News out of Europe affected yesterday’s trading as most major pairs turned bearish due to concerns about Spain and Greece. A speech from European Central Bank President Draghi during morning trading kept the major pairs from huge declines, though some currencies and commodities recovered better than others. Today, investors will want to monitor Industrial Production numbers out of the euro zone, which can indicate trends for currencies and commodities. For U.S. dollar, traders will want to watch the bond auction and beige book releases.
Economic News
USD – U.S. Indictors for Interests Released Today
After posting modest gains during morning trading yesterday, the AUD/USD turned bearish during the afternoon session. Also, the GBP came under increased downside pressure against the greenback as risk aversion among investors occurred following ECB President Draghi’s speech before the European Parliament. The GBP/USD fell some 40 pips before finding support at 1.6000 and bouncing back to the 1.6030 level. By the end of European trading, the pair was back at 1.6010.
Turning to today, investors will want to keep an eye on the US 10-yr Bond Auction set to be released at 17:00 GMT, followed by the Beige Book analysis being released by the Federal Reserve today at 18:00 GMT. These both are good indicators of U.S. future interest rates, and tend to generate volatility in the marketplace.
| GBP/USD intraday: under pressure. |
Pivot: 1.6050.
Our Preference: SHORT positions @ 1.604 with 1.5955 & 1.591 as next targets. Alternative scenario: The upside penetration of 1.605 will call for a rebound towards 1.61 & 1.6125. Comment: the pair stands below its new resistance and remains under pressure. |
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Disclaimer The analysis we provide is based on the average estimate of price movements in one day. Does not guarantee what we deliver is actually a proper and correct. Everything that happens in the decisions you make on your trading transaction is to be Your responsibilities. Visit Us www.deryworldscorp.web.id
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