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Forex: EUR/USD easing from highs

FXstreet.com (Barcelona) - The shared currency is now giving away some ground after hitting session highs in levels sub 1.3040, rapidly leaving behind the worrisome results from the German IFO.

Regarding the increasing market chat about a rate cut by the ECB next week, Analyst Jacqui Douglas at TD Securities commented, “The biggest argument against a cut to the refi rate is the fact that it would have next to no impact on economic growth… However, given that a large part of the problem in the Eurozone is lack of demand stemming from uncertainty, a rate cut from the ECB could help at the margin to support confidence”.

At the moment, the pair is advancing 0.16% at 1.3019 with the next resistance at 1.3085 (high Apr.23) ahead of 1.3130 (high Apr.19) and then 1.3202 (high Apr.16).
On the downside, a break below 1.2972 (MA21d) would the target 1.2963 (low Apr.8) en route to 1.2940 (MA200d).

Forex: GBP/USD takes profits after UK CBI disappointment

The GBP/USD could only rise to as high as 1.5288 ahead of UK CBI realized trades data and after a disappointing figure, the pair is erasing gains at 1.5265, still above yesterday’s close at 1.5228.
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Forex: EUR/GBP rebounds after UK data

Market pressure against the Euro sent the EUR/GBP to a test of the psychological level at 0.8500 during the London opening and as the German IFO survey revealed one more reason for the ECB to intervene with a rate cut after yesterday’s weak PMI data. Then, the cross bounced and found 0.8530 (yesterday’s close at 0.8534) as the British Pound is being sold after UK CBI disappointment.
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