US Dollar Falls Further Against Euro

US Dollar Falls Further Against Euro

By: James Ansher | Where To Trade | On:23-03-2015 09:40
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Key Highlights

  • US dollar continued to decline against most major currencies, including the Euro, the British pound, the Australian dollar, the Japanese yen and the New Zealand dollar.

  • NZDUSD pair remained one of the best performers of the day and gained heavily during the Asian session to trade above the all-important 0.7600-10 resistance area.

  • Greece current account i.e. a net flow of current transactions, including goods, services and interest payments into and out of Greece released by the Bank of Greece registered a reading of €-0.847B in January 2015, compared to the same month a year ago.

  • Today, during the NY session, the US Existing Home Sales providing an estimated value of housing market conditions will be released by the National Association of Realtors, and will be the main focus which can cause some moves in the US dollar.

  • EURUSD pair looks set for a test of the 1.0900 area where the Euro sellers might appear.

Greece Current Account

Today, during the London session there was hardly any major release in the Euro area. There was one low risk event i.e. Greece current account i.e. a net flow of current transactions, including goods, services and interest payments into and out of Greece was released by the Bank of Greece. The forecast was lined up for no major change in January 2015, compared to the same month a year ago. The outcome was around the forecast, as Greece current account stood at €-0.847B in January 2015.

This was a bit on the neutral side, but overall there was a decrease in the deficit from €-0.870B to €-0.847B. This somehow helped the Euro in a sense that there was no negative release in the Euro area. The EURUSD pair traded higher and challenged the 1.0860 level.

One more release was lined up in Greece, as the balance of payments report was published. The main thing to note was the mention that “the Bank of Greece wishes to provide information on the transition to the new methodology for compiling the balance of payments statistics and the resulting changes in the presentation and classification of statistics”

FOMC Member’s Mester Speech

There was one important event in the US, as a member of the FOMC, Mester was lined up to deliver a speech. The most significant point to note from the speech was the mention of support by extraordinarily accommodative monetary policy to the U.S. economy, which helped to “promote stronger labor markets and the pickup in growth that underlies my projection of a gradual return of inflation to our 2 percent goal over time”. 

Technical Outlook – Euro

The Euro continued to gain strength and traded higher. The most critical move was break above the 1.0820-40 resistance area. The pair not only cleared the mentioned level, but it looks set for a challenge of the 1.0900 swing area. We need to see how the pair reacts around the stated level. On the downside, the broken resistance area might now act as a support for the pair.

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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