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In the Zone
Today’s News Headlines
- The Bitcoin launch yesterday did not result in the big move lower yesterday that everyone expected and instead traded higher. I am still hesitant to trade the crypto currencies, and comments out of the EU yesterday only reinforced my view.
Without much in the way of economic data to lend a hand, the greenback spent most of the day trading a little softer – despite the rebound in US treasury yields. Most of that softness came about because of the decline it made against the NZD, the market may also start bracing itself for Super Wednesday tomorrow.
The EURUSD was able to break above the 100 day MA of 1.1799 yesterday but found resistance at the 61.8% Fib and near a major level of 1.1815. The rebound lower stalled at 1.1775 which has become close support for and for now has become a floor. This has now become the first level to watch this morning and the sellers will want to see the pair remain below this level if it is to gain any momentum.
There is not a lot of obvious trading opportunities today and I am tempted to move my attention to Brent Crude, there was a major break of topside resistance yesterday. I will be tempted to have a look at fading that move this morning. I cover a couple of pairs in the morning video today, but it does seem as though we could be going through a tough slog leading into the FOMC tomorrow.
Important Economic Data Due Today
11:30 GBP CPI
Effect: Actual higher than expected is good for the GBP
15:30 USD PPI
Effect: Actual higher than expected is good for the USD
21:00 EUR ECB Draghi Speaks
Effect: More hawkish than expected is good for the EUR