FXstreet.com (Barcelona) - The EUR/USD has been consolidatingits daily gains by trading between 1.2975 and 1.2991, both Friday'sclosing price and high. The pair was able to print a high at 1.2995but profit taking started before reaching the 1.3000 level.
The main attraction of the day is the US GDP in Q3 ahead at 13:30GMT. Markets expect "a pretty substantial upward revision, from apreliminary estimate of 2.0% Q/Q annualized to a second reading of2.8% for Q3. "This puts the US on considerably strongerfooting heading into the peak fiscal cliff uncertainty", wrote TDSecurities analysts.
The Eurozone confidence data released earlier came in better thanexpected in general. Despite the weakening consumer confidence inNovember, from -25.7 to -26.9, services sentiment (from -12.1 to-11.9), industrial confidence (from -18.3 to -15.1), economicsentiment indicator (from 84.3 to 85.7) and business climate (from-1.61 to 1.91), they all have beaten consensus and improved.
"We view the recent high at 1.3010 as an interim peak as themarket has recently charted a key day reversal and a TD perfectionset up - both imply that the market has recently topped", wroteCommerzbank analyst analyst Karen Jones, eyeing the 1.2800/1.2797area, the 200 day ma .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Latest News Video
View the Original article
No comments:
Post a Comment