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Session Recap: Euro buoyed by positive data

FXstreet.com (Córdoba) - The euro rose versus the dollar on Wednesday buoyed by better-than-expected German data, as investors perceive another rate cut is less likely. However, EUR/USD remains well within the established range that has held since early April.

The pound is a tad firmer in the vicinity of 1.5500, while USD/JPY continues to hover below 99.00. As for commodity currencies, while USD/CAD is little changed and the AUD/USD has managed to advance slightly, the kiwi remains among the worst performers after the RBNZ governor said that it has sold some New Zealand dollars and may do so again.

Main Headlines in Europe (in chronological order):

UK: Halifax House Prices rise 1.1% in April

Spain’s Rajoy: Spain has entered new phase with more room to maneuver

Switzerland: CPI flat in April, against expectations

Forex Flash: Key EUR/USD MA´s remain in focus - Commerzbank

ECB’s Asmussen- Cyprus banking sector still hasn’t stabilised

Commodities Brief – Gold stuck in tight consolidation at $1454, silver rebuffed by 24.00 barrier

ECB’s Asmussen says Troika will end when ESM becomes a full EU institution

Germany: Annual Industrial Production drops further in March

Fitch sees modest growth returning to Europe in 2014

European equity markets secure gains after upbeat German industrial data

US: MBA Mortgage Applications rose 7.0%

Asmussen says ECB discussed ABS purchases to spur lending

Forex: EUR/CAD testing resistance at 1.3186/90

The EUR/CAD has operated almost exclusively in an uptrend Wednesday and outside of a brief easing off of its session highs past the 1.3200 level (1.3210), the cross is firmly entrenched in positive territory at 1.3186/90 in these moments, ahead of US trading and on the heels of Canadian economic data.
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Forex Flash: AUD/NZD still a shorting option after RBA surprise – UBS

According to Research Analyst Gareth Berry at UBS, “In the wake of Tuesday’s surprise 25bp cut by the RBA, we recommend remaining sort the AUD/NZD as the cost of carry is minimal, and the alternative ‘sell AUD/CAD’ trade is compromised by policy uncertainty surrounding the transition to a new governor at the Bank of Canada.”
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