USD Trading Outlook (11-03-2013)

The euro (EUR) rose above 1.3110 against the US dollar (USD) before correcting to 1.3085. The pair rose during the European Central Bank Press Conference, where ECB President Mario Draghi pumped confidence into the future of the Eurozone. He repeated his belief that the Eurozone economies will return to growth the second half of 2013; however markets may still take that with a pinch of salt. Today’s Non-Farm payrolls release, showing employment in the US, is set to boost the dollar if it comes out better than expected.

  • WTI Crude (OIL) rose to 91.40 as better than expected Chinese exports pushed demand for energy higher.
  • The UK100 (FTS) which tracks the top 100 UK corporations has moved above 6450 moving above its resistance at that level which may lead the way to higher highs.
  • Weekly option volatilities for the EURUSD dropped from 10.00 to 8.85 after the ECB rate decision, pushing premiums lower.3

Stay in tune throughout the day with foreign exchange bullets !

 

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