Thursday, March 3, 2011

EUR/USD

EUR/USD has had a quiet session, although it has lost some ground amid mild profit-taking ahead of the European Central Bank meeting on Thursday.

EUR/USD has fallen to a low of 1.3846 during the Asian session, after closing in NY around 1.3870. EUR/USD is currently trading at 1.3855/60, slightly lower since opening.

Traders are expecting the ECB will move toward an eventual rate hike, so there is risk the hegemonic currency weakens if they get disappointed.

In a deeper analysis, the Reuters Insiders Team reported, "Bullish on the Euro, traders bet the European Central Bank will signal a rate hike later today. They are expecting Jean-Claude Trichet to sharpen his anti-inflation rhetoric as oil prices continue to soar. Immediate resistance is seen at 1.3900 where it has option related offers but further resistance is seen at 1.3947".

source: http://www.fxstreet.com


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16 comments:

  1. SpikeMarch 3, 2011 at 3:34 AM

    thanks for the info, as always

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  2. obiMarch 3, 2011 at 4:46 AM

    oh always good to read your blog.

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  3. Anonymous.March 3, 2011 at 5:02 AM

    Fascinant comme d'habitude.

    ReplyDelete
  4. AnonymousMarch 3, 2011 at 7:42 AM

    I guess it will be for a bit, EUR is always on top.

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  5. edMarch 3, 2011 at 7:47 AM

    that chart doesnt look steady at all

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  6. AnonymousMarch 3, 2011 at 7:49 AM

    thanks for the analysis

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  7. theonebloggerMarch 3, 2011 at 8:15 AM

    Do you think the Euro will fall any farther than it has?

    ReplyDelete
  8. metaphysicalfarmsMarch 3, 2011 at 9:07 AM

    it's nice that things are not so volatile.

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  9. UnknownMarch 3, 2011 at 9:46 AM

    go euro go!

    ReplyDelete
  10. JungMarch 3, 2011 at 10:51 AM

    Oil prices will damage EUR value

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  11. BrendanMarch 3, 2011 at 11:36 AM

    i hope oil prices drop soon!

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  12. AnonymousMarch 3, 2011 at 12:13 PM

    Thanks for another informative post!

    ReplyDelete
  13. KUSHtunesMarch 3, 2011 at 12:19 PM

    I find it ridiculous that people calculate this everyday and it's someone's job.

    ReplyDelete
  14. Aaron M. GipsonMarch 3, 2011 at 12:20 PM

    The sad part is, I don't think oil prices are likely to go down soon. Or ever again for that matter...

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  15. nooneMarch 4, 2011 at 3:55 AM

    this is great news for me :D

    ReplyDelete
  16. soundboy1March 6, 2011 at 8:16 PM

    Kush they don't just calculate. They make millions of dollars every day...

    ReplyDelete

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