Forex News: The early part of yesterday’s trading session was choppy and without any major developments; however in the afternoon the Euro bulls managed to take the pair above resistance, despite a better than expected reading for the U.S. Existing Home Sales.
Daily FX Analysis
Forex News: US Dollar weakness persisted throughout yesterday’s trading session and the pair reversed an earlier drop that found support near the 50 EMA. The German IFO Business Climate survey came slightly below expectations but the impact wasn’t major.
Forex News: The German political scene was one of the catalysts behind the pair’s push above the 50 period Exponential Moving Average seen yesterday. The US Dollar weakened on concerns regarding the long awaited U.S. tax reform bill.
Forex News: The pair came under pressure Friday after failing to break above the 50 period Exponential Moving Average and finished the week in negative territory. The US Dollar has now erased all losses incurred after the FOMC Meeting.
Forex News: The U.S. Producer Price Index released yesterday matched analysts’ expectations of 0.4%, so the release didn’t generate strong movement. However, the session was controlled in most part by the bears and the pair touched support.
Forex News: Yesterday the economic scene was calm and without any major data releases; however, the pair continued higher at a relatively slow pace and touched the 50 period Exponential Moving Average.
Forex News: The Non-Farm Payrolls released Friday showed a better than expected reading but the previous value was revised lower and this generated a mixed reaction and a perfect bounce at support.
Forex News: The pair continued on a downward path yesterday but price action was mostly choppy due to the lack of economic releases. The speech of ECB President Draghi did not have a strong impact on the single currency.