EURUSD finds support below the 1.3200 level!
- The Dollar Traded with a risk off sentiment, trading in Asia witnessed North Korean tensions intensify and that fear sent the Euro and Aussie to day lows heading into Europe. Also supporting the Dollar is increasing yields on longer term US government bonds being attributed to the recent tax cut extensions. In US stocks, DJIA +13 points closing at 11372, S&P +4 points closing at 1227 and NASDAQ +10 points closing at 2609. Looking ahead, Weekly Jobless Claims are forecast 425k vs. 436k previously.
The Euro tested support under 1.3200 before recovering and stabilizing in the lower 1.3200 region. EUR/JPY was able to edge higher as the Yen silently remains under pressure due to increasing US yields and ongoing Korean concerns. October German Industrial Production gains 2.9% vs. -1.0% previously. EUR/USD traded with a low of 1.3179 and a high of 1.3282 before closing at 1.3270. Looking ahead, November German CPI forecast at 0.1% m/m.
Currency to watch out for: EURUSD & USDJPY
- § The EURUSD pivot point is at 1.3240 with a preference to enter into Long positions at 1.3250
- § The USDJPY pivot point is at 83.50 with a preference to enter Long positions at 83.50
Today's calendar and market movers:
- § United Kingdom Halifax House Price for December is forecasted at 0.3%
- § United Kingdom Trade Balance for October is forecasted at $-8.05 bln
- § United Kingdom BoE Rate Announcement for December is forecasted at 0.5%
- US equities closed positive yesterday with the S&P500 up 0.37% and the DJIA up 0.12%. The European bourses were mixed with the FTSE down -0.24% the DAX and the CAC closing down at -0.37% and up 0.56% respectively. The NIKKEI and the HSI at the time of writing is 0.52% and 0.25% respectively.