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20 Jun 2013
The EUR/USD continues south
FXstreet.com (London) - The EUR/USD has continued to print lower lows in the London open and has seen leading Eurozone indicators released for Jun.
EUR/USD Data
EZ Markit Manufacturing PMI (Jun) came in 48.7 vrs 48.6 expected, Markit Composite PMI (Jun) came in as 48.9 vrs 48.1 expected and the Markit Services (Jun) came in 48.6 vrs 47.5 expected. The EUR has ticked up slightly higher from 1.3218 to find territory in the mid 1.3220’s on the data releases.
The main catalyst for moves in the pair is likely to remain with the comments from the FOMC that have set the direction yet again. While there were no changes to the current pace of QE, a comment was made as follows: "the downside risks to the outlook for the economy and the labor market as having diminished since the fall”, which sent the market in a ‘risk-off’ flurry again in broad based dollar rally. Coming up later we have more data for the US in the form, Initial Jobless Claims (12.30GMT) Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
EUR/USD continues to the downside
The EUR/USD has momentum indicators in the red that could extend the bearishness of the pair throughout the European session. The move will target the 1.3200 handle and May highs and resistance. As far as areas 1.29070 are in tact, the broader trend on the daily and weekly charts is to the upside targeting 1.3600.
EUR/USD Data
EZ Markit Manufacturing PMI (Jun) came in 48.7 vrs 48.6 expected, Markit Composite PMI (Jun) came in as 48.9 vrs 48.1 expected and the Markit Services (Jun) came in 48.6 vrs 47.5 expected. The EUR has ticked up slightly higher from 1.3218 to find territory in the mid 1.3220’s on the data releases.
The main catalyst for moves in the pair is likely to remain with the comments from the FOMC that have set the direction yet again. While there were no changes to the current pace of QE, a comment was made as follows: "the downside risks to the outlook for the economy and the labor market as having diminished since the fall”, which sent the market in a ‘risk-off’ flurry again in broad based dollar rally. Coming up later we have more data for the US in the form, Initial Jobless Claims (12.30GMT) Markit Manufacturing (12.58 GMT), Existing Home sales Change and Philly Fed (14.00GMT).
EUR/USD continues to the downside
The EUR/USD has momentum indicators in the red that could extend the bearishness of the pair throughout the European session. The move will target the 1.3200 handle and May highs and resistance. As far as areas 1.29070 are in tact, the broader trend on the daily and weekly charts is to the upside targeting 1.3600.