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Currency Updates:
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 !
Movers & Shakers
USDJPY
The US dollar (USD) has continued its strong gains against the Japanese yen (JPY) ahead of today’s Non-Farm Payroll release. The pair, moving above 95.20 has reached a three year high as Japanese Prime Minister Abe’s plans for a weaker yen to boost exports start to materialize.
Outlook
EURUSD Pivot Point 1.3060 with a preference to go LONG at 1.3060.
Sentiment is 51% of deals to buy EUR
USDJPY Pivot Point 94.80 with a preference to go LONG at 94.80.
Sentiment is 62% of deals to buy USD
GBPUSD Pivot Point 1.4960 with a preference to go LONG at 1.4960.
Sentiment is 62% of deals to buy GBP
AUDUSD Pivot Point 1.0210 with a preference to go LONG at 1.0210.
Sentiment is 74% of deals to buy AUD
GOLD Pivot Point 1587 with a preference to go SHORT at 1587.
Sentiment is 61% of deals to buy GOLD
OIL Pivot Point 90.55 with a preference to go LONG at 90.55.
Sentiment is 73% of deals to buy OIL
US 500 Pivot Point 1525 with a preference to go Long at 1525.
Sentiment is 28% to buy US 500
UK 100 Pivot Point 6365 with a preference to go Long at 6365.
Sentiment is 22% to buy UK 100
Calendar
CHF – Consumer Price Index m/m at 08:15(GMT) Forecast -0.3%
CAD – Unemployment Rate at 13:30(GMT) Forecast 7.1%
USD – Non-Farm Employment Change at 13:30(GMT) Forecast 162K