term Italian political deadlock - BTMU

Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that financial markets in the euro-zone are initially welcoming an end to political deadlock in Italy at least in the near-term with Giorgio Napolitano winning approval to be reappointed President at the sixth attempt gaining 738 votes out of 1007.
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Forex Flash: Rating agencies descend on UK – Investec

The news from the last few days has been pretty poor for the pound with Fitch following Moody’s by stripping the UK of its triple-A credit rating on Friday evening, stating its downgrade reflected a weaker economic and fiscal outlook. Fitch did however return its outlook on the UK economy to ‘stable’ reducing the threat of any further rating cuts in the near term.
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