6 Mar 2014
Session Recap: Currency what? Tomorrow in battle, think of me
FXStreet (San Francisco) - Tomorrow in battle, think of me and drop your useless sword. Wednesday was a non event day in the currency market as no matter US data was disappointing, investors were reluctant to take positions ahead of key central banks decision and nonfarm payrolls data.
Majors were unable to move on ahead of its recent ranges with the EUR/USD trading down to 1.3705 but recovering to previous levels. Overall, the EUR/USD closed the last three days around 1.3735 and today was not an exception. "Market eyes are turn towards ECB tomorrow, and considering the uptick in inflation and PMIs, there are little hopes Mr. Draghi will announce a rate cut, or any other easing measure, which should give the EUR some support," commented in a recent report FXStreet's analyst Valeria Bednarik.
The EUR/USD is "showing no will to run higher at the time being, and if something, pressure towards the downside seems to be building up again after past Friday failure to overcome the long term descendant trend line coming from 1.6038," adds Bednarik. Now the EUR/USD keeps neutral bias in hourly chart.
Today, the GBP/USD recovered the 1.6700 level, which was lost on Monday, but recovered on Friday. So, more ranges. Huge orders expired around 1.6700 in the American morning
Some life was seen in the USDCAD with the pair declining below the 1.1040 February 28 and March 3 lows. The BoC activated CAD's bulls as the central bank removed references to benefits from a weaker CAD, "Mr. Market viewing that as a sign that the BOC has perhaps had enough of a weaker CAD," affirmed Coleman. "A bit surprising to me, the removal."
Main headlines in the American morning
US: ADP Employment Change (Feb) rose to 139K
US: Markit Services PMI (Feb) fell to 53.3
We want an ECB rate cut and LTRO says IMF
US: ISM Non-Manufacturing PMI drops to 51.6 in February
Canada BoC Interest Rate Decision: 1%
Fed's Beige Book: All about weather, but US remains on the recovery path
Wall Street closes mixed after the Beige 'weather' book
Majors were unable to move on ahead of its recent ranges with the EUR/USD trading down to 1.3705 but recovering to previous levels. Overall, the EUR/USD closed the last three days around 1.3735 and today was not an exception. "Market eyes are turn towards ECB tomorrow, and considering the uptick in inflation and PMIs, there are little hopes Mr. Draghi will announce a rate cut, or any other easing measure, which should give the EUR some support," commented in a recent report FXStreet's analyst Valeria Bednarik.
The EUR/USD is "showing no will to run higher at the time being, and if something, pressure towards the downside seems to be building up again after past Friday failure to overcome the long term descendant trend line coming from 1.6038," adds Bednarik. Now the EUR/USD keeps neutral bias in hourly chart.
Today, the GBP/USD recovered the 1.6700 level, which was lost on Monday, but recovered on Friday. So, more ranges. Huge orders expired around 1.6700 in the American morning
Some life was seen in the USDCAD with the pair declining below the 1.1040 February 28 and March 3 lows. The BoC activated CAD's bulls as the central bank removed references to benefits from a weaker CAD, "Mr. Market viewing that as a sign that the BOC has perhaps had enough of a weaker CAD," affirmed Coleman. "A bit surprising to me, the removal."
Main headlines in the American morning
US: ADP Employment Change (Feb) rose to 139K
US: Markit Services PMI (Feb) fell to 53.3
We want an ECB rate cut and LTRO says IMF
US: ISM Non-Manufacturing PMI drops to 51.6 in February
Canada BoC Interest Rate Decision: 1%
Fed's Beige Book: All about weather, but US remains on the recovery path
Wall Street closes mixed after the Beige 'weather' book