Tags Posts tagged with "EUR"

EUR

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Hiring across the private sector remained strong last month according to recent figures from data collection firm ADP. There were 200,000 new hires in September up from 186,000 the previous month.

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The euro recovered from early losses with a late rally. Setting the tone for the day, Germany’s inflation figures came in far below what most economists had expected.

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GBP/USD was showing negative sentiment early on and began drifting to the downside. The pair dipped as low as 1.5127 reaching a five month low before staging a minor recovery rally.

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A mixed set of economic data kept the US dollar treading water. Consumer spending in August came in above expectations according to latest figures. The Department of Commerce reported a 0.4 percent lift in spending between July and August.

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EUR/USD bounced upwards to 1.1177 retracing up from the 200-day moving average. Weak support was established at this level and this was enough to generate ample buying interest.

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The dollar rallied as markets turned attention back towards slowing growth in emerging economies. A research note from the Asian Development Bank turned investors’ back to the situation in China.

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GBP/USD fell by more than one percent as traders retreated to safer plays including the US dollar and Japanese yen. Selling began in the Asian session and sent cable abruptly into the support area at 1.5350.

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Now forming a typical “head and shoulders” pattern GBP/USD is likely to find support around the middle of the 1.54 range. Resistance above 1.56 proved too strong to breach on this attempt.

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After the Fed’s decision to hold firm on interest rates. The dollar was up against all major counterparts including the euro, the yen and the British pound.

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The Fed leaned on the side of caution today and kept its target overnight interest rates on hold. This FOMC meeting was the first in nearly a decade in which the decision was finely balanced.