A busy morning has seen Europe's two largest economies release Q3 GDP figures. Both showed economic growth, but came in below analysts' expectations. All attention will now turn to the release of the US Trade Balance numbers, scheduled for 1330 GMT. Economic releases from both sides of the pond may mean a volatile period for EUR/USD.
- EURUSD range 1.4833-1.4873. Resistance on the day at 1.4875 holding also more at 1.4890. Support comes in at 1.4785. Started near the lows as profit taking brought EURUSD up but waiting for London to provide some direction.
- USDJPY range 90.14-90.42 overnight. Again very quiet 90.80/91.15 will offer good resistance ahead and a break of 90.00 again and we could test 89.60 area.
- AUDUSD range 0.9224-0.9268. As with other majors Asia saw profit taking on the earlier moves lower in the previous session. 0.9290/9310/9330 will be resistance at the moment and downside we have support at 0.9180. Weaker gold has weighed on AUDUSD so could see it drift lower and run out of steam in the short term.
- The largest Eurozone economy, Germany, saw GDP growth of 0.7%, falling slightly short of the 0.8% expected by analysts, but stronger than the 0.3% seen in Q2
- France’s economy grew by 0.3%, but was well short of the 0.7% growth that was expected by polled analysts.
- The German Council expects the ECB to hold interest rates at 1% through 2009 and 2010
Major Economic News
Us Trade Balance