Daily Market Review - 10/10/2014

EUR/USD

EURUSD_Oct 10

As has been mentioned above the Euro has retraced. Nevertheless the pattern suggests an approaching end of the aforementioned correction with subsequent recurrence of the upward trend.

USD/JPY

USDJPY_Oct 10

The pair is down. The decline has been lasting for quite some time. Meanwhile there are no good support lines seen. Thus the forecast for today is definitely bearish.

GBP/USD

GBPUSD_Oct 10

It looks like the recent bounce has exhausted its momentum, so the rebound is over. Therefore the downward trend is in action again, and the outlook for today is corresponding.


Market Overview

After the release of the Fed protocol investors have cheered up. It suggests that no one is going to make an interest rate grow. Thus it gives good reasons for correction to follow.

So the Euro is correcting itself at last. The reason for reaching of 2 weeks maximum has been as well found in the protocol of the last meeting of the FRS. Things have turned out to be not as certain as investors had assumed based on results of September press conference.

In the minutes of the Fed it has been mentioned, that there is a certain economic pressure from the US Dollar.

Indeed the Dollar is close to 4 years maximum, and this fact can’t help worrying. Obviously there are some reasonable frames for growth of the US currency. But the market in its aspiration to avoid risk often doesn’t notice them or at least prefers not to notice.

According to the FRS opinion high interest rates will make the US Dollar even more attractive than it is now.

It is quite possible that this is the reason why the FRS meanwhile prefers not to raise the rate.

Today there won’t be much statistics. We have Import & Export price indices and FOMC member speech. Also there is Employment change report from Canada.

It is not likely that correction of the main currency pair is going to be too long.


Economic Calendar

00:30

AUD

Home Loans (MoM) (Aug)

08:30

GBP

Trade Balance (Aug)

08:30

GBP

Trade Balance Non-EU (Aug)

12:30

USD

Export Price Index (MoM) (Sep)

12:30

USD

Import Price Index (MoM) (Sep)

12:30

CAD

Employment Change (Sep)

12:30

CAD

Unemployment Rate (Sep)

13:00

USD

FOMC Member Plosser Speaks

14:30

CAD

BoC Business Outlook Survey

19:00

USD

Federal Budget Balance

The post Daily Market Review – 10/10/2014 appeared first on Citrades.

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