India Crypto Exchange

Best Bitcoin Trading Platform

Global FX: Italian Politics Hits Euro

Global FX: Italian Politics Hits Euro

EUR/USDThe pair finished the London session in negative territory following growing concerns from Italy where Italian MP Gasparri said PdL lawmakers are ready to quit if Berlusconi is ousted and agree to oppose the former premier’s expulsion. The ramifications from this could be particularly damaging for the nation and therefore EUR. However, the sell off was reduced following bids in EUR/USD at 1.3480. In terms of technicals, due to recent bullish performance, the pair continues to trade well above its 50/100/200-DMA’s and near the highs seen in February trade.GBP/USDThe pair finished the London session in negative territory despite seeing some early strength. Following the release of weaker than expected Y/Y GDP and ONS revisions to previous readings the pair fell around a total of 40 pips in an immediate reaction. From a technical perspective the pair continues to trade at the highs seen in January trade, with the 50-DMA remaining above the 100- and 200-DMA’s having crossed them earlier in the month.USD/JPYThe pair finished the London session in positive territory following further speculation of public pension reforms and reports the government’s stimulus plans, which are expected to be announced on October 1 are to include a pledge to promptly start a study of a reduction in the country’s effective corporate tax rate. JPY strength continued to be observed across the board, after the Japan Pension Panel advised government to re-examine bond holdings but steered clear of indicating that the fund will increase stock holdings. Towards the end of the session we saw further gains in the pair as T-notes fell and thus USD gained from interest rate differential flows. In terms of options there is market talk of offers touted at the 99.20 level with stops placed above and more offers towards 99.50. With regards to technicals, earlier strength saw the pair rise above the 50- and the 100-DMA lines, from which it was trading in a tight range. However, the pair has since returned to trade within this DMA range as has been the case for the past few days.

0 0 votes
文章评分
Subscribe
Notify of
guest
0 评论
Inline Feedbacks
View all comments