9.10 EURUSD Daily Review & Outlook
9.10 Friday, for the past 24 hours:
• EURUSD has risen 7 pips against the previous day close; hit target set yesterday, but with much narrower moving range.
• ↓ 36 pips High & Low extreme move, vs. 46.9 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session WEAK 1.9 -> 3.1 WEAK of late session
• EUR in early session MEDIUM 4.0 -> 3.6 WEAK of late session
Market Focus & Moods:
• What we can expected from a ECB rate decision day which brings only 36 pips range movement! If Lagarde wants a steady EUR/USD rate, and she must be very successful on the press conference.
The move in the euro lower came after Lagarde characterized the taper as a 're-calibration' and emphasized that they have 'other tools' to keep financial conditions easy (namely the APP) in March when the program runs off.
Later, the euro rebounded as the dollar slumped, in part due to the very strong bond auction. Later in the day though, some risk aversion kicked in and the dollar got a second wind.
• Friday, 7am LDN German Inflation, 1:30 US PPI. Nothing really important. Watch the indices and oil price would be more beneficial.
Next Step:
• Due to I'm tired this week, I expect a 'Gong with Wind' after ECB boring conference day.
• EURUSD has risen 7 pips against the previous day close; hit target set yesterday, but with much narrower moving range.
• ↓ 36 pips High & Low extreme move, vs. 46.9 pips of 22 day Average Range.
Strength (0~10) Comparison:
• USD in early session WEAK 1.9 -> 3.1 WEAK of late session
• EUR in early session MEDIUM 4.0 -> 3.6 WEAK of late session
Market Focus & Moods:
• What we can expected from a ECB rate decision day which brings only 36 pips range movement! If Lagarde wants a steady EUR/USD rate, and she must be very successful on the press conference.
The move in the euro lower came after Lagarde characterized the taper as a 're-calibration' and emphasized that they have 'other tools' to keep financial conditions easy (namely the APP) in March when the program runs off.
Later, the euro rebounded as the dollar slumped, in part due to the very strong bond auction. Later in the day though, some risk aversion kicked in and the dollar got a second wind.
• Friday, 7am LDN German Inflation, 1:30 US PPI. Nothing really important. Watch the indices and oil price would be more beneficial.
Next Step:
• Due to I'm tired this week, I expect a 'Gong with Wind' after ECB boring conference day.
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