Today’s Hot Asset for you to Trade On: EUR/USD.
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EUR/USD
The EUR/USD continues to trade in a narrow passage between 1.2520 and 1.2570. The U.S. FOMC Meeting Minutes report was released at 7PM (GMT) and showed dovish data. Some committee members are concerned about the possibility of long term inflation decline. Other concerns were also surfaced about a negative spill over from the foreign economy. Such a spill may slow down the economic growth in the U.S along the midterm. Shortly after the data release the pair increased sharply to 1.2600, it later settled at 1.2560. The price remained at this level yesterday, while the market waited for the release of the Manufacturing and Services PMI data from the Euro-zone.
The movement is sideways. Support is found at 1.2510 and resistance is at 1.2600.
Trend: Sideways
GBP/USD
Wednesday saw the pair push its support at 1.5590. A negative change in UK monetary policy was expected, as the markets awaited the UK Monetary Committee report. Recent data showed a halt in in economic recovery. In a matter of some surprise, the monetary policy remains unchanged at this point. This lack of change pulled the pair up to 1.5700. In reaction to the FOMC report, the price dropped back down to 1.5660. The U.K. Retail Sales data will be released at 9.30AM (GMT). As the market awaits the release, an increase of 0.4% is expected by some analysts.
The trend is sideways. Support is found at 1.5590 and resistance at 1.5735.
Trend: Sideways
Gold
Volatility was running high yesterday for Gold. The price dropped once more from $1,197/ounce to $1,175/ounce, after data from a Swiss survey showed a decrease in the likelihood of the National bank to boost Gold reserves. The price later leveled at $1,200/ounce but fell once more in view of the FOMC data. Market nervousness is recorded with every new data release, and the price now looks to be built on speculation. Every piece of news is causing movement.
The U.S. CPI data will be released today at 1.30PM (GMT). The movement is sideways. Support is found at 1,175 and resistance at 1,205.
Trend: Sideways
Crude Oil WTI
A minor increase in WTI Crude Oil price was recorded yesterday as it gently touched $75.50/barrel. The later released FOMC data played havoc and pushed down the price to $74.30/barrel with its dovish stance. The concernes for the economic outlook are adding pressure to the slowing oil demand which has already by itself dropped the price by more than 30% since June.
The trend is sideways. Support is found at 73.25 and resistance at 76.50
Trend: Sideways
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