Euro remains stable above 1.22 and gold is retreating to 1326

The European session was lackluster yesterday as there was little in terms of economic news to really get the market moving as most things stayed the same with some dollar weakness

Euro remains stable above 1.22 and gold is retreating to 1326

Euro remains stable

The European session was lackluster yesterday as there was little in terms of economic news to really get the market moving as most things stayed the same with some dollar weakness.

In the European stock market, the melt-up continues as they edged higher as Asian shares traded mixed, while U.S. equity futures point to another open in record territory. Europe’s main FTSE, Dax and CAC40 stock markets then ticked higher though moves were choppy in the cross-currents of rising euro and bond yields.

In commodities, crude oil prices rose earlier on data showing a decline in U.S. crude inventories and as rebels in Nigeria threatened to attack the country’s petroleum infrastructure, before trimming their gains. Spot gold was down 0.1% at $1,327.56 an ounce, with the dollar’s bounce pulling it back from a four-month high of $1,344.43 set on Monday.

 

OUTLOOK

investors tune to the packed US session as building permits, housing starts, Philly Fed Manufacturing Index, and Unemployment claims are released yesterday. All these economic data to be released had an impact on the dollar which has been trading on the low side.

 

TRADERS VIEW

The Bloomberg Dollar Spot index drops as much as 0.1%, reversing the earlier advance of 0.3%. Demand for the pound by leveraged names drove the latest move in the majors according to a Europe-based trader.

GBPUSD – Cable gains 0.4% to 1.3914, fresh high, as it rises for the second day.

GBP/USD

USDJPY – Fresh upside momentum on the pair this afternoon reaching a high of 111.50, as corrects a bit towards the 110.68.

USD/JPY

EURUSD – EUR/USD rises 0.5% to 1.2264, versus the 1.2165 – 1.2247 day-range. Technically, Wednesday’s high at 1.2323 is first strong hurdle on the upside, while the 1.2089, Jan. 4 high, remains the level to watch.

EUR/USD

AUDUSD – The Aussie moves higher towards the 0.8007 after reaching a day low of 0.7940s.

USDCAD – CAD is stable around the 1.2450s after it whipsaws after the BOC raises rates by 25 basis points.

USD/CAD

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***Information contained in this newsletter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making but merely provides information from the market for its clients as additional information is made available as per the events occurring in the financial markets.

 

HIGH RISK WARNING:

Trading Foreign Exchange (Forex) and Contracts for Differences (CFD’s) is highly speculative, carries a high level of risk and may not be suitable for all investors. You may sustain a loss of some or all of your invested capital, therefore, you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with trading on margin.

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