EUR Trading Outlook (09-10-2014)

EUR/USD NY walked in with the pair near 1.2650 and they made an early push towards 1.2640 as the USD was firm early on. The dip was bought though. USD/JPY seemed to drive market sentiment and its slip from near 108.50 allowed EUR/USD to rally just above 1.2690. A recovery for the greenback and USD/JPY’s break above 108.50 sent EUR/USD back near 1.2650 ahead of the Fed minutes. The minutes were deemed dovish as the Fed seems in no rush to raise rates while they also noted more USD strength could hurt parts of the econ & slow inflation’s rise. EUR/USD spiked higher as the USD fell across the board. The pair ran stop above 1.2700/15 and hit a 1.2749 high. Offers at 1.2750 capped. A slight recovery for the USD saw EUR/USD pullback but only slightly. Late in the session the pair sat near 1.2725. There is no major data in Asia to impact the pair so traders will wait until the ECB’s monthly report is released in Europe’s morning.

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